Agra Club has 300 members each paying annual subscription of Rs 150 each. In the year 2012 it received Rs 42,500 on account of subscription which included Rs 5,000 for the year 2013 and Rs 2,500 for the year 2011. Find the amount of Subscription outstanding at the end of the year 2012

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Solution

$\begin{matrix} Statement Showing Subscription For the year ending 2012 \end{matrix}$

$\begin{matrix} Details & Amount Subscription Received in 2012 & 42, 500 Less : O/s fors 2011 & 2, 500 Received in advance for 2013 & 5, 000 - ------- - & 7, 500 - ------ - Subscription received for 2012 & 35, 000 Add:Subscription outstanding for 2012(difference) & 10, 000 Total subscription for the year (300 \times 150) & 45, 000 \end{matrix}$

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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:

• Subscription received during the year, includes

• Subscriptions received for 2011-2012 Rs 17,500 and for 2013-2014 Rs 15,000

• There are 500 members of the concern and each member pays Rs 1,000 as annual subscription.

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

From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended December 31, 2013 and the Balance Sheet as on that date.

Additional Information:
(a) The club has 100 members each paying an annual subscription of Rs 900. Subscriptions outstanding on December 31, 2012 were Rs 3,600.
(b) On December 31, 2013 , salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2012.
(c) On January 1, 2013 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.

Q. There are 450 members of a Club, each paying an annual subscription of Rs.500. On 31st March 2016 subscription in arrears amounted to Rs.5,000. Subscription received during the year ended 31st March 2009 amounted to Rs. 223,000 including Rs. 4.500 for the year 2007-2008 and Rs. 7,500 for the year 2009-2010. Calculate the amount of subscription in arrears as on 31st March 2009.

Q. A Club of 100 members. Subscription per member is Rs. 2,500 p.a. Rs. 2,18,000 are received during the year 2016-2017 which includes Rs. 20,000 and Rs. 15,000 subscription for the years 2015-2016 and 2017-2018 respectively. At the end of the year 2016-2017, the amount of outstanding subscription will be __________.

From the following extracts of the Receipts and Payments Account and the additional information, you are required to compute the income from subscription for the year ending on December 31, 2012 and show the subscription items in the income and Expenditure Account and the Balance Sheet as on 31-12-2012

AN EXTRACT OF RECEIPTS AND PAYMENTS ACCOUNT

for the year ending on 31st December, 2012

$\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Subscriptions : 2011 & 9, 000 2012 & 1, 34, 400 2013 & 5, 200 \end{matrix}$

Information : Subscription outstanding as on 31-12-2011 Rs 9,200. Subscription received in advance as on 31-12-2011 Rs 2,800 (including Rs 800 for 2012). There are 1,440 members each playing an annual subscription of Rs 100.

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