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.

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Solution

Income and Expenditure Account
Dr as on 31 st December, 2011 Cr
Expenditure Amt.(Rs.) Income Amt.(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
Liabilities Amt.(Rs)
Assests Amt. (Rs.)
Subscription Received in Advance for 2012 6,000 Subscription
Outstanding for 2011 (12,000 - 3,000 received in 2011). 9,000

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Expenditure	Amt.(Rs.)	Income	Amt.(Rs.)
		Subscription for 2011 80,000 ( - ) Outstanding for 2010 3,000 77,000 ( - )Received in Advance for 2012 6,000	71,000

Liabilities	Amt.(Rs)	Assests	Amt. (Rs.)
Subscription Received in Advance for 2012	6,000	Subscription Outstanding for 2011 (12,000 - 3,000 received in 2011).	9,000