JAMB Accounting 2014 Objective — Question 30

Question 30 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Given a social club subscription extract (Subscription accrued 31/12/2009 N18,900; Subscription received in advance N16,400; Subscription received during 2009 N38,570), determine the amount of subscription for the year.

A. N57,470
B. N41,070Correct
C. N40,210
D. N35,300

Explanation

Using the subscription account: Total = 1×E 41,070 (balancing figure), matching option B.

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