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Calculate amount of subscription

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Calculate amount of subscription

Posted by Jashanveer Kaur 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 4 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. It may be paid monthly, quarterly, half yearly or annually by the members. In Receipts and payment Account it is shown in the Receipts side after making necessary adjustment related to the subscription.
In computing the amount of subscription for the current period, advance subscription received for the current period in the previous period and outstanding subscription for the current period are added to the subscription received during current period, on the other hand, advance subscription received for the next accounting period during the current period and outstanding subscription for the preceding period are deducted from the subscription received during the current period.
Calculation of Subscription

Subscription received during the year
(+) Subscription received (in advance) during previous year
for current year
(+) Subscription outstanding at the end of the year

(-) Subscription received in advance for the next year
(-) Subscription outstanding for the previous year
Subscription shown in Income and Expenditure Account

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