Page 1
Cases for subscription
Subscription is the amount paid by the members of Not-For-Profit Organisations on periodical basis so that their
membership remains alive.
• It is a recurring and main source of income of such organisations so it is shown on the credit side of income and
expenditure a/c.
TABLE SHOWING CALCULATION OF SUBSCRIPTIONS
Particulars Rs.
Subscriptions received during the year (whether in respect of previous, current or
future period) as shown in Receipts and Payments A/c
Add: Subscriptions outstanding at the end of the year
Subscriptions received in advance in the beginning of the year
…
…
…
…
Less: Subscriptions outstanding in the beginning of the year
Subscriptions received in advance at the end of the year
…
…
…
…
Subscriptions to be shown in the Income and Expenditure A/c …
In Account Form:
SUBSCRIPTIONS ACCOUNT
Particulars Rs. Particulars Rs.
To Outstanding Subscription A/c
(Outstanding subscriptions in
the beginning)
To Income and Expenditure A/c
(Bal. Fig)
To Advance Subscriptions A/c
(Advance subscriptions at the end)
…
…
…
By Advance Subscriptions A/c
(Advance subscriptions in
the beginning)
By Bank A/c (Subscriptions received during the
current year)
By Outstanding Subscriptions A/c
(Outstanding subscriptions
at the end)
…
…
…
LAAL ji Maharaj
Expneses Incomes
Liability Closing o/s
+
Opening o/s
-
Assets
Assets Closing prepaid
-
Opening prepaid
+
Liability
Case 1
Receipts and Payments Account of Friends Entertainment Club showed that Rs.68,500 were received by way of
subscriptions for the year ended on March 31,2016.
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
69000
Page 2
Cases for subscription
Subscription is the amount paid by the members of Not-For-Profit Organisations on periodical basis so that their
membership remains alive.
• It is a recurring and main source of income of such organisations so it is shown on the credit side of income and
expenditure a/c.
TABLE SHOWING CALCULATION OF SUBSCRIPTIONS
Particulars Rs.
Subscriptions received during the year (whether in respect of previous, current or
future period) as shown in Receipts and Payments A/c
Add: Subscriptions outstanding at the end of the year
Subscriptions received in advance in the beginning of the year
…
…
…
…
Less: Subscriptions outstanding in the beginning of the year
Subscriptions received in advance at the end of the year
…
…
…
…
Subscriptions to be shown in the Income and Expenditure A/c …
In Account Form:
SUBSCRIPTIONS ACCOUNT
Particulars Rs. Particulars Rs.
To Outstanding Subscription A/c
(Outstanding subscriptions in
the beginning)
To Income and Expenditure A/c
(Bal. Fig)
To Advance Subscriptions A/c
(Advance subscriptions at the end)
…
…
…
By Advance Subscriptions A/c
(Advance subscriptions in
the beginning)
By Bank A/c (Subscriptions received during the
current year)
By Outstanding Subscriptions A/c
(Outstanding subscriptions
at the end)
…
…
…
LAAL ji Maharaj
Expneses Incomes
Liability Closing o/s
+
Opening o/s
-
Assets
Assets Closing prepaid
-
Opening prepaid
+
Liability
Case 1
Receipts and Payments Account of Friends Entertainment Club showed that Rs.68,500 were received by way of
subscriptions for the year ended on March 31,2016.
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
69000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription 5,400
Case 2
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2017)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ closing o/s subscription + 5,400
- closing advance subscription -1,500
65,900
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 1,500 o/s subscription 5,400
Case 3
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2015)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding for March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Page 3
Cases for subscription
Subscription is the amount paid by the members of Not-For-Profit Organisations on periodical basis so that their
membership remains alive.
• It is a recurring and main source of income of such organisations so it is shown on the credit side of income and
expenditure a/c.
TABLE SHOWING CALCULATION OF SUBSCRIPTIONS
Particulars Rs.
Subscriptions received during the year (whether in respect of previous, current or
future period) as shown in Receipts and Payments A/c
Add: Subscriptions outstanding at the end of the year
Subscriptions received in advance in the beginning of the year
…
…
…
…
Less: Subscriptions outstanding in the beginning of the year
Subscriptions received in advance at the end of the year
…
…
…
…
Subscriptions to be shown in the Income and Expenditure A/c …
In Account Form:
SUBSCRIPTIONS ACCOUNT
Particulars Rs. Particulars Rs.
