Social Club Subscription (Extract)
31/12/2009 Subscription accrued #18,900
Subscription received in advance #16,400
Subscription received during
the year 2009 #38,570
What is the amount of subscription to be shown as liability in the balance sheet as at December 2009
a
#14,200
b
#16,400
c
#18,900
d
#20,500
Explanation
Correct Option
cNo explanation available
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Discussions (4)
holyboynaija
11 years ago
Option B is the correct answer...........................
Accrued income will be treated as an asset while prepaid income will be treated as a liability
Activist Boyé
11 years ago
B.#16,400 is the correct answer..Subscription in advance is like creditor in the Balance sheet of A/ct of Not For Profit making Organisation.so therefore,it must be treated as liability.
