NECO Accounting 2024 Theory — Question 11

Question 6(a). The following was extracted from the books of the Edom Republic for the year ended 31/12/2021: Receipts from oil and gas $522,500,000; Import duties $250,000,000; Export duties $180,500,000; Receipts from agriculture $60,000,000; Permit and licence fees $92,000,000; Personal and other income taxes $230,500,000; Miscellaneous income $100,500,000. The country has six regional states A-F with populations 400,000; 350,000; 250,000; 100,000; 300,000; 200,000. Revenue is shared 30% to the federal government, 10% to the education trust fund and 60% to the regions based on population. Calculate the total revenue for the country for the year 2021.