A club's receipts and payments account for the year ended 31 December 2013 shows a debit balance of $79 978. A subscription of $60 that had been credited in the bank account was not entered in the receipts and payments account, and a direct debit of $245 for stationery was also omitted. Calculate the updated cash and bank balance at 31 December 2013.

Model answer

79793

Also accepted: $79 793, 79 793

Explanation

Bring in both omitted items: $79 978 + $60 subscription received - $245 stationery paid = $79 793.

Derived from ZIMSEC Accounting 9197/2 Paper 2, November 2016, Q1

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