Subscriptions received during the year ended 31st March 2019 are
`{:(,,"Rs",,"Rs"),("For the year ended 31st March,2018",,4.000,,),("For the year ended 31st March,2019",,2.11.000,,),("For the year ended 31st March,2020",,8.000,,2.23.000):}`
There are 450 member each paying an annual subscription of Rs. 500.Rs. 4,500 were in arrears for the year ended 31st March, 2018 in the beginning of the year ended 31st March 2019. Calculate subscriptions to be shown in Income and Expenditure Account for the year ended 31st March 2019 and also show treatment of subscriptions in the Income and Expending Account and Balance Sheet.

Answer

N/a

Explanation

Subscriptions Receivable for the year ended 31st March 2019
= Number of Members X Annual Subscription
`=450 xx Rs 500 =Rs. 2,25,000`
Subscriptions Outstanding =Total subscriptions -Subscrptions received for the year ended
31st March 2019
= Rs. 2,25,000 -Rs 2,11,000 =Rs 14,000.

Subscriptions in arrears for the year ended 31st March 2018 in the beginning of 2018-19 war Rs. 4,500, out of which Rs. 4,000 were received in the year ended 31st March 2019.
Explanation. Subscriptions received for the year ended 31st March 2019 have been given separately in the Receipts and Payments Account. The amount does not include any subscriptions which have been received on account of previous year or the next year as was the case in the previous illustration.