subscription account questions and answers
The Final Accounts of non-trading concerns consists of: It is a Real Account. There are 500 members, each paying an annual subscription of Rs 10, Rs 3,500 being in arrears for 2002-03 at the beginning of 2003-04. The receipts and payments account and the income and expenditure account of a Club for the year ended 31st December, 2012 were as follows: Answer: Receipts and Payment Account The club’s assets as on 1 st January 2012 were: Building र 15,000; Books र 10,000 Furniture र 4,000; Investments र 10,000 Liabilities as on that date were र 50 for advertisement and र 100 for salary. Do not take Capital Receipts and Capital Expenditure. Preparation of Income and Expenditure Account and Balance Sheet from a given Receipts and Payment Account with additional information. In examinations, sometimes, Receipts and Payments Account is given and the students are required to prepare Income and Expenditure Account and in such situation, the following steps are to be followed: 1. These are not income but may appear in Balance Sheet. It includes capital as well as revenue items. Answer: Subscription : Subscription are the membership fee paid by member’s annually. Answer: The various accounts will appear as Under: Subscription outstanding 3,000 Subscription received in advance 600 will be shown in the balance sheet on the assets and liabilities side respectively. It does not take into account outstanding amounts of receipts and payments. Stock of drugs still in hand Rs 5,000. Explain the statement. In this account, all losses and expenses relating to the period are debited and all gains and incomes relating to the same period are credited. Against treating it as an income, there are arguments favouring it as a capital receipt as the members pay such fees only once and therefore treat it as a capital receipt. The following particulars related to Sports Clubs of Delhi Income and Expenditure Account for the year ended 31st December 2004. (e) Out of the donation, Rs 3,600 represented donation towards election expenses and of the balance, half the amount shall be capitalized. The club had sports equipment on 1 st January, 2012 valued at 2,600.
Show the treatment of the following items by a not-for-profit organisation: (i) Annual subscription (ii) Specific donation (iii) Sale of fixed assets (iv) Sale of old periodicals (v) Sale of sports materials (vi) Life membership fee Answer: (i) Annual Subscription : It is the amount paid by the new members at the time of joining the organisation. “Income and Expenditure Account of a Not-for-Profit Organisation is akin to Profit and Loss Account of a business concern”. From the following information relating Delhi Sports Club, prepare the Balance sheet as on 1-4-2005 and on 31-3-2006: (i) Assets on 1-4-2005 are: Club grounds and pavilion Rs. 8,000 for 2007.
They record their cash transactions in Receipts and Payments Account. Content Filtrations 6. Items of revenue nature alone c. Both d. Items of expenditure Answer: b. total amount receivable from all the members as subscription should be considered as income for the year. (4) The surplus or deficit so made is to be added or deducted against the capital fund. It is similar to a cash book. Purchase of assets are entered in non profit organization’s book is called a.
Prepare the Income and Expenditure Account for 2012 and the relevant Balance Sheet.
It shows the net operating result in the form of surplus & or deficit. 4.000. ലാഭേച്ഛയില്ലാതെ പ്രവർത്തിക്കുന്ന സ്ഥാപനങ്ങളുടെ അക്കൗണ്ടിംഗ് സ്റ്റേറ്റ്മെന്റിൽ ഉൾപ്പെട്ട അക്കൗണ്ടാണ് ഇത്. (1) Consider Opening Cash and Bank balances from Receipts and Payments Account and write them in the asset side of the Balance Sheet. Subscriptions due but not received at the end of the year 2006 were Rs. For this compare the values of the assets at the beginning and closing of the period. Stock register b. 2. 7 . The balance of the Bank Loan now outstanding is Rs 1,000 secured by mortgage in the leasehold premises. 1. It is a primary source of income of a non-profit organisation. 4,000 for 2005 and Rs. This video explains the Concept of Subscriptions, its Computation and Discl... Queries asked on Sunday & after 7pm from Monday to Saturday will be answered after 12pm the next working day. വ്യാപാര സ്ഥാപനങ്ങൾ തയ്യാറാക്കുന്ന ലാഭനഷ്ട കണക്കിന് തുല്യമായി വ്യാപാരതര സ്ഥാപനങ്ങൾ തയ്യാറാക്കുന്ന അക്കൗണ്ടാണ് വരവ് ചെലവ് കണ ക്കുകൾ, ഒരു നിശ്ചിത കാലാവധിയിലെ സ്ഥാപന ത്തിന്റെ റവന്യൂ വരവുകളും, ചെലവുകളും രേഖ പ്പെടുത്തി അതിൽ നിന്നുണ്ടാകുന്ന മിച്ചമോ കമ്മി യോ എത്രയെന്ന് കണ്ടുപിടിക്കാൻ തയ്യാറാക്കുന്ന അക്കൗണ്ടാണ് വരവ് ചെലവ് അക്കൗണ്ട്. All expenditure, whether Capital or Revenue, irrespective of the periods, are shown on the Payment side. Subscriptions due but not received at the end of the year 2006 were Rs. Cash b. Debit or credit c. Profit or loss d. Surplus or deficit Answer: d. Surplus or deficit, Question 23. (v) Sale of sports material : Treated as revenue receipt and credited to 1 & E a/c. Subscription received from members is credited to Income and Expenditure Account on accrual basis i.e. (B.Com., Calicut). The subscriptions due but not received at the end of the previous year i.e., 2003 were Rs 600. Answer: Note: In the above solution, it is assumed that too (500-400) excess interest received during the year is in relation to the outstanding interest of the last year. Question 8. This reduces the fees earned to a “Cash Received Basis”. 1. All cash receipts are recorded on the debit side and all cash payments are recorded on the credit side. In the absence of any bye-laws, it is taken as an item for income.
2 . 4. c. Nominal A/c. Lockers rent Rs. It is prepared on cash basis. In non-profit organizations excess of assets over liabilities is called a.
These expenses may include outstanding of previous year and advance for next year. പണം ലഭിച്ചതിന്റെയും നൽകിയതിന്റെ യും അക്കൗണ്ട്, വരവ് ചെലവ്. Want a call from us give your mobile number below, For any content/service related issues please contact on this number. It excludes all capital income and capital expenses.
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