To Outstanding Subscription A/c
(Outstanding subscriptions in
the beginning)
To Income and Expenditure A/c
(Bal. Fig)
To Advance Subscriptions A/c
(Advance subscriptions at the end)
…
…
…
By Advance Subscriptions A/c
(Advance subscriptions in
the beginning)
By Bank A/c (Subscriptions received during the
current year)
By Outstanding Subscriptions A/c
(Outstanding subscriptions
at the end)
…
…
…
LAAL ji Maharaj
Expneses Incomes
Liability Closing o/s
+
Opening o/s
-
Assets
Assets Closing prepaid
-
Opening prepaid
+
Liability
Case 1
Receipts and Payments Account of Friends Entertainment Club showed that Rs.68,500 were received by way of
subscriptions for the year ended on March 31,2016.
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
69000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription 5,400
Case 2
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2017)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ closing o/s subscription + 5,400
- closing advance subscription -1,500
65,900
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 1,500 o/s subscription 5,400
Case 3
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2015)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding for March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
74,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 5,400 6,400
Still in arrear +1,000
Case 4
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2015)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 4,400
- closing advance subscription -2,500
73,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 4,400 5,400
Still in arrear +1,000
Page 4
Cases for subscription
Subscription is the amount paid by the members of Not-For-Profit Organisations on periodical basis so that their
membership remains alive.
• It is a recurring and main source of income of such organisations so it is shown on the credit side of income and
expenditure a/c.
TABLE SHOWING CALCULATION OF SUBSCRIPTIONS
Particulars Rs.
Subscriptions received during the year (whether in respect of previous, current or
future period) as shown in Receipts and Payments A/c
Add: Subscriptions outstanding at the end of the year
Subscriptions received in advance in the beginning of the year
…
…
…
…
Less: Subscriptions outstanding in the beginning of the year
Subscriptions received in advance at the end of the year
…
…
…
…
Subscriptions to be shown in the Income and Expenditure A/c …
In Account Form:
SUBSCRIPTIONS ACCOUNT
Particulars Rs. Particulars Rs.
To Outstanding Subscription A/c
(Outstanding subscriptions in
the beginning)
To Income and Expenditure A/c
(Bal. Fig)
To Advance Subscriptions A/c
(Advance subscriptions at the end)
…
…
…
By Advance Subscriptions A/c
(Advance subscriptions in
the beginning)
By Bank A/c (Subscriptions received during the
current year)
By Outstanding Subscriptions A/c
(Outstanding subscriptions
at the end)
…
…
…
LAAL ji Maharaj
Expneses Incomes
Liability Closing o/s
+
Opening o/s
-
Assets
Assets Closing prepaid
-
Opening prepaid
+
Liability
Case 1
Receipts and Payments Account of Friends Entertainment Club showed that Rs.68,500 were received by way of
subscriptions for the year ended on March 31,2016.
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
69000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription 5,400
Case 2
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2017)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ closing o/s subscription + 5,400
- closing advance subscription -1,500
65,900
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 1,500 o/s subscription 5,400
Case 3
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2015)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding for March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
74,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 5,400 6,400
Still in arrear +1,000
Case 4
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2015)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 4,400
- closing advance subscription -2,500
73,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 4,400 5,400
Still in arrear +1,000
Case 5
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
5. Subscriptions of Rs.1,000 are still in arrears for the year 2015-16
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 4,400
- closing advance subscription -2,500
73,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 4,400 5,400
Still in arrear +1,000
Case 6
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
2014-15 2,000
2015-16 68,000
2016-17 1,500
71,500
The additional information was as under :
There are 500 members in the club each paying Rs.5 monthly
Solution –
Total subscription to be received will be – 500 X 12 X 12 = Rs.72000
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 71,500
- opening o/s subscription -2,000
- closing advance subscription -1,500
68,000
+ closing o/s subscription 4,000
( balancing figure)
72,000
Page 5
Cases for subscription
Subscription is the amount paid by the members of Not-For-Profit Organisations on periodical basis so that their
membership remains alive.
• It is a recurring and main source of income of such organisations so it is shown on the credit side of income and
expenditure a/c.
TABLE SHOWING CALCULATION OF SUBSCRIPTIONS
Particulars Rs.
