JAMB - Accounts Principles Of Accounts (2017 - No. 45)
Subscription in advance is treated in the balance sheet as a
current asset
current liability
fixed asset
long term liability
Explanation
current assets are assets of the company that can be easily converted to cash when needed
current liability: this is the liability owned to outsiders but still enjoying its benefit within a year e.g creditors, wages in arrears
current liability: this is the liability owned to outsiders but still enjoying its benefit within a year e.g creditors, wages in arrears
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