Preparation of Receipts And Payment Account - SS2 Accounting Past Questions and Answers - page 1
Question:
The following transactions were recorded for ABC Charity for the year ended 31 December 2021. You are required to prepare a receipts and payments account.
|
Transactions |
Amount (₦) |
|
Donations received Grants received Sale of merchandise Purchase of merchandise Rent of premises Salaries and wages Utilities bill Insurance premium Printing and postage Bank charges Repayment of loan Interest received Cash received |
45000 70000 28500 15800 10000 35000 6500 7800 2500 1200 8000 3000 16500 |
Answer:
Receipts and Expenditure Account
For the year ended December 31, 2021
|
Receipts (₦) |
Payments (₦) |
||
|
Donations received Grants received Sale of merchandise Interest received Cash received Balance b/d |
45000 70000 28500 3000 16500 146000 59200 |
Purchase of merchandise Rent of premises Salaries and wages Utilities bill Insurance premium Printing and postage Bank charges Repayment of loan Balance c/d |
15800 10000 35000 6500 7800 2500 1200 8000 59200 146000 |