- 5 Marks
FA – Nov 2024 – L1 – Q5b – Subscription Account for a Non-Profit Organization
Prepare the subscription account for a football club considering arrears, advance payments, and new subscriptions received.
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
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