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Lunas Art Club provides you with the following information for the...

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Accounting

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Lunas Art Club provides you with the following information for the 20.2 financial year. Lunas Art Club had 60 members at the end of the 20.2 financial year. Membership fees amounts to R300 per month. During the current financial year, five new members joined the club and paid an entrance fee of R100 each. The entrance fees received was capitalised to the accumulated fund account. Membership fees received in advance on 31 December 20.1 was R21 600. The financial year-end of Lunas Art Club is 31 December. The amount of membership fees received for the current financial year is

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