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JAMB Principles of Accounts 2000 Question 42

Question 42

Not-for-Profit Organisations

Yola Social Club Statement of Account 1999 financial year (₦)
31/12/98: Subscription in arrears 21,000; Subscription in advance 12,000
Receipts during 1999: Arrears 1998 21,000; Dues 1999 48,000; Advance 2000 11,000
The subscription transferable to the income and expenditure account is

  1. A.₦48,000
  2. B.₦59,000
  3. C.₦60,000
  4. D.₦69,000.
Show the answer and explanation

Answer: C (₦60,000)

Explanation

1999 income = dues received for 1999 (48,000) + amount paid in advance last year for 1999 (12,000) = ₦60,000.