Question 13 Chapter 1 of +2-A
13. Subscription received during the year ended 31st March 2019 are:
For the year ended 31st March 2018 1,600
For the year ended 31st March 2019 84,400
For the year ended 31st March 2020 3,200 89,200
There are 450 members, each paying an annual subscription of Rs 200; Rs 1,800 were in arrears for the year ended 31st March 2018.
Calculate the number of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March 2019
Calculation of Subscription outstanding at the end of the year
| Total Subscription Due for the year-end 31st March, 2019 (Total Member X Amount of Subscription) | |
| 450 Members X Rs 200 each | 90,000 |
| Less: Subscription received during the year for the year 2018-19 | 84,400 |
| Subscription outstanding at the end of the year | 5,600 |
Calculation of Amount of Subscriptions
| Subscription received During the year | 89,200 |
| Add: - Subscription outstanding at the end of the year | 5,600 |
| 94,800 | |
| Less:- Subscription outstanding at the beginning of the year | 1,600 |
| Subscription received in advance at the end of the year | 3,200 |
| The amount for subscription credited to the Income and Expenditure A/c | 90,000 |
| Income and Expenditure Account |
|||
| Expenditures |
Amount | Incomes | Amount |
|---|---|---|---|
| By Subscription | |||
| (450 Members X Rs 200 each) | |||
| 90,000 |
|||
Note: The total amount of Subscription received is shown in the income and expenditure account. So, we don’t need to show full calculations in the income and expenditure account.
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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