Subscriptions received during the year ended 31st March, 2019 by Royal Club were as under:
`
2017–18 3,000
2018–19 93,000
2019–20 2,000
Total 98,000
The club has 500 members each paying @ ` 200 as annual subscription. Subscriptions outstanding as on
31st March, 2018 were ` 8,000. Calculate the amount of subscriptions to be shown as income in the Income
and Expenditure Account for the year ended 31st March, 2019 and show the relevant data in the Balance
Sheet as at 31st March, 2019.
Answers
Answer:
ANSWER
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
Answer:
Particulars Amount
Subscriptions received as per Receipts and Payments A/C 98000
Add: Subscriptions outstanding on March 31, 2019 12,000
1,10,000
Less: Subscriptions outstanding on March 31, 2018 (8,000)
1,02,000
Less: Subscriptions received in advance on March 31, 2019 (2,000)
Income from Subscription for the year 2018-19. (500×200) 1,00,000
Balance Sheet as on March 31, 2019
Liabilities Amount Assets Amount
Prepaid Subscription 2000 Outstanding Subscription 12,000
(Current Year - 7,000)
(Previous Year -5000)
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