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Subscription received in during the current year is?

    • Posted by Radha Das 5 years, 5 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Gaurav Seth 5 years, 5 months ago

    In case of Not-for-profit organisation Subscription is the main source of income. A subscription is basically the amount of money paid by the members on periodic basis for keeping their membership with the organisation continue.

    Subscriptions received in advance during an accounting year is a liability .

    Subscription received in advance during the current year is recorded on the liability side of current year's Balance sheet.

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