A debit balance on an income and expenditure account prepared for a club is dealt with by:
A) Including the balance in the statement of financial position as a prepayment
B) Deducting the amount from the accumulated fund
C) Adding the amount to the accumulated fund
D) Adding the amount to the bank balance in the statement of financial position
Correct Answer:
Verified
Q6: A club's membership fees account shows a
Q7: Which of the following is the correct
Q8: Calculate the subscription income for the North
Q9: Calculate the subscription income for the South
Q10:
A social club has 200 members;
Q12: How is the gift of a computer
Q13: The accumulated fund represents:
A) The shareholders funds
Q14: A receipts and payments account is similar
Q15: A club received subscriptions during 20X2 totalling
Q16: The club had an excess of income
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