accrual accounting & Balance day adjustment question?
for the year ended 31 Oct 20×8
Carringbush club has just signed aged superstar Gary Ability (aged 36) to a one year contract for the 20×9 season. The contract provides for a $200 000 up front payment, plus $20 000 per senior game. Due to injury, Ability did not play in the 20×8 season. The contract provides for Ability to do promotional work for the club as well as playing, an amount of $50 000 has been paid under the contract and is non refundable. the contract is subject to the player passing a fitness test on 15 January 20×9.
are there any balance day adjustments should be made?
thanks.
yes, need to accrue 2008 payments not earned in 2008
The Four Item Modified Senior Fitness Test
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