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The following information in respect of M/s Niti Enterprises is given:(i) Subscription received in 2017 is Rs 2,45,000 which is including Rs. 20,000 for 2016 and Rs. 15,000 for 2018.(ii) Subscription due but not received at the end of the year 2017 is Rs. 19,000.(iii) Subscription received in 2016 in advance for 2017 was Rs. 18,400.Calculate the amount of subscription to be credited to Income and Expenditure account for the year 2017.
The correct answer is Rs. 2,47,400. ParticularsAmountSubscription received during the year 2017Rs. 2,45,000Less: Outstanding for 2016Rs. 20,000Less: Advance for 2018Rs. 15,000Add: Outstanding for 2017Rs. 19,000Add: Advance received in 2016 for 2017Rs. 18,400Amount to be credited to Income and Expenditure A/c for 2017= Rs. 2,47,400Additional InformationSubscription is a regular payment made by the members of the organization. It is generally contributed annually. It is one of the main sources of income for non-profit organizations. Subscriptions received during the year are shown on the debit side i. e. Receipts side of the Receipts and Payments Account. Apart from the amount for the current year, it may include the amount pertaining to the previous year or advance payment for next year.
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