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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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FAQs on Cases for Subscription - Crash Course of Accountancy - Class 12 - Commerce
| 1. What is subscription commerce? |  |
Ans. Subscription commerce refers to a business model where customers pay a recurring fee to receive products or services on a regular basis. It allows customers to subscribe to a specific product or service and have it delivered to them automatically without the need for reordering each time.
| 2. What are the benefits of subscription commerce for businesses? | |
Ans. Subscription commerce offers several benefits for businesses. Firstly, it provides a steady and predictable revenue stream as customers pay recurring fees. Secondly, it enhances customer loyalty as subscribers are more likely to continue using the service or purchasing the product. Additionally, it allows businesses to gather valuable customer data and insights, enabling them to personalize offerings and improve customer satisfaction.
| 3. How does subscription commerce improve the customer experience? | |
Ans. Subscription commerce improves the customer experience in multiple ways. Firstly, it offers convenience by eliminating the need for customers to repeatedly place orders. Secondly, it provides a sense of exclusivity and personalized service as subscribers often receive tailored recommendations and perks. Lastly, it saves time and effort by automating the delivery process, ensuring that customers receive their desired products or services without any hassle.
| 4. What are some examples of subscription commerce? | |
Ans. There are numerous examples of subscription commerce in various industries. Some popular examples include subscription boxes for beauty products, meal kit deliveries, streaming services like Netflix or Spotify, and software-as-a-service (SaaS) subscriptions. These are just a few examples, but subscription commerce can be found in many other sectors as well.
| 5. How can businesses effectively market and promote their subscription commerce offerings? | |
Ans. To market and promote subscription commerce offerings effectively, businesses can utilize various strategies. Some common approaches include offering free trials or discounted introductory rates to attract new subscribers, leveraging social media and influencers to create buzz and reach a wider audience, and implementing referral programs to incentivize existing subscribers to refer friends and family. Additionally, businesses can use targeted email marketing campaigns and personalized recommendations to engage with customers and encourage them to continue their subscriptions.
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Document Description: Cases for Subscription for Commerce 2024 is part of Crash Course of Accountancy - Class 12 preparation.
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