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The fine arts club of Madras had received RS.2000 in 1994 towards subscription Subscription for 1993 unpaid on 1-1-94 we're RS.200 and Rs.180 of which were received in 1994. Subscription paid in advance on 31-12-93 we're Rs.50 and the same on 31-12-94 was Rs.40. Subscription for 1994 unpaid on 31-12-94 were Rs.79.Show the 'subscription' item as it will appear in the income and expenditure account for the year ending 31-12-94 and in the balance sheet of the club on 31-12-94.?
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The fine arts club of Madras had received RS.2000 in 1994 towards subs...
Subscription in Income and Expenditure Account:

1. Subscription for 1993 unpaid on 1-1-94: Rs.200
2. Subscription received in 1994:
- Rs.200
- Rs.180
3. Subscription paid in advance on 31-12-93: Rs.50
4. Subscription paid in advance on 31-12-94: Rs.40
5. Subscription for 1994 unpaid on 31-12-94: Rs.79

To calculate the subscription item in the income and expenditure account for the year ending 31-12-94, we need to consider the following:

1. Subscription for 1993 unpaid on 1-1-94: This amount is considered as an outstanding income for the year 1993 and needs to be added to the subscription income for the year 1994.

2. Subscription received in 1994: This includes the subscription received during the year 1994, which is Rs.200 + Rs.180 = Rs.380.

3. Subscription paid in advance on 31-12-93: This amount is considered as income received in advance for the year 1994 and needs to be deducted from the subscription income for the year 1994.

4. Subscription paid in advance on 31-12-94: This amount is considered as income received in advance for the year 1995 and is not relevant for the year ending 31-12-94.

5. Subscription for 1994 unpaid on 31-12-94: This amount is considered as outstanding income for the year 1994 and needs to be added to the subscription income for the year 1994.

Calculation of Subscription Item in Income and Expenditure Account:

Subscription Income for the year 1994 = Subscription received in 1994 - Subscription paid in advance on 31-12-93
Subscription Income for the year 1994 = Rs.380 - Rs.50 = Rs.330

Subscription Outstanding for the year 1994 = Subscription for 1993 unpaid on 1-1-94 + Subscription for 1994 unpaid on 31-12-94
Subscription Outstanding for the year 1994 = Rs.200 + Rs.79 = Rs.279

Therefore, the Subscription item in the Income and Expenditure Account for the year ending 31-12-94 will be:
Subscription Income: Rs.330
Subscription Outstanding: Rs.279

Subscription in the Balance Sheet:

Subscription Outstanding on 31-12-94: Rs.279

The Subscription Outstanding on 31-12-94 will be shown as a current liability in the balance sheet of the club.
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The fine arts club of Madras had received RS.2000 in 1994 towards subscription Subscription for 1993 unpaid on 1-1-94 we're RS.200 and Rs.180 of which were received in 1994. Subscription paid in advance on 31-12-93 we're Rs.50 and the same on 31-12-94 was Rs.40. Subscription for 1994 unpaid on 31-12-94 were Rs.79.Show the 'subscription' item as it will appear in the income and expenditure account for the year ending 31-12-94 and in the balance sheet of the club on 31-12-94.?
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The fine arts club of Madras had received RS.2000 in 1994 towards subscription Subscription for 1993 unpaid on 1-1-94 we're RS.200 and Rs.180 of which were received in 1994. Subscription paid in advance on 31-12-93 we're Rs.50 and the same on 31-12-94 was Rs.40. Subscription for 1994 unpaid on 31-12-94 were Rs.79.Show the 'subscription' item as it will appear in the income and expenditure account for the year ending 31-12-94 and in the balance sheet of the club on 31-12-94.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about The fine arts club of Madras had received RS.2000 in 1994 towards subscription Subscription for 1993 unpaid on 1-1-94 we're RS.200 and Rs.180 of which were received in 1994. Subscription paid in advance on 31-12-93 we're Rs.50 and the same on 31-12-94 was Rs.40. Subscription for 1994 unpaid on 31-12-94 were Rs.79.Show the 'subscription' item as it will appear in the income and expenditure account for the year ending 31-12-94 and in the balance sheet of the club on 31-12-94.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The fine arts club of Madras had received RS.2000 in 1994 towards subscription Subscription for 1993 unpaid on 1-1-94 we're RS.200 and Rs.180 of which were received in 1994. Subscription paid in advance on 31-12-93 we're Rs.50 and the same on 31-12-94 was Rs.40. Subscription for 1994 unpaid on 31-12-94 were Rs.79.Show the 'subscription' item as it will appear in the income and expenditure account for the year ending 31-12-94 and in the balance sheet of the club on 31-12-94.?.
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