The following information was extracted from the books of Muscle Flex Sports Club for the year ended 31 December, 2017. Balances as at: 31 December Shs '000' Ordinary subscription in arrears Ordinary subscription received in advance Owing to suppliers of fundraising items Owing to Ivory Hotel (venue for fundraising) 1 January Shs '000' 45,000 25,500 12,000 50,000 28,000 16,500 2,500 Additional information: The following transactions were recorded in the receipts and payments account for the year ended 31 December, 2017. 1. Shs '000 Fundraising dinner income Fundraising dinner expenses Ordinary subscription income Life subscription Life subscription is recognised over a period of 10 years. 65,000 25,000 80,000 25,000 2 Required: Prepare for Muscle Flex Sports Club for the year ended 31 December, 2017 the: (i) ordinary subscription account. (ii) lifę subscripțiọn account.

The following information was extracted from the books of Muscle Flex Sports Club for the year ended 31 December, 2017. Balances as at: 31 December Shs '000' Ordinary subscription in arrears Ordinary subscription received in advance Owing to suppliers of fundraising items Owing to Ivory Hotel (venue for fundraising) 1 January Shs '000' 45,000 25,500 12,000 50,000 28,000 16,500 2,500 Additional information: The following transactions were recorded in the receipts and payments account for the year ended 31 December, 2017. 1. Shs '000 Fundraising dinner income Fundraising dinner expenses Ordinary subscription income Life subscription Life subscription is recognised over a period of 10 years. 65,000 25,000 80,000 25,000 2 Required: Prepare for Muscle Flex Sports Club for the year ended 31 December, 2017 the: (i) ordinary subscription account. (ii) lifę subscripțiọn account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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