Calculate the subscriptions in the Income and expenditure account

JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500

20,650 20,650

The following information were given:

Rates owing
Insurance prepaid
Subscription in arrears

1/199
3,600
50
700

31/12/99
2000
1000
600

Calculate the subscriptions in the Income and expenditure account

A. 8400
B. 7400
C. 6400
D. 7200

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Correct Answer: Option B

Explanation

Subscription account
Dr	Cr
Bal b/f 700	cash (99) 7500
J $ K 7400	(2000) 1000
Bal c/d 1000	Bal c/d 600
9,100	9100

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Calculate the subscriptions in the Income and expenditure account

Correct Answer: Option B

Explanation

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