Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is
₦400(asset)
₦150(asset)
₦150(liability)
400(liability)
Correct answer is A
No explanation has been provided for this answer.