Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 18)
A club has received subscriptions of $12,000 during the year. At the beginning of the year, subscriptions in arrears were $1,000. At the end of the year, subscriptions in arrears were $1,500. What is the subscription income in the income and expenditure account?
$11,500
$12,000
$12,500
$13,000
Explanation
Subscription Income = Cash Received + Arrears (end) - Arrears (start).
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