Q How will you deal with the following case while preparing the final accounts for the year 2002 : - Accountancy - Accounting for Not-for-Profit Organisation

Question

Q How will you deal with the following case while preparing the
final accounts for the year 2002 :
Subscription received during 2002 : for 2001 Rs 10,000 , for 2002
Rs 60,000 , for 2003 Rs 12,000
Subscription received in advance as at 31 12 2001 - Rs 12,000
Subscription outstanding as at 31 12 2001-Rs 12,000
Subscription outstanding for the year 2002- Rs 18,000

Q Prepare the subscription account from the following items for the
year ending on March 31, 2003
Subscription in arrears on 31 03 2002 -Rs 1000
Subscription received in advance on 31 03 2002 - Rs 2200
Total subscription received during 2002-2003( including Rs 800 for
2001-2002 , Rs 1800 for 2003-2004 and Rs 600 for 2004-2005)-Rs
70800
Subscription outstanding for 2002-2003 - Rs 800
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Neha Chopra · Accepted Answer

Dear Student

Q 11
For the year ending march 2003

Particulars

Total Subscription received for 2002 in the year
2002
60,000

Add: Subscriptions received in advance as at 31
12 2001
12,000

Add: Subscriptions outstanding for the year
2002
8,000

Total subscription to be booked as income
in Income and expenditure A/c
80,000

Subscriptions outstanding for 2001
(12,000-10,000)
2,000

Subscriptions outstanding for the year
2002
8,000

Total Outstanding subscriptions to be
shown in balance sheet
10,000

Subscriptions received in 2002 for
2003
12,000

Total Advance Subscriptions to be shown
in balance sheet
12000

Note : Advance subscriptions of 2001 has been assumed to be
relating to year 2002 and hence added in the income

Q 12

Subscription
Account

Dr
Cr

Date
Particulars
Amount
(Rs)
Date
Particulars
Amount
(Rs)

To O/s Subscription (opening)
1,000

By Advance Subscription
(opening)
2,200

To Advance Subscription A/c
(Closing)
2,400

By Receipt and payment A/c
70,800

To Income & Expenditure A/c (B
F)
70,600

By O/s Subscriptions (closing)
1,000

74,000

Regards

Particulars
Total Subscription received for 2002 in the year 2002	60,000
Add: Subscriptions received in advance as at 31.12.2001	12,000
Add: Subscriptions outstanding for the year 2002	8,000
Total subscription to be booked as income in Income and expenditure A/c	80,000

Subscriptions outstanding for 2001 (12,000-10,000)	2,000
Subscriptions outstanding for the year 2002	8,000
Total Outstanding subscriptions to be shown in balance sheet	10,000

Subscriptions received in 2002 for 2003	12,000
Total Advance Subscriptions to be shown in balance sheet	12000

Subscription Account
Dr.				Cr.
Date	Particulars	Amount (Rs)	Date		Particulars	Amount (Rs)

	To O/s Subscription (opening)	1,000			By Advance Subscription (opening)	2,200
	To Advance Subscription A/c (Closing)	2,400			By Receipt and payment A/c	70,800
	To Income & Expenditure A/c (B.F)	70,600			By O/s Subscriptions (closing)	1,000
		74,000				74,000