Question

From the following information , calculate amount of subscriptions outstanding for the year ended 31st March, 2018:
A club has 200 embers each paying an annual subscription of ₹ 1,000. The Receipts and Payments Account for the year showed a sum of ₹ 2,05,000 received as subscriptions. The following additional information is provided:
Subscriptions Outstanding on 31st March, 2017 – ₹ 30,000
Subscriptions Received in Advance on 31st March, 2018 – ₹ 40,000
Subscriptions Received in Advance on 31st March, 2017 – ₹ 14,000

Answer 1

Subscriptions Account

The outstanding subscriptions at the end of the year needs to be found that is the balancing figure arrived from the subscriptions account.