Question

Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2017.

The additional information was as under:

1. Subscription Outstanding as on March 31, 2016 were Rs 6,500,

2. Subscription received in advance as on March 31, 2016 were Rs 4,100,

3. Subscription Outstanding as on March 31, 2017 were Rs 5,400,

4. Subscription received in advance as on March 31, 2017 were Rs 2,500.

Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club.

Answer 1

Books of Maitrey Sports Club 
Income and Expenditure Account 
as on March 31, 2017 

Expenditure	Amount (Rs)	Income		Amount (Rs)
		Subscription	68500	69000
		Less: O/s on Mar. 31, 2016	(6500)
			62000
		Add: Advance on Mar. 31, 2016	4100
		Add: O/s on Mar. 31, 2017	5400
			71500
		Less: Advance on Mar. 31, 2017	(2500)

Balance Sheet 
as on  March 31, 2016

Liabilities	Amount (Rs)	Assets	Amount (Rs)
Subscription in Advance	4100	Subscription Outstanding	6500

Balance Sheet 
as on March 31, 2017 

Liabilities	Amount (Rs)	Assets	Amount (Rs)
Subscription in Advance	2,500	Subscription Outstanding	5400