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Club building 400,000
Subscription prepaid 3,000

Use the following information to answer this question.

Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000

What is the club’s total liabilities?

A.

N11,700

B.

N26,700

C.

N88,000

D.

N85,000

View answer & explanation

Correct answer is C

Creditors plus subscription in advance 85000 + 3000 = 88,000

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