Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:
The figure ₦1000 represent what in the balance sheet.
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:
| Rates owingInsurance prepaidSubscription in arrears | 1/1993,60050700 | 31/12/9920001000600 |
The figure ₦1000 represent what in the balance sheet.
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Correct Answer: Option B
Explanation:
The ₦1000 represent liability in the balance sheet since it is paid by the members representing dues for next year.
The ₦1000 represent liability in the balance sheet since it is paid by the members representing dues for next year.