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Question
How will the following items appear in the final accounts of a club for the year ending 31st 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.
Ledger
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Solution
| 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 |
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