Question 41
Not-for-Profit OrganisationsGiven:
Subscriptions received ₦200 000
Subscriptions owed ₦10 000
Subscriptions in advance ₦25 000
Calculate the subscriptions in the income and expenditure account.
- A.₦200 000
- B.₦235 000
- C.₦185 000
- D.₦225 000.
Show the answer and explanation
Answer: C (₦185 000)
Explanation
Add subscriptions owed for the year and remove those paid in advance for next year: 200 000 + 10 000 − 25 000 = ₦185 000.