Use the following information to answer the given questio...
Use the following information to answer the given question
LeCash in hand15,000Balances as at 1st January, 2005:Subscriptions in arrears6,000Subscription in advance2,500Subscriptions received18,000Expense for the year6,500Balances as at 31st December, 2005:Subscriptions in arrears3,000Subscriptions in advance1,500
The excess of income over expenditure for the year was
Le 16,500
Le 11,500
Le 9,500
Le 6,500
Correct answer is C
No explanation has been provided for this answer.
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