WAEC Financial Accounting 2006 Question 26

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
The excess of income over expenditure for the year was

1. A.Le 16,500
2. B.Le 11,500
3. C.Le 9,500
4. D.Le 6,500.