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Question

Subscriptions received by the health club during the year 2006 were as under 
                                                 Rs.
2010                                         3,000 
2011                                       96,000
2012                                         2,000
                                            _________
                                             1,01,000
                                                                                                     Rs
Subscriptions outstanding as on 31.12.10                                5,000
Subscriptions outstanding as on 31.12.11                               12,000
Subscriptions received in advance in 2010 for 2011                 5,000
Calculate the amount of subscriptions to be shown on the income side of Income and Expenditure Account.


Solution

Income and Expenditure Account 
As on 31st December, 2011
ExpenditureAmt.(Rs.)
Income 
Amt. (Rs.)
Subscription for 2011                 96,000
(+) Outstanding for 2011            10,000
                                                  1,06,000
(- ) Received Advance for 2011  5,000


1,11,000
 
Note Total amount of subscriptions outstanding as on 31-12-11 are Rs.12,000. This includes Rs. 2,000(Rs.5,000 - Rs. 3,000 for subscriptions still outstanding for 2010 Hence, the subscriptions outstanding for 2011 are Rs. 10,000 ( Rs.12,000 - Rs.2,000).
                                      Balance Sheet
As on 31st December, 2011
Liabilities Amt.(Rs.)Assets
Amt. (Rs.)
Subscription outstanding for 2010         2,000   Subscription outstanding for 2011       10,000
12,000

Accountancy

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