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Question

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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