Given:

…………..Rich Social Club………..
Cash…………………….N100,000
Loan ……………………N30,000
Subscription in arrears……N5,000
Subscription in advance……N15,000

A. N60,000
B. N80,000
C. N90,000
D. N110,000

Correct Answer:

Option A – N60,000

SEE ALSO  If the scrap value is now N15,000. What will be the yearly depreciation using the straight-line method?

Copyright warnings! Do not copy.