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प्रश्न
As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹ 4,00,000.
| ₹ | |
| Subscriptions outstanding on 1.4.2020 | 1,00,000 |
| Subscriptions outstanding on 31.3.2021 | 70,000 |
| Subscriptions received in advance on 1.4.2020 | 50,000 |
| Subscriptions received in advance on 31.3.2021 | 80,000 |
Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.
उत्तर
| Dr. | In the books of Kala Club Subscription Account |
Cr. | |
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Outstanding Subscription (In the beginning) |
1,00,000 | By Advance Subscription (In the beginning) |
50,000 |
| To Income and Exp. A/c (Balancing figure) |
3,40,000 | By Bank A/c (Subscription received during the year) |
4,00,000 |
| To Advance Subscription (Advance at the end) |
80,000 | By Outstanding Subscription (Outstanding at the end) |
70,000 |
| 5,20,000 | 5,20,000 | ||
| Subscription to be shown in Income & Expenditure A/c for the year ended 31st March, 2021. |
|
| Particulars | Amount (₹) |
| Subscription received | 4,00,000 |
| Add: Subscription o/s as on 31.3.2021 | 70,000 |
| Subscription received in advance on 31.4.2020 | 50,000 |
| 5,20,000 | |
| Less: Subscription o/s as on 31.4.2020 | (1,00,000) |
| Subscription received in advance on 31.3.2021 | (80,000) |
| Subscription to be shown in Income & Expenditure A/c | 3,40,000 |
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संबंधित प्रश्न
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| Particulars | ₹ | Particulars | ₹ |
| Opening cash balance (1.4.2018) | 11,000 | Interest and bank charges | 250 |
| Bank overdraft balance (1.4.2018) | 20,000 | Miscellaneous income | 350 |
| Stationery purchased | 5,200 | Upkeep of ground | 550 |
| Travelling expenses | 1,800 | Grant from Government | 12,000 |
| Dividend received | 3,000 | Telephone charges paid | 2,800 |
| General expenses | 500 | Endowment fund receipts | 10,000 |
| Admission fees | 4,000 | Insurance premium paid | 2,000 |
| Courier charges | 2,000 | Electricity charges paid | 5,000 |
| Municipal taxes paid | 3,000 | Closing cash balance (31.03.2019) | 1,750 |
Write the steps in ascending order of Conversion of a Receipt and Payment Account into an Income and Expenditure Account:
(i) Adjusting the revenue receipts on the debit side to include outstanding incomes and incomes relating to the current year received earlier and to exclude amounts received in arrears or in advance.
(ii) identifying and showing non-cash expenses and losses on the debit side of the Income and Expenditure Account.
(iii) computing and showing profits/losses from trading and/or social activities on the credit/debit side of the Income and Expenditure Account.
(iv) Ascertaining the surplus or deficit as the dosing balance of the Income and Expenditure Account.
(v) adjusting revenue payments on the credit side.
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