Question

How the following items appear in the final accounts of Thoothukudi Young Pioneers Association?

There are one hundred members in the association each paying ₹ 25 as annual subscription. By the end of the year, 10 members had not paid their subscription but four members had paid for the next year in advance.

Answer 1

Dr.	Income and Expenditure Account for the year ended			Cr.
Expenses	₹	Income	₹	₹
		By Subscription	2,350
		(+) Outstanding Sub.	250
			2,600
		(−) Subscription recd in Adv.	100	2,500

Balance Sheet as on ___________

Liabilities	₹	Assets	₹
Subscription Received in Advance	100	Outstanding Subscription	250