Question

(Presentation of Subscriptions only)
With the information given below regarding ‘Subscription’ give accounting effects of it in the Final Accounts of a ‘Not for Profit’ concern.
    Receipts and Payments Account for year ending on 31-03-2013
Dr.                                                                                                          Cr.

Receipts	Amount (Rs.)	Amount (Rs.)	Payments	Amount (Rs.)	Amount (Rs.)
To subscriptions received		487,500

Additional Information:
• Subscription received during the year, includes
• Subscriptions received for 2011-2012 Rs 17,500 and for 2013-2014 Rs 15,000
• There are 500 members of the concern and each member pays Rs 1,000 as annual subscription.
• During the year 2011-2012 subscription received for the year 2012-2013 was Rs 25,000.

Answer 1

                                      Subscription Account
Dr.                                                                                                          Cr.

Particulars	Amount (Rs)	Particulars	Amount (Rs)
Outstanding Subscription for 2011-12	17,500	Received in advance in 2011-12 for 2012-13	25,000
Income and Expenditure A/c (500 × 1,000	500,000	Bank A/c (given)	487,500
Received in advance for 2013-14	15,000	Outstanding Subscription for 2012-13 (Balancing figure)	20,000
	532,500		532,500