Question

Subscriptions received during the year ending 31.12.2012 are as follows:

$\begin{array}{cc}\text{Subscriptions Receipts:}& Rs\\ \text{For 2011}& 320\\ \text{For 2012}& 16,880\\ \text{For 2013}& 680\\ & \underset{–}{\overline{17,880}}\end{array}$

There are 450 members each paying on annual subscription of 50, 200 were in Arrears for 2011 at the beginning of 2012. Calculate the amount of subscription to be credited to Income and Expenditure account for the year ending 31.12.2012.

Answer 1

Statement Showing Subscription

$\begin{array}{cccc}& \text{Particulars}& \text{Amount}& \text{Amount}\\ & \text{Subscription Recd. during the year}& & 17,880\\ \text{Add:}& \text{Subscription outstanding on 31.12.2012}& 5,700& \\ & \text{Subscription received in Adv.on 1.1.2012}& \underset{–}{-}& \underset{–}{5,700}\\ & & & 23,580\\ \text{Less:}& \text{Subscription outstanding on 1.1.2012}& 400& \\ & \text{Subscription in advance on 31.12.2012}& \underset{–}{680}& \underset{–}{1,080}\\ & \text{Subscription to be credited to income}& & \underset{–}{22,500}\end{array}$