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Can anyone explain Subscription in brief …

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Can anyone explain Subscription in brief ? (Bohot dimaag kharab krti hai?)

Posted by ?????? ???? . 4 years ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 4 years ago

Subscription is the main source of income for an NPO besides entrance fees, donations, grants, etc. Subscriptions refer to the amount of money paid by the members on periodic basis for keeping their membership with the organisation alive. It is paid monthly, quarterly, half yearly or annually by the members.

It is shown in the debit side of the Receipt and Payment Account with the total amount received during the year that may be related to the current period and to the previous and next accounting period.

While calculating 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 the current period. Whereas, 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.

ANSWER

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