Question

How will the following items appear in the final accounts of a club for the year ending 31^st March 2017? Received subscription of ₹ 40,000 during the year 2016-17. This includes a subscription of ₹ 5,000 for 2015-16 and ₹ 3,000 for the year 2017-18. Subscription of ₹ 1,000 is still outstanding for the year 2016-17.

Answer 1

Dr.	Income and Expenditure Account for the year ended 31.03.19			Cr.
Expenses	₹	Income	₹	₹
		By Subscription	40,000
		(−) Pre. Year 2015-16	5,000
			35,000
		(−) Sub. Year 2017-18	3,000
			32,000
		(+) Outstanding 2016	1,000	33,000

Balance Sheet as on 31.03.19

Liabilities	₹	Assets	₹	₹
Subscription Received in Advance	3,000	Subscription O/s		1,000