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Subscription received in advance during ...

Subscription received in advance during the current year is :

A

(a) an income

B

(b) an asset

C

(c) a liability

D

(d) none of these

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The correct Answer is:
C
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From the following Receipts and Payments Account of Accountans Club prepare Income and Expenditure Account for the year ended 31st March 2019 : (i) Subscriptions in arrears for the year ended 31st March 2019 -Rs 1,35,000 and Subscriptions received in advance during the year ended 31st March 2019 -Rs 39,000. (ii) Insurance Premium prepaid is Rs 3,000 (iii) the detail with respect to Stationery of Accountants club is as follows : {:(,"31st March",,"1st April"),(,"2019Rs",,"2018Rs"),("Stock of Stationery","30,000",,"5,000"),("Creditors for Stationery","40,000",,"26,000"),("Advance for Stationery paid in 2018-19","7,000",,"....."),("Advance paid for Stationery carried from 2017-18","5,000",,"......"):}

DK GOEL-Financial Statements of Not-for-Profit Organisations-Multiple Choice Questions
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  18. Out of the following items, which one is shown in the 'Receipts and Pa...

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  19. Out of the following items, which is shown in the 'Receipts and Paymen...

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