Question

As per Receipts and Payments Account for the year ended on March 31,2012, the subscriptions received is Rs 2,50,000. Additional information given is as follows:

(i) Subscription Outstanding on 1.4.2011; Rs 50,000.

(ii) Subscription Outstanding on 31.3.2012; Rs 35,000.

(iii) Subscription Received in Advance as on 1.4.2011; Rs 25,000.

(iv) Subscription Received in Advance as on 31.3.2012; Rs 30,000. Ascertain the amount of income from subscriptions for the year 2011-12.

Answer 1

Statement showing Subscription Income

$\begin{array}{ccc}\text{Particulars}& \text{Amount}& \text{Amount}\\ \text{Amount received for subscription during 2012}& & \text{2,50,000}\\ \text{Add : Subscription Outstanding on 31.3.2012}& \text{35,000}& \\ \text{Subscription Received in Advance as on 1.4.2011}& \text{25,000}& \text{60,000}\\ & \underset{–}{}& \underset{–}{}\\ & & \text{3,10,000}\\ \text{Less : Subscription Outstanding on 1.4.2011}& \text{50,000}& \\ \text{Subscription Received in Advance as on 31.3.2012}& \text{30,000}& \text{80,000}\\ \text{Subscription Income to be shown in Income and}& & \\ \text{Expenditure A/c}& & \text{2,70,000}\end{array}$