JAMB - Accounts Principles Of Accounts (2015 - No. 46)

Use the following information to answer this question.

Club building 400,000

Subscription prepaid 3,000

Sport kits 150,000

Bar creditors 85,000

Subscription owing 32,000

What is the club’s total liabilities
N11, 700
N26, 700
N88, 000
N85, 000

Explanation

i.e. creditors plus subscription in advance 85000 + 3000 = 88,000

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