WAEC - Accounts Principles Of Accounts (2022 - No. 31)
In the balance sheet of not-for-profit making organizations, subscription in arrears is shown under
long-term liabilites
current assets
current liabilities
fixed assets
Explanation
Subscription in arrears is the sum of money due from members for a particular year but which has not been paid for that year. It is treated as current asset in the balance sheet.
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