A library had 550 members each paying a subscription of RS 125. subscription received during the year is RS 60,000. calculate outstanding subscription for the year.
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Subscriptions received during the year ended December 31, 2011, by Royal Club were as under
2010 3,000
2011 93,000
2012 2,000
98,000
The club has 500 members each paying @ Rs. 200 as annual subscription. Subscriptions outstanding as on December 31, 2010 are Rs. 6,000. Calculate the amount of subscriptions to be shown as income in the Income and Expenditure Account for the year ended December 31, 2011 and show the relevant data in the Balance Sheet as on that date.
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