In the balance sheet of a social club, subscription owing...
In the balance sheet of a social club, subscription owing is treated as a
Current liability
Current asset
Tangible asset
Long term liability
Correct answer is B
Outstanding Subscription (subscription owing) It is that amount of Subscription which has been due from Previous year(s) and still remains unpaid. Therefore, It is deducted while ascertaining Subscription received during the Current Year and on the Other hand, it is shown on the Assets side of Opening Balance Sheet.
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