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Question

During the year 2011, subscriptions received by a sports club were Rs. 80,000.  These included Rs.3,000 for the year 2012. On the December 31, 2010, the amount of subscriptions due but not received was Rs.12,000. Calculate the amount of subscriptions to be shown in Income and Expenditure Account as income from subscription.


Solution

                              Income and Expenditure Account
Dr                         as on 31 st December, 2011                         Cr
Expenditure Amt.(Rs.)IncomeAmt.(Rs.)
Subscription for 2011                   80,000
( - ) Outstanding for 2010               3,000 
                                                       77,000
( - )Received in Advance for 2012   6,000

71,000
                                             Balance Sheet
                                     As on 31 st December, 2011 
LiabilitiesAmt.(Rs)
AssestsAmt. (Rs.)
Subscription Received in Advance for 20126,000Subscription 
Outstanding for 2011 (12,000 - 3,000 received in 2011).
9,000

Accountancy

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