Subscriptions received during the year (whether in respect of previous, current or
future period) as shown in Receipts and Payments A/c
Add: Subscriptions outstanding at the end of the year
Subscriptions received in advance in the beginning of the year
…
…
…
…
Less: Subscriptions outstanding in the beginning of the year
Subscriptions received in advance at the end of the year
…
…
…
…
Subscriptions to be shown in the Income and Expenditure A/c …
In Account Form:
SUBSCRIPTIONS ACCOUNT
Particulars Rs. Particulars Rs.
To Outstanding Subscription A/c
(Outstanding subscriptions in
the beginning)
To Income and Expenditure A/c
(Bal. Fig)
To Advance Subscriptions A/c
(Advance subscriptions at the end)
…
…
…
By Advance Subscriptions A/c
(Advance subscriptions in
the beginning)
By Bank A/c (Subscriptions received during the
current year)
By Outstanding Subscriptions A/c
(Outstanding subscriptions
at the end)
…
…
…
LAAL ji Maharaj
Expneses Incomes
Liability Closing o/s
+
Opening o/s
-
Assets
Assets Closing prepaid
-
Opening prepaid
+
Liability
Case 1
Receipts and Payments Account of Friends Entertainment Club showed that Rs.68,500 were received by way of
subscriptions for the year ended on March 31,2016.
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
69000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription 5,400
Case 2
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2017)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 6,500.
2. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -6,500
+ closing o/s subscription + 5,400
- closing advance subscription -1,500
65,900
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
o/s subscription 6,500
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 1,500 o/s subscription 5,400
Case 3
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2015)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding for March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 5,400
- closing advance subscription -2,500
74,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 5,400 6,400
Still in arrear +1,000
Case 4
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
(including Rs.1500 for the year
ending on 31, March 2015)
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 4,400
- closing advance subscription -2,500
73,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 4,400 5,400
Still in arrear +1,000
Case 5
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
68,500
The additional information was as under :
1. Subscription Outstanding as on March 31, 2015 were Rs. 2,500.
2. Subscription received in advance as on March 31,2015 were Rs. 4,100.
3. Subscription Outstanding as on March 31,2016 were Rs. 5,400.
4. Subscription received in advance as on March 31,2016 were Rs. 2,500.
5. Subscriptions of Rs.1,000 are still in arrears for the year 2015-16
Show how the above information would appear in the final accounts for the year ended on March 31,2015 of
Friends Entertainment Club.
Solution –
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 68,500
- opening o/s subscription -1,500
+ opening advance subscription +4,100
+ closing o/s subscription + 4,400
- closing advance subscription -2,500
73,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 4,100 o/s subscription As on
For 1,500 2,500
Still in arrear +1,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 2,500 o/s subscription As on
For 4,400 5,400
Still in arrear +1,000
Case 6
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
2014-15 2,000
2015-16 68,000
2016-17 1,500
71,500
The additional information was as under :
There are 500 members in the club each paying Rs.5 monthly
Solution –
Total subscription to be received will be – 500 X 12 X 12 = Rs.72000
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 71,500
- opening o/s subscription -2,000
- closing advance subscription -1,500
68,000
+ closing o/s subscription 4,000
( balancing figure)
72,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
o/s subscription 2,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 1,500 o/s subscription 4,000
Case 7
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
2014-15 2,000
2015-16 68,000
2016-17 1,500
71,500
The additional information was as under :
There are 500 members in the club each paying Rs.5 monthly
Subscription received in advance as on March 31,2015 were Rs. 1,000
Solution –
Total subscription to be received will be – 500 X 12 X 12 = Rs.72000
Income and Expenditure Account for the year ended 31
s1
march, 2016
Expenditure Amt.(Rs.) Income Amt.(Rs.)
By subscriptions 71,500
- opening o/s subscription -2,000
- closing advance subscription -1,500
68,000
+ opening advance subscription 1,000
+ closing o/s subscription 3,000
( balancing figure)
72,000
BALANCE SHEET as on 31
s1
march, 2015
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 1000 o/s subscription 2,000
BALANCE SHEET as on 31
s1
march, 2016
Liabilities Amt. (Rs.) Assets Amt.(Rs.)
advance subscription 1,500 o/s subscription 3,000
Case 8
Following is the Receipts and Payments Account of Friends Entertainment Club for the year ended on March 31,2016.
Receipts Rs. Payments Rs.
To subcriptions
2014-15 2,000
2015-16 68,000
2016-17 1,500
71,500
The additional information was as under :
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