- 5 Marks
Question
At 31 March 2023, Kahuro Football Club had membership subscriptions in arrears amounting to GH¢144,000 and had received GH¢36,000 as subscriptions in advance.
During the year ended 31 March 2024, the club received GH¢1,872,000, which included 26 memberships for the year ending 31 March 2025, charged at GH¢1,200 per annum.
At 31 March 2024, 16 members owed a subscription fee of GH¢1,200 each.
Required:
Prepare the subscription account for Kahuro Football Club for the year to 31 March 2024
Answer
Kahuro Football Club – Subscription Account for the Year Ended 31 March 2024
| Particulars | Dr (GH¢) | Cr (GH¢) |
|---|---|---|
| Balance b/d (Members in arrears) | 144,000 | |
| Balance b/d (Advance payments received) | 36,000 | |
| Membership fees received during the year | 1,752,000 | |
| Cash received | 1,872,000 | |
| Balance c/d (Advance payments for 2025: 26 × GH¢1,200) | 31,200 | |
| Balance c/d (Members in arrears: 16 × GH¢1,200) | 19,200 | |
| Total | 1,927,200 | 1,927,200 |
- Topic: Preparation of not-for-profit accounts
- Series: Nov 2024
- Uploader: Salamat Hamid