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Question
In the year ended 31st March, 2019, subscriptions received by Kings Club, Delhi were ₹ 4,09,000 including ₹ 5,000 for the year ended 31st March, 2018 and ₹ 10,000 for the year ended 31st March, 2020. At the end of the year ended 31st March, 2019, subscriptions outstanding for the year ended 31st March, 2019 were ₹ 15,000. The subscriptions due but not received at the end of the previous year, i.e., 31st March, 2018 were ₹ 8,000, while subscriptions received in advance on the same date were ₹ 18,000.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.
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Solution
Statement of Subscription
for the year ended March 31, 2019
Particulars
Amount
(₹)
Subscription received during the year 2018-19
4,09,000
Add: Outstanding for 2018-19 (Current year)
15,000
Less: Received for 2017-18 (Previous year)
(5,000)
Add: Advance received in 2017-18 (Previous year)
18,000
Less: Advance received for 2019-20 (Next year)
10,000)
Subscription to be credited to Income and Expenditure Account
4,27,000
|
Statement of Subscription for the year ended March 31, 2019 |
|
|
Particulars |
Amount (₹) |
|
Subscription received during the year 2018-19 |
4,09,000 |
|
Add: Outstanding for 2018-19 (Current year) |
15,000 |
|
Less: Received for 2017-18 (Previous year) |
(5,000) |
|
Add: Advance received in 2017-18 (Previous year) |
18,000 |
|
Less: Advance received for 2019-20 (Next year) |
10,000) |
|
Subscription to be credited to Income and Expenditure Account |
4,27,000 |
|
|
|
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