Subscription received during the year were:
Rs. 800 for the current year.
Rs. 100 for the previous year
Rs. 100 for the next year.
In the receipts and payments account the receipts from subscriptions would appear at ____________.

Rs. 700

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Rs. 800

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Rs. 900

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Rs. 1,000

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Solution

The correct option is D Rs. 1,000
Receipts and payment accounts records all the receipts irrespective of the accounting cycle. Hence amount received for current year, past year and future year will be recorded as receipt.

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Similar questions

Q. In a Club, subscription received for current year is Rs. 2,50,000.

Subscription of current year received in the previous year is Rs. 25,000. Subscription out-standing for current year is Rs. 45,000.

Subscription received in advance in current year is Rs. 11,000 and subscription of previous year received in current year is 35,000.

The amount of subscription to be shown in Receipts & Payments Account will be _________.

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.

Subscription received in cash during the year amounted to Rs. 40,000; subscription outstanding at the end of the previous year was Rs. 1,500 and outstanding at the end of the current year was Rs. 2,000. Subscription received in advance for next year was Rs. 800. The amount credited to Income and Expenditure Account will be:

Q. In a Club, subscription received for current year Rs. 2,50,000. Subscription of current year received in the previous year Rs. 25,000, Subscription out-standing for current year Rs. 45,000, Subscription received in advance in current year Rs. 11,000 and subscription of previous year received in current year Rs. 35,000. At the end of the current year amount of subscription received in advance will be ____________.

Subscription received in cash during the year amounted to Rs. 60,000; subscription received in advance for next year was Rs. 3,000 and received in advance during the previous year was Rs. 2,000. Subscription in arrear at the end of the current year was Rs. 5,400. The amount credited to Income and Expenditure Account will be:

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Subscription received during the year were:Rs. 800 for the current year. Rs. 100 for the previous year Rs. 100 for the next year. In the receipts and payments account the receipts from subscriptions would appear at ____________.

The correct option is D Rs. 1,000Receipts and payment accounts records all the receipts irrespective of the accounting cycle. Hence amount received for current year, past year and future year will be recorded as receipt.

Subscription received during the year were:
Rs. 800 for the current year.
Rs. 100 for the previous year
Rs. 100 for the next year.
In the receipts and payments account the receipts from subscriptions would appear at ____________.

The correct option is D Rs. 1,000
Receipts and payment accounts records all the receipts irrespective of the accounting cycle. Hence amount received for current year, past year and future year will be recorded as receipt.