Question 31
Not-for-Profit OrganisationsA charitable club has the following figures:
Subscriptions received in 1991 ₦2 800
Subscriptions unpaid in 1990 ₦300
Subscriptions paid for 1992 ₦150
Subscriptions due 1991 ₦180
How much should be charged to the income and expenditure of this club as subscription for 1991?
- A.₦2 530
- B.₦2 680
- C.₦2 830
- D.₦2 980
Show the answer and explanation
Answer: A (₦2 530)
Explanation
Start with cash received ₦2 800; remove the ₦300 that belonged to 1990 and the ₦150 paid in advance for 1992; add the ₦180 still owing for 1991: ₦2 530.