A Club is of 150 members. Subscription per member is Rs. 500 per month. Subscription of 8 members of whole years was not received and subscription from 5 members has been received In advance for 6 months of the next year. The amount of subscription to be shown in Receipts & Payments Account will be ________________.

Rs. 8, 00, 000

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Rs. 8, 67, 000

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Rs. 8, 63, 000

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Rs. 8, 33, 000

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Solution

The correct option is B Rs. 8, 67, 000
Subscription per member per month = Rs. 150
Subscription for year per member (50012) = 6000
Total Subscription (1506000) = 9,00,000
Subscription not received (86000) = 48000
Subscription received in advance (5006*5 = 15000
Amount to be shown in Receipts and Payments Account will be =
9,00,000-48,000+15,000
= 8,67,000.

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Similar questions

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PRACTICAL PROBLEMS

(Presentation of Subscriptions only)
With the information given below regarding ‘Subscription’ give accounting effects of it in the Final Accounts of a ‘Not for Profit’ concern.

Receipts and Payments Account for year ending on 31-03-2013
Dr.	Cr.
Receipts		Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To subscriptions received			4,87,500

Additional Information:

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• During the year 2011-2012 subscription received for the year 2012-2013 was Rs 25,000.

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