PRACTICAL PROBLEMS

(Presentation of Subscriptions only)
With the information given below regarding ‘Subscription’ give accounting effects of it in the Final Accounts of a ‘Not for Profit’ concern.

Receipts and Payments Account for year ending on 31-03-2013

Dr.

Cr.

Receipts

Amount

Rs

Amount

Rs

Payments

Amount

Rs

Amount

Rs

To subscriptions received

4,87,500

Additional Information:

• Subscription received during the year, includes

• Subscriptions received for 2011-2012 Rs 17,500 and for 2013-2014 Rs 15,000

• There are 500 members of the concern and each member pays Rs 1,000 as annual subscription.

• During the year 2011-2012 subscription received for the year 2012-2013 was Rs 25,000.

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Solution

Subscription Account

Dr.

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

Outstanding Subscription for 2011-12

17,500

Received in advance in 2011-12 for 2012-13

25,000

Income and Expenditure A/c (500 × 1,000)

5,00,000

Bank A/c (given)

4,87,500

Outstanding Subscription for 2012-13 (Balancing figure)

20,000

Received in advance for 2013-14

15,000

5,32,500

5,32,500

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Similar questions

PRACTICAL PROBLEMS

(Presentation of Subscriptions only)

Balance Sheet as on 01/04/2012
Liabilities	Amount Rs	Amount Rs	Assets	Amount Rs	Amount Rs
Subscription received in			Outstanding subscriptions
Advance for 2012-2013		15,000	2010-2011	20,000
			2011-2012	30,000
					50,000

Receipts and Payments Account for the year ending on 31-03-2013
Dr.	Cr.
Receipts		Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To subscriptions
2010-2011		16,000
2011-2012		25,000
2012-2013		3,30,000
2013-2014		19,000

Adjustment:
Outstanding Subscription for 2012-2013 is Rs 22,000. With the above information present the item 'Subscription’ in Income and expenditure Account and Balance sheet for the year ended on 31^st March 2013.

From the following extracts of the Receipts and Payments Account and the additional information, you are required to compute the income from subscription for the year ending on December 31, 2012 and show the subscription items in the income and Expenditure Account and the Balance Sheet as on 31-12-2012

AN EXTRACT OF RECEIPTS AND PAYMENTS ACCOUNT

for the year ending on 31st December, 2012

$\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Subscriptions : 2011 & 9, 000 2012 & 1, 34, 400 2013 & 5, 200 \end{matrix}$

Information : Subscription outstanding as on 31-12-2011 Rs 9,200. Subscription received in advance as on 31-12-2011 Rs 2,800 (including Rs 800 for 2012). There are 1,440 members each playing an annual subscription of Rs 100.

Agra Club has 300 members each paying annual subscription of Rs 150 each. In the year 2012 it received Rs 42,500 on account of subscription which included Rs 5,000 for the year 2013 and Rs 2,500 for the year 2011. Find the amount of Subscription outstanding at the end of the year 2012

As per Receipts and Payments Account for the year ended on March 31,2012, the subscriptions received is Rs 2,50,000. Additional information given is as follows:

(i) Subscription Outstanding on 1.4.2011; Rs 50,000.

(ii) Subscription Outstanding on 31.3.2012; Rs 35,000.

(iii) Subscription Received in Advance as on 1.4.2011; Rs 25,000.

(iv) Subscription Received in Advance as on 31.3.2012; Rs 30,000. Ascertain the amount of income from subscriptions for the year 2011-12.

Q. 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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Receipts and Payments Account for year ending on 31-03-2013
Dr.	Cr.
Receipts		Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To subscriptions received			4,87,500

Subscription Account
Dr.	Cr.
Particulars		Amount (Rs)	Particulars	Amount (Rs)

Outstanding Subscription for 2011-12		17,500	Received in advance in 2011-12 for 2012-13	25,000

Income and Expenditure A/c (500 × 1,000)		5,00,000	Bank A/c (given)	4,87,500

			Outstanding Subscription for 2012-13 (Balancing figure)	20,000

Received in advance for 2013-14		15,000
		5,32,500		5,32,500