17. From the following information calculate the amount of subscriptions to be credited in the Income and expenditure account of Bharati sports club for the year ending 31st March 2018
Particulars For the year ended 31st March 2017 For the year ended 31st March 2018
Advance subscription 8,000 9,500
Outstanding subscription 7,000 12,500
During thrbyear, the club received Rs. 1,20,000 as subscription which included Rs. 5,000 for trh year ended 31st March 2017.
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From the following particulars, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:
₹
(a) Subscriptions in arrears on 31st March, 2018 500
(b) Subscriptions received in advance on 31st March, 2018 for the year ended on 31st March, 2019 1,100
(c) Total Subscriptions received during the year ended 31st March, 2019 (including ₹ 400 for the year ended 31st March, 2018, ₹ 1,200 for the year ended 31st March, 2020 and ₹ 300 for the year ended 31st March, 2021) 35,400
(d) Subscriptions outstanding for year ended 31st March, 2019 400
SOLUTION
Statement of Subscriptions
for the year ended March 31, 2019
Particulars
Amount (₹)
Subscriptions received during 2018-19
35,400
Less: Subscriptions-in-arrears received for 2017-18
(400)
Less: Subscriptions received-in-advance for 2019-20
(1,200)
Less: Subscriptions received-in-advance for 2017-18
(300)
Add: Subscriptions Outstanding for 2018-19
400
Add: Subscriptions received in 2017-18 for 2018-19
1,100
Subscriptions to be credited to Income and Expenditure Account
35,00