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Receipts & Payments A/C of Star Young Club disclosed that is has received RS. 1,50,000 by way of subscription during the year ended on March 31, 2015. Additional information: Amount Subscription Outstanding as on 01-04-2014 5,000 (Out of which Rs. 3,500 were received in 2014-15) 3,000 Subscription received in advance on 31-03-2014 Subscription received in advance on 31-03-2015 4,100 Show how the subscription will appear in Income & Expenditure AC for the year?
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Receipts & Payments A/C of Star Young Club disclosed that is has recei...



Income & Expenditure A/C for the year:

Subscription for the year:

  • Subscription received during the year: Rs. 1,50,000
  • Subscription outstanding as on 01-04-2014: Rs. 5,000 (Out of which Rs. 3,500 were received in 2014-15)
  • Subscription received in advance on 31-03-2014: Rs. 3,000
  • Subscription received in advance on 31-03-2015: Rs. 4,100


Calculation:

  • Subscription received during the year: Rs. 1,50,000
  • Subscription received in advance as on 31-03-2014: Rs. 3,000
  • Subscription received in advance as on 31-03-2015: Rs. 4,100
  • Subscription outstanding as on 01-04-2014: Rs. 5,000
  • Subscription outstanding as on 31-03-2015: Rs. 1,500 (5,000 - 3,500)


Income & Expenditure A/C Entries:

  • To Subscription Received during the year: Rs. 1,50,000
  • Less: Subscription Outstanding as on 01-04-2014: Rs. 1,500
  • Subscription for the year: Rs. 1,48,500
  • Add: Subscription received in advance on 31-03-2014: Rs. 3,000
  • Less: Subscription received in advance on 31-03-2015: Rs. 4,100
  • Net Subscription for the year to be shown in Income & Expenditure A/C: Rs. 1,47,400



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Receipts & Payments A/C of Star Young Club disclosed that is has received RS. 1,50,000 by way of subscription during the year ended on March 31, 2015. Additional information: Amount Subscription Outstanding as on 01-04-2014 5,000 (Out of which Rs. 3,500 were received in 2014-15) 3,000 Subscription received in advance on 31-03-2014 Subscription received in advance on 31-03-2015 4,100 Show how the subscription will appear in Income & Expenditure AC for the year?
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