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Hi all
Im stuck on the fist question and dont know how to calculate subscriptions with the membership fee???:
Subscriptions
At the end of the year 2010/11, 5 members had still not paid their subscription for 2010/11, 3 members had already paid their subscriptions for 2011/12.
At the end of the year 2011/12 all 2010/11 subscriptions had been received, 6 were still outstanding for the year just ended and 8 had already paid for 2012/13. The total membership in the year 2011/12 was 80. The membership fee remained at £25 across all years.
Task1:
Post the initial balances shown in the table above into your software together with your calculated figures that represent the status of subscriptions at the end of the previous year and the club’s accumulated fund.
Print the following reports and label them with the task number:
An Initial Trial Balance
A Balance Sheet
Task 2:
Enter the subscriptions received during the year and make appropriate adjustments for those outstanding and paid in advance. All subscription payments received are paid into the bank.
Print and label a report that shows the above transactions.
Please can anyone help with accounts Subs in advance and in arrears?
Many Thanks
Anna
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