Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 13 - No. 29)
A club’s subscriptions in arrears at the start of the year were $1,000. During the year, the club received subscriptions of $20,000. At the end of the year, subscriptions in arrears were $1,500. What is the subscription income shown in the income and expenditure account?
$19,500.
$20,500.
$21,500.
$22,500.
Explanation
Subscription Income = Subscriptions received + subscriptions in arrears(end) - subscriptions in arrears(start).
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