Q.1) Subscription received in advance by a club are shown on the ……………side of the balance sheet
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Answer:
liabilities side of balance sheet
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Subscriptions received in advance by a club are shown on the liabilities side of the balance sheet.
- Subscription to a nonprofit organization means becoming a member of the organization by paying some amount.
- This can be collected by the organization monthly, quarterly or yearly it totally depends on the organization.
- It is the income of the organization and is revenue in nature.
- Income collected from the subscription is credited to the income and expenditure account.
- Any advance in the subscription is shown on the liabilities side of the balance sheet.
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