Question

Subscription received during the year ended 31st March , 2019 at Smart Club were as under,
2017-18= Rs. 5,000 2018-19 =Rs.90,000 2019-20= Rs. 2,500 Total = Rs. 97,500
The Club has 1,000 members each paying Rs100as annual subscription. Subscription Outstanding as on 31st March, 2018 were Rs 9,000
Calculate the amount of Subscription to be shown in the Income & Expenditure account and
Total Outstanding Subscription on 31st March 2018.

Answer 1

Answer:

Explanation:

Income and Expenditure Account

                                    As on 31 st December,2011    

Expenditure Amt.(Rs.)

Income Amt. (Rs.)

Subscription for 2011              93,000

(+) Outstanding for 2011           7,000  

(500 members × Rs. 200) 1,00,000

                                                  Balance Sheet  

                                         As on 31 st December, 2006

Liabilities Amt. Assets Amt.

Subscription Received  

in Advance for 2012 2,000 Subscription

Outstanding for 2010         3,000

(6,000 - 3,000)

Subscription  

Outstanding for 2011          7,000    

10,000

Total subscriptions 21000×200 members =200000

T. subscription recived =2,05,000

(-) Subscriptions o/s (op)      (30,000)

(-) Subscriptions rec. in adv  (40,000)

     (closing)

                                             

1,49,000

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T. subscription                   (2,00,000)

o.s as on 31st, march 17            

51,000

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