Use the following information to answer the given question

RECEIPTS AND PAYMENTS ACCOUNT:
$\begin{array}{c|c} Dr & & & Cr \\ \hline & D & & D \\ \text{Balance b/f} & 1,000 & Salaries & 2,000 \\ \text{Subscriptions} & 15,000 & \text{Rent} & 1,000 \\ & & \text{Rates} & 1,500\\ & & \text{Expenses} & 500 \\ & & \text{Balance c/f} & 11,000\\ & \overline{16,000} & & \overline{16,000} \\ \text{Balance b/f} & \overline{11,000} & & \end{array}$

$\begin{array}{c|c} & \text{1st January,2004} & \text{31st December, 2004} \\ & D & D \\ \hline \text{Fixed Assets} & 50,000 & 50,000\\ \text{Rent(accrued)} & 200 & 250 \\ \text{Rates(prepaid)} & 300 & 400\\ \text{Subscriptions in arrears} & 1,500 & 1,000\\ \text{Subscriptions in advance} & 1,300 & 800 \end{array}$

Rates charged to the income and expenditure Account for the year 2004 is

Similar Questions

One of the internal users of accounting information is the ...

The purpose of preparing a trading account is to ascertain  ...

The entries to record goods bought for cash are: debit ...

Impersonal account is subdivided into ...

A service which a firm has enjoyed, but has not yet been paid for is ...

A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for t...

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ &a...

Use the information to answer the given question. RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{...

Which of the following statements is no correct? ...

Which of the following is a current asset item? ...