How much is carried in the Balance Sheet at 31st December 1990?

A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is carried in the Balance Sheet at 31st December 1990?

A. N1,350
B. N1,080
C. N338
D. N270
E. N90

Correct Answer:

Option D – N270