WAEC Financial Accounting 2006 Question 25

Cash in hand Le15,000
Balances as at 1st January, 2005: Subscriptions in arrears Le6,000; Subscriptions in advance Le2,500
Subscriptions received Le18,000
Expenses for the year Le6,500
Balances as at 31st December, 2005: Subscriptions in arrears Le3,000; Subscriptions in advance Le1,500
Subscriptions credited to the Income and Expenditure Account was

1. A.Le 23,000
2. B.Le 18,000
3. C.Le 16,000
4. D.Le 13,000.