Distinguish between subscription in advance and subscription in arrears. – NABTEB QUESTION

Subscription in advance is the amount which members of club paid over and above the stipulated fee that should be paid as annual fees by members. It is a liability in the Balance Sheet, where as

Subscription in arrears is the amount which members of a club have not paid for by the time when the final account of such club is prepared. It is an asset in the Balance Sheet.