JAMB Accounting 2008 Objective — Question 32

Question 32 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

Given: subscription in arrears 01/01/06 2,000; Subscription in advance 01/01/06 1,500; Subscription in paid during the year 7,000; Subscription in arrears 31/12/06 3,000. Determine the amount of subscription included in the income and expenditure account for the year

A. 3500
B. 7000
C. 9500Correct
D. 13500

Explanation

Subscription A/c: Bal b/d (arrears) 2,000, Income & Exp 9,500; Bal b/d (advance) 1,500, Cash 7,000, Bal c/d 3,000. Total both sides = 11,500. Amount for income & expenditure account = 9,500.

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