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PART B The following information relates to Pro Tennis Club for the year ended 3 1 December 2 0 1 4 : Balances in the
PART B
The following information relates to Pro Tennis Club for the year ended December :
Balances in the books of Pro Tennis Club as at January :
Accrued income membership fees
R
Income received in advance membership fees
R
Stipulations of the club's constitution:
Each new member to the club has to pay an entrance fee of of this amount is to be treated as current income and the other must be capitalised.
The club's membership fees are per annum. The amount is payable on or before the December of the following year. If by this time, the membership fees have not been paid, then the amount is to be written off and the members name removed from the register of members.
Summary of transactions for the year ended December :
new members joined the club. They all paid their entrance fees and membership fees in full.
Membership fees:
members whose fees were due on the January paid the amount.
members paid their fees for the current year including the new members
members paid their fees for the following year.
members did not pay their fees for the current year.
Required:
Prepare the membership fees account of Pro Tennis Club for the year ending December Also show the necessary reversals to be made in the account on January
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