Page 90 - VIRANSH COACHING CLASSES

Income & Expenditure Account
for the year ended 31 March 2019
st
Dr. Cr.
Expenditure Amount Income Amount
` `
By Subscription for the 65,000
Current year (Working Note)

st
Balance Sheet as on 31 March 2019
Dr. Cr.

Liabilities Amount Assets Amount
` `
Subscription Received in advance 10,000 Outstanding Subscription 20,000

Working Note :-
Calculation of subscription Income for the current year can be done by preparing either an
Account or a Statement.
i) Statement of Subscription
Particulars Amount `
Subscription - As per Receipt & Payment A/c 50,000
Add : Outstanding for the year 31-3-2019 + 20,000
Less : Outstanding for the year 31-3-2018 - 10,000
Less : Advance during the year 31-3-2019 - 10,000
Add : Advance during the year 31-3-2018 + 15,000
As per Income and Expenditure Account (Balancing fig) 65,000

Subscription Account
Dr. Cr.

Particulars Amount Particulars Amount
` `
To Outstanding Subscription b/d 10,000 By Advance Subscription b/d 15,000
To Income & Expenditure A/c 65,000 By Bank 50,000
To Advance Subscription c/d 10,000 By Outstanding Subscription c/d 20,000

85,000 85,000

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