Neco 2019 Financial Accounting Question 49

A local government council prepares its annual financial statements. The following data (in Naira thousands) are given:\n\n- Total revenue appropriated: 500\n- Actual revenue collected: 460\n- Total expenditure appropriated: 480\n- Actual expenditure incurred: 520\n- Unspent appropriation (revenue collected but not spent) is returned to the central fund at 80% of its amount.\n- Uncollected revenue is carried forward as a receivable.\n- The council received a grant of 30, which must be used for capital projects only; any unused portion is returned in full.\n- Capital‑project expenses incurred: 20\n\nDetermine the cash surplus or deficit that the council will report at year‑end, after accounting for the returns and receivables.