Question 30
Not-for-Profit OrganisationsSocial Club Subscription (Extract)
31/12/2009 Subscription accrued ₦18,900
Subscription received in advance ₦16,400
Subscription received during the year 2009 ₦38,570
Determine the amount of subscription for the year.
- A.₦57,470.
- B.₦41,070.
- C.₦40,210.
- D.₦35,300.
Show the answer and explanation
Answer: B (₦41,070.)
Explanation
Income = cash received 38 570 + accrued (owing) 18 900 − received in advance for next year 16 400 = ₦41 070.