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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.

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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


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