WAEC Accounting 2019 Objective — Question 50

Question 50 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.

(Subscription owing Le6,000 (31/12/2014); Subscription in advance Le4,000 (31/12/2014); Cash received as subscription during the year was Le80,000.) The subscription for the year 2014 is

A. Le 90,000
B. Le 82,000Correct
C. Le 78,000
D. Le 70,000

Explanation

Using the subscription account: Subscription for the year = Cash received + Subscription owing (arrears) - Subscription in advance = Le80,000+Le6,000-Le4,000 = Le82,000.

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