Accounts (Principles of Accounts)Accounts of not-for-profit organisationsJAMB
A club received subscriptions of ₦120,000 during the year, including ₦8,000 paid in advance for next year and ₦5,000 arrears for last year. Subscriptions of ₦6,000 for this year are still owing. The subscription income for the year is
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Answer: B. ₦113,000
120,000 − 8,000 − 5,000 + 6,000 = ₦113,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.