Calculation of Subscription to be Transferred to Income and Expenditure Account for T.T Sports Club

Subscription Received in the Year 2012-13
- Total Subscription Received = ₹25,000
- Subscription Received in Advance (for the next year) = ₹850
- Subscription Received in Arrears (at the end of the year) = ₹2,000
- Subscription Received for Previous Year (2011-12) = ₹1,000
- Subscription Received for the Year 2012-13 = ₹25,000 - (₹850 + ₹2,000 + ₹1,000) = ₹21,150

Subscription to be Transferred to Income and Expenditure Account
- Subscription Received for the Year 2012-13 = ₹21,150
- Less: Subscription Received in Advance (for the next year) = ₹850
- Subscription to be Transferred to Income and Expenditure Account = ₹20,300

Explanation:
Subscription is one of the main sources of income for sports clubs. It is the amount paid by members annually or periodically for using the facilities and services provided by the club. The subscription received during the year is credited to the subscription account. However, the amount received in advance or in arrears needs to be adjusted to arrive at the actual subscription received for the year.

In the given case, T.T Sports Club received a total subscription of ₹25,000 during the year 2012-13. Out of this, ₹850 was received in advance for the next year and ₹2,000 was received in arrears at the end of the year. Also, ₹1,000 was received for the previous year 2011-12. Therefore, the subscription received for the year 2012-13 is calculated as follows:

Subscription Received for the Year 2012-13 = Total Subscription Received - (Subscription Received in Advance + Subscription Received in Arrears + Subscription Received for Previous Year)
= ₹25,000 - (₹850 + ₹2,000 + ₹1,000)
= ₹21,150

This is the actual subscription received for the year 2012-13 and needs to be transferred to the income and expenditure account. However, the subscription received in advance for the next year (₹850) needs to be deducted from it as it belongs to the next accounting period. Therefore, the subscription to be transferred to the income and expenditure account is calculated as follows:

Subscription to be Transferred to Income and Expenditure Account = Subscription Received for the Year 2012-13 - Subscription Received in Advance (for the next year)
= ₹21,150 - ₹850
= ₹20,300

This is the amount of subscription that needs to be transferred to the income and expenditure account for the year 2012-13. It represents the actual subscription received during the year and is an important source of income for the club.