Determine the amount of subscription included in the income and expenditure account for the year?

Given:

Subscription in arrears 01/10/06………..N2 000
Subscription in advance 01/10/06………..N1 500
Subscription paid during the year……….N7 000
Subscription in arrears 31/12/06………..N3 000

A. N3500
B. N7000
C. N9500
D. N13 500

Correct Answer:

Option C – N9500