Receipts and Payments A/C shows: To subscription - Accountancy - Accounting for Not-for-Profit Organisation

Question

Receipts and Payments A/C shows:
To subscription Rs 52000

Adjustments:
1 There were 416 life members on 31/3/18 The subscription payable
by each member is Rs 125
2 Subscription outstanding on 31/3/18= Rs 6000
Subscription outstanding on 31/3/19= Rs 7000
Subscription received in advance on 31/3/18= Rs 4000
Subscription received in advance on 31/3/19= Rs 5000

Show effect of subscription in income and expenditure Show your
workings clearly

Sakshi Gupta · Accepted Answer

Dear student
Calculation of subscription :
subscription                                                                = 52,000Add: subscription outstanding in the current year =7,000Add: subscription advance in previous year          = 4,000Less: subscription outstanding in previous year  = (6,000)Less: subscription advance in current year            =(5,000)subscription for the year                                            = 52,000
Regards