Question: The New Town Association commenced activities on 1st January, 1959, and the following is a summary of its transactions for the following year:
One quarters rent, £50, is due at 31st December, 1959, and £10 for a coal bill is not paid. Subscriptions received include £25 in advance for 1960. Rates in advance at 31st December, 1959, were £15. You are asked to prepare the Associations Income and Expenditure Account for the year and its Balance Sheet on 31st December, 1959.