WAEC Accounting 2020 Objective — Question 21
Question 21 of 50 from the West African Examinations Council (WAEC) Accounting 2020 Objective paper, with the correct answer and a full explanation.
Advertisement
Subscriptions credited to Income and Expenditure Account for 2018 was (using Receipts and Payments Account of Abaluare Youth Club: Balance b/f N650,000, Subscriptions N9,660,000, Annual dance tickets N1,500,000, Donations N800,000, Wages and salaries N2,400,000, Rent and rates N600,000, Anniversary dance expenses N955,000, Travelling expenses N140,000, Kitchen equipment N4,000,000, Balance c/d N4,515,000. Subscription for 2017 and 2019 received during the year were N180,000 and N150,000 respectively.)
- A. N9,990,000
- B. N9,690,000
- C. N9,630,000
- D. N9,330,000Correct
Explanation
Subscription for 2018 = Subscription received (N9,660,000) - Subscription for 2017 (N180,000, relating to prior year) - Subscription for 2019 (N150,000, relating to next year, i.e. prepaid) = N9,660,000-180,000-150,000 = N9,330,000.
Advertisement
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.