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
Answers
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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
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