In the balance sheet of a social club, subscription owing is treated as a

In the balance sheet of a social club, subscription owing is treated as a current asset. This is because subscription owing represents the amount of money that the club's members have agreed to pay in the future for the use of the club's facilities or services. Since the club has a legal right to receive these payments, subscription owing is treated as an asset in the balance sheet. Additionally, since these payments are expected to be received within a short period of time, subscription owing is classified as a current asset.