Subscription received by a club for cricket match is treated as
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The clubs should treat the subscription amount as revenue receipts.
Explanation:
- Subscription is the primary source of income of the clubs. It is collected from the ordinary members every month.
- To keep the membership alive, the subscription amount is paid by the members.
- This amount will be kept as Income and Expenditure. The total amount collected from the members is taken as the total income of the year.
- For non-trading concern, this is the major source of income.
To learn more:
1. What is subscription? How is it calculated?
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2. Prepare subscription a/c for the year ended 31 March 2019. subscription in arrears on 31 st March 2018 and 31 St March 2019 is 20000 and 18000 respectively. subscription in advance on 31 St March 2018 and 31st March 2019 is 13000 and 11000 respectively. in the year ended 31st March 2019 subscription recd were rs 210000 ( including rs 6000 of arrears from last year ) and subscription arrears of last year were written of 4000.
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Answer:
Revenue Receipt because of it is organising
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