Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions
Subscription received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
The N6,000 subscription received is?

Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000
What is the subscription to be charged to income and expenditure account?

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?

Given:
Club trading profit N12,000
Members'' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club''s excess of income over expenditure?

The excess of income over expenditure is usually transferred to the?