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Question

Subscriptions received during the year ended December 31, 2011, by Royal Club were as under 
2010                  3,000 
2011                 93,000
2012                   2,000  
                         98,000  
The club has 500 members each paying @ Rs. 200 as annual subscription. Subscriptions outstanding as on December 31, 2010 are Rs. 6,000. Calculate the amount of subscriptions to be shown as income in the Income and Expenditure Account for the year ended December 31, 2011 and show the relevant data in the Balance Sheet as on that date.


Solution

                                Income and Expenditure Account
                                     As on 31 st December,2011   
ExpenditureAmt.(Rs.)
IncomeAmt. (Rs.)
Subscription for 2011              93,000
(+) Outstanding for 2011           7,000  
(500 members $$\times$$ Rs. 200)
1,00,000
                                                   Balance Sheet  
                                          As on 31 st December, 2006
LiabilitiesAmt.AssetsAmt.
Subscription Received 
in Advance for 2012
2,000Subscription
Outstanding for 2010         3,000
(6,000 - 3,000)
Subscription 
Outstanding for 2011          7,000  


10,000


Accountancy

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