Question

5. From the following extracts of receipts and payments account and the additional information, you are
required to calculate the income from subscriptions for the year ending December 2016 and show them in
income and expenditure account and the balance sheet of the club.
Subscriptions:
2015
10,000
2016
60,000
2017
12,000
Additional Information:
() Subscription outstanding on December 31, 2015
12,000
(ii) Subscription outstanding on December 31, 2016
10,000
(ii) Subscription received in advance on December 31, 2015
12,000
mount: 10 000 asset side closing balance sheet: opening balance sheet​

Answer 1

Explanation:

outstanding will be 8000 because 2000 is of last year