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The following information relates to Baker Bread Club: The entrance fees amount to R4 000 per member.
The annual membership fee amounts to R800. On 31 December 2018 it was realised that 10 members fees for 2018 was still outstanding, while 7 members had paid their 2019 fees in advance.
During 2019, R 24 000 was received in respect of membership fees, accruing as follows:
To 2018 R4000
To 2019 R16 000
To 2020 R4000
The fees of those members who were still in arrears in terms of 2018, by the end of 2019 must be written off as irrecoverable. At 31 December 2019, the membership fees of 2 members were still in arrears.
Required:
Question 1: Prepare the membership fees account for Baker baking club for the year ended 31 December 2019.
Question 2: Determine how many members were registered at the club on 31 December 2019.
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