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Use the following information to answer this question. Club building 400,000 Subscription prepaid 3,000 Sport...

Accounts - Principles of Accounts
JAMB 2015
Use the following information to answer this question.

Club building 400,000

Subscription prepaid 3,000

Sport kits 150,000

Bar creditors 85,000

Subscription owing 32,000

What is the club’s total liabilities
  • A. N11, 700
  • B. N26, 700
  • C. N88, 000
  • D. N85, 000
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Correct Answer: Option C
Explanation
i.e. creditors plus subscription in advance 85000 + 3000 = 88,000
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts