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The following information was obtained from the records of Wellcold Tennis Club: The following cash transactions took place during the year ending 31 December 2020. The bank balance on 1 January 2020 amounts to R5 000.Total receipts for the year were as follows: Membership fees R1000,entrance fees R300, affiliation fees R700 and championship fees R250.Total payments for the year included: Tennis equipment R500,cost of refreshments R250,sundry expenses R150 and maintenance of clubhouse R300. Calculate the bank balance on 31 December 2020?    A. R5 060  B. R6 500  C. R6 050  D. R5 600

The following information was obtained from the records of Wellcold Tennis Club: The following cash transactions took place during the year ending 31 December 2020. The bank balance on 1 January 2020 amounts to R5 000.Total receipts for the year were as follows: Membership fees R1000,entrance fees R300, affiliation fees R700 and championship fees R250.Total payments for the year included: Tennis equipment R500,cost of refreshments R250,sundry expenses R150 and maintenance of clubhouse R300. Calculate the bank balance on 31 December 2020?    A. R5 060  B. R6 500  C. R6 050  D. R5 600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information was obtained from the records of Wellcold Tennis Club: The following cash transactions took place during the year ending 31 December 2020. The bank balance on 1 January 2020 amounts to R5 000.Total receipts for the year were as follows: Membership fees R1000,entrance fees R300, affiliation fees R700 and championship fees R250.Total payments for the year included: Tennis equipment R500,cost of refreshments R250,sundry expenses R150 and maintenance of clubhouse R300. Calculate the bank balance on 31 December 2020?

 
  •  A. R5 060
  •  B. R6 500
  •  C. R6 050
  •  D. R5 600
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