Question

State the procedure to be followed for

preparing Receipts and Payments Account

from the Income and Expenditure Account.The following items relate to a sports club.

Show how subscriptions will appear in the

Income and Expenditure Account of the

club for the year 2014-15 and its Balance

Sheet as on 31-3-2015.

Subscriptions received during the 1,84,000

year 2014-15

Subscriptions outstanding as 18,000

on 31-03-2014

Subscriptions received in advance 11,600

as on 31-03-2014

Subscriptions outstanding 13,600

as on 31-03-2015

Subscriptions received in advance 6,000
​

Answer 1

Explanation:

Subscriptions outstanding as 18,000

on 31-03-2014

Subscriptions received in advance 11,600

as on 31-03-2014

Subscriptions outstanding 13,600