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 |