Receipts | Amt (Rs.) | Payments | Amt (Rs.) |
Subscriptions | |||
2015-16 | 7,000 | ||
2016-17 | 30,000 | ||
2017-18 | 5,000 |
(i) Subscription outstanding on 31st March, 2016 Rs. 8,500 |
(ii) Total subscriptions outstanding on 31st March, 2017 Rs. 18,500 |
(iii) Subscriptions received in advance as on 31st March, 2016 Rs. 4,000 |
Answer:
Income and Expenditure Account Dr for the year ending 31st March, 2017 Cr
* Note The amount of subscriptions outstanding as on 31st March, 2017 Rs. 18,500. This includes Rs. 7,500 (Rs. 8,500 - 7,000,) for subscriptions still outstanding for 2015-16. Hence, the subscriptions outstanding for 2016-17 are Rs. 17,000 (Rs. 78,500 ? Rs. 1,500). Balance Sheet as at 31st March, 2017 Expenditure Amt (Rs.) Income Amt (Rs.) Subscriptions (+) Outstanding for Current Year 30,000 (+) Advance for Current Year 17,000 Received Previous Year 4,000 51,000
Balance Sheet as at 31st March, 2016 Liabilities Amt (Rs.) Assets Amt (Rs.) Subscription Received Subscription Outstanding in Advance 5,000 2015-16 (8,500 ? 7,000) 1,500 2016 ? 17 17,000 18,500
Liabilities Amt (Rs.) Assets Amt (Rs.) Advance Subscription 4,000 Subscription 8,500
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