JAMB - Accounts Principles Of Accounts (2018 - No. 73)
what is the subscription to be charged to income and expenditure account?
N20,000
N30,000
N34,000
N36,000
Explanation
An income and expenditure account is a record showing debits and credits for an organization within a particular time period. Income and expenditure accounts are also referred to as profit and loss accounts. Generally, these accounts are credited with debits and credits, whether paid or not.
the subscription to be charged to income and expenditure account = subscription for the year N30,000 + N6,000 subscrition for next year. ie, N36,000
Comments (0)
