Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 15 - No. 26)
A club had the following information for subscriptions: Subscriptions received during the year $15,000, subscriptions in arrears at the start of the year $2,000, subscriptions in arrears at the end of the year $3,000. What is the total subscription income in the income and expenditure account?
$14,000.
$16,000.
$15,000.
$17,000.
Explanation
Subscription Income = Cash received + arrears at the end - arrears at the beginning.
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