Extracts of receipt and payment Account for the year ended 31st March, 2010 are given below:

Subscriptions	Rs.
2008 – 09	2500
2009 – 10	26750
2010 – 11	1000	30,250

        

 Additional information:

      a. Total number of members:        300

         Annual membership fee:           Rs 125

      b. Subscription outstanding for 2009-10 Rs. 6,000.

      c. Subscription outstanding on April 1, 2009:   Rs.  2,750

 Prepare a statement showing all relevant items of subscriptions viz. income, advance, outstanding etc.                                                                                                                       

Ans 1. This question can be solved by two methods:

Formula 1.

Particular/Income	Amount
Total Subscription received during the year Add: 1.  Subscription received in advance during Previous Year{p.y advance} 2.  Outstanding (arrear) Subscription of Current year(C.Y O/S}	30,250  4,750  6,000
Less: 1.     Subscription received in advance during current year(N.Y){C.Y. advance} 2.     Outstanding(arrear) Subscription of Previous year, received during current year.{P.Y. o/s}	41,000 1,000 2,500
Subscription income of Current Year	37,500

2^nd formulae:

Particular/Income	Amount
Total Subscription received of Current year Add: 1.  Subscription received in advance during Previous Year 2.  Outstanding (arrear) Subscription of Current year	26,750   4,750   6,000
Subscription income of Current Year	37,500

Working Note:

Subscription received in advance during Previous year:

Total subscription income for one year(300 X 125) =         37,500

Less:

1. Total Subscription received of Current year                     26,750

2. Outstanding Subscription of current year                            6,000

Subscription received in advance during Previous year        4,750