Question

extracts of receipt and payments account for the year ended march 31 2014 are given below :
receipt.
Subscription. Rs
2012-13. 2500
2013-14. 26750
2014-15. 1000
---------
30250
--------.
additional information:
total number of members is 230
annual membership fees is 125 rupees
subscriptions outstanding on 1st April 2013 is rupees 2750
prepare a statement showing all relevant items of subscription Viz income advance outstanding etc.
​

Answer 1

Answer:

Income & expenditure account

expenditure. income. amt

subscription 26750

(+) outstanding

at 31.3 .2014. 2000

total. 28750

Annual subscription = 125×230

=28750

(-) subscription received in current year

==. 26750

outstanding subscription on 31.3.2014

=2000

Balance sheet

as on 31.3.2013

liabilities. amt. Assets. amt

outstanding

subscription 2750

... Balance Sheet

as on 31.3.2014

liabilities. amt. assets. amt

advance. outstanding

subscription. 1000. subscription

for 2013. 250

for 2014. 2000