Question

5. Subscription received during the year is Rs. 56,000. If outstanding subscription
of last year is Rs. 5,500, outstanding subscription of current year is Rs. 6,000,
pre-received subscription of last year is Rs. 8,000 and pre-received of current
year is Rs. 14,000 then how much is the final balance of subscription.​

Answer 1

Answer:

Question

In a Club, subscription received for current year Rs. 2,50,000.

Subscription of current year received in the previous year Rs. 25,000. Subscription out-standing for current year 45,000.

Subscription received in advance in current year Rs. 11,000 and subscription of previous year received in current year Rs. 35,000.

The amount of subscription to be shown in Income and Expenditure Account will be _________

Subscription amount to be shown in income & expenditure account can be calculated using the formula given below:

Subscriptionamount=Subscriptionforcurrentyear

Add:Outstandingsubscriptionforcurrentyear

Advancesubscriptionforpreviousyear

Less:Outstandingsubscriptionforpreviousyear

Advancesubscriptionforcurrentyear

Substitute values in the above equation

Subscriptionamount=Rs2,50,000

Add:Rs45,000

Rs25,000

Less:Rs35,000

Rs11,000=Rs2,74,000