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Calculate Amount of Subscriptions to Be Credited to Income and Expenditure Account for the Year Ended 31st March, 2019. - Accountancy

Ledger

Subscriptions received during the year ended 31st March ,2019 are

 
For the year ended  31st March, 2018 1,600  
For the year ended 31st March, 2019 84,400  
For the year ended  31st March, 2020 3,200 89,200

There are 450 members, each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2018.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019. 

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Solution

Income and Expenditure Account

for the year ended March 31, 2019

Dr.

 

Cr.

Expenditure 

Amount

()

Income 

Amount

()

 

 

Subscription

 

 

 

(450 Members × Rs 200 each)

90,000

Concept: Preparation of Income and Expenditure Account
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APPEARS IN

TS Grewal Class 12 Accountancy - Double Entry Book Keeping Volume 1
Chapter 1 Financial Statements of Not for Profit Organisations
Exercise | Q 13 | Page 58
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