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 20,65020,650 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.
A. Assets B. Liability C. capital D. Subscription
Correct Answer: B
Explanation
The ₦1000 represent liability in the balance sheet since it is paid by the members representing dues for next year.
