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In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015
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Calculation of Subscription to be shown in Income and Expenditure Account
Given:
- Subscription received in 2015 = 50000
- Subscription received for 2014 included = 3000
- Outstanding subscription as on 31st December 2015 = 2000
Calculation:
- Subscription received in 2015 = 50000
- Subscription received for 2014 included = 3000
- Subscription received in 2015 (excluding subscription received for 2014) = 50000 - 3000 = 47000
- Outstanding subscription as on 31st December 2015 = 2000
- Subscription earned for the year 2015 = Subscription received in 2015 (excluding subscription received for 2014) - Outstanding subscription as on 31st December 2015
= 47000 - 2000 = 45000
Therefore, the amount of subscription to be shown in the Income and Expenditure Account of the club for the year ended on 31st December 2015 is Rs. 45,000.
Explanation:
- Subscription is a major source of income for not-for-profit organizations like clubs, societies, etc.
- Subscription received in a year is considered as income for that year, irrespective of whether it is received in advance or in arrears.
- In this case, the subscription received for the year 2014 was also included in the subscription received in 2015. Hence, it needs to be excluded to arrive at the subscription received for the year 2015.
- Outstanding subscription as on 31st December 2015 is the subscription received for the year 2015, but not yet earned. Hence, it needs to be excluded to arrive at the subscription earned for the year 2015.
- The subscription earned for the year 2015 is considered as income for the year 2015 and needs to be shown in the Income and Expenditure Account of the club.
Given:
- Subscription received in 2015 = 50000
- Subscription received for 2014 included = 3000
- Outstanding subscription as on 31st December 2015 = 2000
Calculation:
- Subscription received in 2015 = 50000
- Subscription received for 2014 included = 3000
- Subscription received in 2015 (excluding subscription received for 2014) = 50000 - 3000 = 47000
- Outstanding subscription as on 31st December 2015 = 2000
- Subscription earned for the year 2015 = Subscription received in 2015 (excluding subscription received for 2014) - Outstanding subscription as on 31st December 2015
= 47000 - 2000 = 45000
Therefore, the amount of subscription to be shown in the Income and Expenditure Account of the club for the year ended on 31st December 2015 is Rs. 45,000.
Explanation:
- Subscription is a major source of income for not-for-profit organizations like clubs, societies, etc.
- Subscription received in a year is considered as income for that year, irrespective of whether it is received in advance or in arrears.
- In this case, the subscription received for the year 2014 was also included in the subscription received in 2015. Hence, it needs to be excluded to arrive at the subscription received for the year 2015.
- Outstanding subscription as on 31st December 2015 is the subscription received for the year 2015, but not yet earned. Hence, it needs to be excluded to arrive at the subscription earned for the year 2015.
- The subscription earned for the year 2015 is considered as income for the year 2015 and needs to be shown in the Income and Expenditure Account of the club.
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In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015 Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)?
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In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015 Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015 Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015 Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)?.
In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015 Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015 Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In 2015 the subscription received by ajmer club were 50000 .the amount of subscription included 3000 received for the year 2014. on 31th December 2015 there were 2000 as outstanding subscription .find out the amount of subscription to be shown in the income and expenditure account of the club for the year ended on 31th December 2015 Related: NCERT Solution - Accounting for Not-for-Profit Organisation (Part - 1)?.
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