Question 30
Not-for-Profit OrganisationsWhich of the following items does not feature in the balance sheet of a club?
- A.Arrears of current year's subscription
- B.Salary arrears paid in the current year
- C.Rental income received in advance
- D.Advance subscription in respect of a coming year.
Show the answer and explanation
Answer: B (Salary arrears paid in the current year)
Explanation
Salary arrears that have been paid are settled, so nothing is left to show in the balance sheet.