Check sibling questions

From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020-21.

(i) Subscription credited to Income & Expenditure A/c for the year ending 31st March ,2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000.

(ii)Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000.

(iii) During the year 2020-21, 10 members made partial payment of ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22.

(iv) During the year 2019-20, 12 members paid the subscription amount for the year 2020-21.

 

Answer

                                                  SUBSCRIPTION ACCOUNT
Particulars Amount Particulars Amount
To Balance b/d (Advance) 36000 By Balance b/d (Outstanding) 16000
To Bank A/c 267000 By Income and Expenditure A/c 300000
To Balance c/d (Outstanding)* 28000 By Balance c/d (Advance) 15000

(12 member paid in advance = 12*3000)

  331000   331000

 

                      *Outstanding Closing Balance :-
10 members made partial payment of 26000 4000 (30000-26000)
8 members failed to pay 24000 (8 x 3000)
Total 28000

 

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Transcript

From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020-21. (i) Subscription credited to Income & Expenditure A/c for the year ending 31st March ,2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000. (ii)Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000. (iii) During the year 2020-21, 10 members made partial payment of ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22. (iv) During the year 2019-20, 12 members paid the subscription amount for the year 2020-21. Answer SUBSCRIPTION ACCOUNT Particulars Amount Particulars Amount To Balance b/d (Advance) 36000 By Balance b/d (Outstanding) 16000 To Bank A/c 267000 By Income and Expenditure A/c 300000 To Balance c/d (Outstanding)* 28000 By Balance c/d (Advance) 15000 (12 member paid in advance = 12*3000) 331000 331000 *Outstanding Closing Balance :- 10 members made partial payment of 26000 4000 (30000-26000) 8 members failed to pay 24000 (8 x 3000) Total 28000

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Davneet Singh

Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.