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Standard XII

Accountancy

Numerical Example of Subscription

Subscription ...

Question

Subscription received in 2017-18 is Rs.7,50,000 & received in advance as on 31.03.2018 is Rs.40,000. The subscription income for the year 2017-18 is .

Rs. 7,50,000

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Rs. 7,90,000

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Rs. 7,10,000

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Rs. 7,20,000

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Solution

The correct option is C Rs. 7,10,000
The subscription income for the year 2017-18 is Rs. 7,10,000.
Subscription income for the
year 2017-18
= Amount received during the year - Subscription received in advance as on 31.03.2018
= Rs. 7,50,000 - Rs. 40,000
= Rs. 7,10,000

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Similar questions

From the following information, calculate the amount of subscription to be credited to Income and Expenditure Account for the year 2017-18.

Subscription received during the year Rs 1,60,000

Subscription outstanding as at 31-03-2017 Rs 50,000

Subscription outstanding as at 31-03-2018 Rs 12,000

Subscription received in advance on 31-03-2017 Rs 30,000

Subscription received in advance on 31-03-2018 Rs 20,000

Subscription of Rs 5,000 are still in arrears for the year ended on 31-03-2017.

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.

From the following information calculate the amount of subscriptions to be credited to the Income & Expenditure Account for the year 2016-17:

$\begin{matrix} Rs Subscriptions received during the year & 80, 000 Subscriptions outstanding on 31st March, 2016 & 26, 000 Subscriptions outstanding on 31st March, 2017 & 6, 000 Subscriptions received in Advance on 31-3-2016 & 15, 000 Subscriptions received in Advance on 31-3-2017 & 10, 000 Subscriptions of Rs 2,000 are still in arrears for the year 2015-16 \end{matrix}$

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 45,000.

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

The amount of subscription to be shown in Income and Expenditure Account will be ___________.

Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2017.

The additional information was as under:

1. Subscription Outstanding as on March 31, 2016 were Rs 6,500,

2. Subscription received in advance as on March 31, 2016 were Rs 4,100,

3. Subscription Outstanding as on March 31, 2017 were Rs 5,400,

4. Subscription received in advance as on March 31, 2017 were Rs 2,500.

Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club.

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Subscription received in 2017-18 is Rs.7,50,000 & received in advance as on 31.03.2018 is Rs.40,000. The subscription income for the year 2017-18 is .

The correct option is C Rs. 7,10,000The subscription income for the year 2017-18 is Rs. 7,10,000. Subscription income for the year 2017-18 = Amount received during the year - Subscription received in advance as on 31.03.2018 = Rs. 7,50,000 - Rs. 40,000 = Rs. 7,10,000

The correct option is C Rs. 7,10,000
The subscription income for the year 2017-18 is Rs. 7,10,000.
Subscription income for the
year 2017-18
= Amount received during the year - Subscription received in advance as on 31.03.2018
= Rs. 7,50,000 - Rs. 40,000
= Rs. 7,10,000