Accounting JAMB

The subscription transferable to the income and expenditure account is?

Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:

Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000

A. N48,000
B. N59,000
C. N60,000
D. N69,000

Correct Answer:

Option C – N60,000

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