Given:
Subscription in arrears 01/10/06………..N2 000
Subscription in advance 01/10/06………..N1 500
Subscription paid during the year……….N7 000
Subscription in arrears 31/12/06………..N3 000
Determine the amount of subscription included in the income and expenditure account for the year?
A N3500
B N7000
C N9500
D N13 500
Answer is C
