The Question : 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.
Solution for the question :
Calculation of amount of Subscription received during the year 2020-21ParticularsAmount(₹)Subscription credited to Income & Expenditure A/cAdd : Outstanding for 2019-20Less : Outstanding for 2020-21 For 10 members (10 x 3000 – 26,000) 4,000For 8 members (8 x3000) 24,000Less : Advance during 2019-20Add : Advance during 2020-21 3,00,000 16,000 (28,000) (36,000) 15,000Amount of subscription Received During the Year 2,67,000
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