question_answer

Subscription received during the year ended 31st March, 2018 at Youth Club were as under:

2016-17	Rs.   5,000
2017-18	Rs. 90,000
2018-19	Rs. 25,000Rs. 97,500

The club has 1,000 members each paying Rs. 100 each as annual subscription. Subscription outstanding as on 31st March, 2017 were Rs. 9,000. Calculate the amount of subscription to be shown in the income and expenditure account and total outstanding subscription for the year ended on 31st March, 2018.

Answer:

Income and Expenditure Account for the year ending 31st March, 2018

Expenditure	Amt (Rs.)	Income		Amt (Rs.)
		By Subscription	90,000
		(+) Outstanding Current Year	10,000	1,00,000

Calculation of Outstanding Subscription

	as on 31st March, 2018	Amt (Rs.)
1.	Total subscription to be Received during the Year \[(1,000\times 100)\]	1,00,000
	(-) Amount Received during the Year	(90,000)
	Outstanding Subscription for Current Year	10,000
2.	Outstanding Subscription for Previous Year	9,000
	(-) Received during the Current Year	(5,000)
	Still Outstanding Subscription for Previous Year	(4,000)
3.	Outstanding Subscription
	Previous	4,000
	Current Year	10,000
		14,000