Question

Subscription received on year ended 31-3-16 were:
2014-15 5000 rs
2015-16 108000 rs
2016-17 3000 rs

Additional information
total no of members = 240
annual sub. fee = 500 rs
Sub. outstanding on 1-4-15 = 9000
You have to prepare the Income/expenditure a/c for the year 31-3-16

Answer 1

Answer:

In Income & Exp Account Rs. 500 x 240 = 120000

In Balance Sheet Asset Side: Outstanding Sub = 16000 2015-16 = 9000-5000 = 4000 2016-17 = 120000- 108000= 12000

Liability Side: Advance Subscription 2017-18 = 3000

src: Meritnation

hope it helps