Which of the following items does not feature in the balance sheet of a club?

Assessment: JAMB UTME - Principles of Accounts - 2000 Subject: Financial Accounting

Question 1 Report

Which of the following items does not feature in the balance sheet of a club?
Answer Details
The item that does not feature in the balance sheet of a club is "Salary arrears paid in the current year". This is because salary arrears that have been paid in the current year would have already been accounted for in the income statement for that year as an expense. Once the expense has been recorded in the income statement, it would not be reflected in the balance sheet as a liability. On the other hand, all the other options mentioned - arrears of current year's subscription, rental income received in advance, and advances subscription in respect of a coming year - are items that would typically be included in the balance sheet of a club. Arrears of current year's subscription and advances subscription in respect of a coming year would be shown as current liabilities, while rental income received in advance would be shown as a current asset.
Read lesson note on Partnership Accounts (WAEC)
Read lesson note on Accounts Of Not-for-profit Making Organizations (WAEC)
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