Ownclasses

From the following information, calculate the amount of income from subscriptions to be shown in the Income and Expenditure Account for the year ended 31-3-2011:  

Subscriptions received during the year 2010-2011

Rs

3,40,000

Subscriptions outstanding as on 31-3-2011

Rs

47,000

Subscriptions received in advance as on 31-3-2011

Rs

35,000

Subscriptions outstanding as on 1-4-2010

Rs

28,000

Subscriptions received in advance as on 1-4-2010

Rs

25,000

Answer

Calculation of Income from Subscription:

Details

Amount  (Rs.)

 

Subscriptions Received during the year 2010-2011

Add: Subscriptions outstanding on 31.3.2011                       47,000

Add: Subscriptions received in advance on 1.4.2010              25,000

3,40,000

 

72,000

 

     4,12,000

 

63,000

 

Less: Subscriptions outstanding on 1.4.2010                         28,000

Less: Subscriptions received in advance on 31.3.2011           35,000

 

Income from subscription for the year 2010-11

3,49,000