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9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.?
Most Upvoted Answer
9.The Receipts and Payments Account of a club shows Rs 60,000 as the s...
Statement of Subscription to be credited to Income and Expenditure Account
Subscription Received during 2016-17 = Rs. 60,000
Accrued Subscription at the beginning of the year = Rs. 4,200
Accrued Subscription at the end of the year = Rs. 3,800
Unearned Subscription on 01-04-2016 = Nil
Unearned Subscription on 31-03-2017 = Rs. 1,400
Calculation of Subscription to be credited to Income and Expenditure Account
Subscription received during the year = Rs. 60,000
Less: Accrued Subscription at the beginning of the year = Rs. 4,200
Plus: Accrued Subscription at the end of the year = Rs. 3,800
Subscription earned during the year = Rs. 59,600
Less: Unearned Subscription on 31-03-2017 = Rs. 1,400
Subscription to be credited to Income and Expenditure Account = Rs. 58,200
Explanation
The Receipts and Payments Account of the club shows the total subscription received during the year, which is Rs. 60,000. However, the club had some accrued subscription at the beginning and end of the year, which needs to be adjusted. The accrued subscription at the beginning of the year was Rs. 4,200, which means that this amount was due from the members for the previous year. Likewise, the accrued subscription at the end of the year was Rs. 3,800, which means that this amount was due from the members for the current year.
Moreover, the club did not have any unearned subscription on 01-04-2016. However, on 31-03-2017, the unearned subscription was Rs. 1,400, which means that this amount was received from the members for the next year.
To calculate the subscription to be credited to the Income and Expenditure Account, we need to adjust the subscription received during the year by subtracting the accrued subscription at the beginning of the year and adding the accrued subscription at the end of the year. We also need to subtract the unearned subscription on 31-03-2017 as this amount belongs to the next accounting year.
Therefore, the subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017 is Rs. 58,200.
Subscription Received during 2016-17 = Rs. 60,000
Accrued Subscription at the beginning of the year = Rs. 4,200
Accrued Subscription at the end of the year = Rs. 3,800
Unearned Subscription on 01-04-2016 = Nil
Unearned Subscription on 31-03-2017 = Rs. 1,400
Calculation of Subscription to be credited to Income and Expenditure Account
Subscription received during the year = Rs. 60,000
Less: Accrued Subscription at the beginning of the year = Rs. 4,200
Plus: Accrued Subscription at the end of the year = Rs. 3,800
Subscription earned during the year = Rs. 59,600
Less: Unearned Subscription on 31-03-2017 = Rs. 1,400
Subscription to be credited to Income and Expenditure Account = Rs. 58,200
Explanation
The Receipts and Payments Account of the club shows the total subscription received during the year, which is Rs. 60,000. However, the club had some accrued subscription at the beginning and end of the year, which needs to be adjusted. The accrued subscription at the beginning of the year was Rs. 4,200, which means that this amount was due from the members for the previous year. Likewise, the accrued subscription at the end of the year was Rs. 3,800, which means that this amount was due from the members for the current year.
Moreover, the club did not have any unearned subscription on 01-04-2016. However, on 31-03-2017, the unearned subscription was Rs. 1,400, which means that this amount was received from the members for the next year.
To calculate the subscription to be credited to the Income and Expenditure Account, we need to adjust the subscription received during the year by subtracting the accrued subscription at the beginning of the year and adding the accrued subscription at the end of the year. We also need to subtract the unearned subscription on 31-03-2017 as this amount belongs to the next accounting year.
Therefore, the subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017 is Rs. 58,200.
Community Answer
9.The Receipts and Payments Account of a club shows Rs 60,000 as the s...
Subscription rec: +60,000
o/s at beginning: less - 4,200
o/s at end: add + 3800
adv at end: less - 1,400
subscription to be credited = ***58,200***
o/s : Outstanding
rec: received.
(:
o/s at beginning: less - 4,200
o/s at end: add + 3800
adv at end: less - 1,400
subscription to be credited = ***58,200***
o/s : Outstanding
rec: received.
(:
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9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.?
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9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.?.
9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.?.
Solutions for 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? in English & in Hindi are available as part of our courses for Commerce.
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Here you can find the meaning of 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? defined & explained in the simplest way possible. Besides giving the explanation of
9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.?, a detailed solution for 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? has been provided alongside types of 9.The Receipts and Payments Account of a club shows Rs 60,000 as the subscription received during 2016-17. Accrued subscription at the beginning of the year was Rs 4,200 and that at the end of the year was Rs 3,800. There was no unearned subscription on 01-04-2016. but that on 31-03-2017 was Rs 1,400. Prepare a statement showing the amount of subscription to be credited to the Income and Expenditure Account for the year ending 31-03-2017.? theory, EduRev gives you an
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