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How Much Is Charged To The Profit And Loss Account For 1990? - Erudites Academy

A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is charged to the profit and loss account for 1990?

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

Correct Answer:

Option B – N1,080

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