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 owing Insurance prepaid Subscription in arrears 1/199 3,600 50 700 31/12/99 2000 1000 600
What is the opening cash balance
  • A ₦20,600
  • B ₦8,050
  • C ₦3,650
  • D ₦8,500
jamb 2019accounting

The correct answer is C. ₦3,650

The opening balance is represented as bal b/f. From the question above and the closing cash balance is represented as bal c/d. Both balance indicate cash in the balance sheet.

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