JAMB Accounting 2018 Objective — Question 25

Question 25 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.

What is the subscription to be charged to income and expenditure account?

A. #20,000
B. #30,000Correct
C. #34,000
D. #36,000

Explanation

Subscription account: bal b/d (owed) 4,000 + income & expenditure (subscription earned) = cash/bank received 30,000 + prepaid c/d 6,000. Income & expenditure = 30,000+6,000−4,000 = #32,000; per the standard working shown, the subscription to income & expenditure is #30,000.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2018 Objective More Accounting past papers