Receipts And Payments Account - Accountsprinciplesofaccounts Jamb Past Questions and Answers

Question 41 :

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

What is the opening cash balance

A. ₦20,600
B. ₦8,050
C. ₦3,650
D. ₦8,500