The Culture Club has an accounting year ending on 31 December. At the 31 December 20X0 its accounts contained a balance on the life membership subscriptions fund of £4,650. At this date there were 120 life members of which 30 had joined more than 9 years previously.
The life membership subscription has always been £100. The Club has a policy of crediting the income and expenditure account with life membership subscriptions over a period of 10 years including the year in which the money is received.
During the year ended 31 December 20X1 there were five new life members, and one member, who joined in 20W8, died.
The balance on the life membership subscriptions fund at 31 December 20X1 after the transfer to the income and expenditure account will be:

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The Answer of The Culture Club has an accounting year ending on 31 December. At the 31 December 20X0 its accounts contained a balance on the life membership subscriptions fund of £4,650. At this date there were 120 life members of which 30 had joined more than 9 years previously.
The life membership subscription has always been £100. The Club has a policy of crediting the income and expenditure account with life membership subscriptions over a period of 10 years including the year in which the money is received.
During the year ended 31 December 20X1 there were five new life members, and one member, who joined in 20W8, died.
The balance on the life membership subscriptions fund at 31 December 20X1 after the transfer to the income and expenditure account will be:

The Culture Club Has an Accounting Year Ending on 31