Question

From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020- 21.

1. Subscription credited to Income & Expenditure A/c for the year ending 31st March ,2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000.
2. Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000
3. During the year 2020-21, 10 members made partial payment of ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22.
4. During the year 2019-20, 12 members paid the subscription amount for the year 2020-21.

Answer 1

Particulars		Amount(₹)
Subscription credited to Income & Expenditure A/c		3,00,000
Add : Outstanding for 2019-20		16,000
Less : Outstanding for 2020-21
For 10 members (10 x 3000 – 26,000)	4,000
For 8 members (8 x3000)	24,000	(28,000)
Less : Advance during 2019-20		(36,000)
Add : Advance during 2020-21		15,000
Amount of subscription Received During the Year		2,67,000