Question

How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheets as at 31st March, 2017 and 2018 ?
₹
Subscriptions received during the year ended 31st March, 2018 3,58,500
Subscriptions outstanding on 31st March ,2017 30,000
Subscriptions received in Advance on 31st March,2017 22,500
Subscriptions received in Advance on 31st March,2018 13,500
Subscriptions outstanding on 31st March ,2018 37,500
(including ​ ₹ 12,500 for the year ended 31st March, 2017)

Answer 1

Income and Expenditure Account for the year ended March 31, 2018
Dr.						Cr.
Expenditure		Amount (Rs)	Income		Amount (Rs)
			Subscriptions	3,58,500
			Add: Outstanding at the end	37,500
			Add: Advance in the beginning	22,500
			Less: Outstanding in the beginning	30,000
			Less: Advance at the end	13,500	3,75,000

Balance Sheet as on March 31, 2017
Liabilities	Amount (Rs)	Assets	Amount (Rs)
Subscription received in Advance	2,250	Subscriptions Outstanding	3,000

Balance Sheet as on March 31, 2018
Liabilities	Amount (Rs)	Assets	Amount (Rs)
Subscription received in Advance	1,350	Subscriptions Outstanding	3,750