Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2017. The additional information was as under: 1. Subscription Outstanding as on March 31, 2016 were Rs 6,500, 2. Subscription received in advance as on March 31, 2016 were Rs 4,100, 3. Subscription Outstanding as on March 31, 2017 were Rs 5,400, 4. Subscription received in advance as on March 31, 2017 were Rs 2,500. Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club.
Answers
Answer:
Explanation:
Given :Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2017. The additional information was as under: 1. Subscription Outstanding as on March 31, 2016 were Rs 6,500, 2. Subscription received in advance as on March 31, 2016 were Rs 4,100, 3. Subscription Outstanding as on March 31, 2017 were Rs 5,400, 4. Subscription received in advance as on March 31, 2017 were Rs 2,500.
Solution :
Subscription received during 2016 - 2017 = ₹ 68,500
Add : Subscription Outstanding as on March 31, 2017 = ₹ 5,400,
Subscription received in advance as on March 31, 2016 = ₹ 4,100,
Total : 78,000
Less : Subscription Outstanding as on March 31, 2016 = ₹ 6,500,
Subscription received in advance as on March 31, 2017 = ₹ 2,500.
Total : ₹ 9,000
Final total : 78,000 - 9000 = ₹ 69,000
Accounting treatment :
In the income expenditure account for the year ending on 31st March , 2017, subscription of ₹ 69,000 will be credited to the income side.
Subscription of ₹ 2,500 which is received in advance will be shown on the liabilites side of the Balance sheet and outstanding subscription on 31st March ,2017 of ₹ 5,400 will be shown on the Assets side of the Balance sheet.
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