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Subscribtion account
Accountancy
Sir by with out using the subscription Account how can we arrive @ the amount 7170 Like - subscription outstanding for previous year + subscription for current year like this method (part 4 of NPO) can you please explain Video Details ------------- Accounting - CA Foundation (New) Financial Statements of Not-for-Profit Organizations #11. Working Notes - Continued
Answers (1)
Subscription as per Income & Exp in 2016 = 7500 Sub outstanding for 2015 (means received in current year) + 600 Sub received in advance in 2015 (means not received in current year but included in Income and Exp ) - 450 Sub in adv as on 31 Dec 2016 + 270 Sub outstanding on 31 dec 2016 - 750 (Shown in income but not received) =7170 (It is exactly opposite of what you do from receipts and payments to income and expenditure.
