Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 13 - No. 15)
What do you add to calculate the amount of subscriptions to record in the income and expenditure account?
Subscriptions in arrears at the end of the year.
Subscriptions received in cash.
Subscriptions in advance at the end of the year.
Subscriptions in arrears at the start of the year.
Explanation
To ascertain the amount of subscriptions to record in the income and expenditure account, you add subscriptions in arrears at the end of the year and subscriptions in advance at the end of the year.
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