Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2014.
The additional information was as under:
1. Subscription Outstanding as on March 31, 2013 were Rs 6,500,
2. Subscription received in advance as on March 31, 2013 were Rs 4,100,
3. Subscription Outstanding as on March 31, 2014 were Rs 5,400,
4. Subscription received in advance as on March 31, 2014 were Rs 2,500.
Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club.
Books of Maitrey Sport Club
Income and Expenditure Account
as on 31st March,2017
Income and Expenditure Account
as on 31st March,2017
| Expenditure | Amount (Rs.) | Income | Amount (Rs.) | ||
| Subscription | 68,500 | ||||
| Less:Outstanding for 31st march 2015 | (6,500) | ||||
| 62,000 | |||||
| Add:Advanced for march 2016 | 4,100 | ||||
| Add:Outstanding for 31st march 2017 | 5,400 | ||||
| Less:Advanced on 31st March 2017 | (2,500) | 69,000 |
Balance sheet
as on March 31st,2016
as on March 31st,2016
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Advanced Subscription | 4,100 | Subscription Outstanding | 6,500 |
Balance sheet
as on March 31st,2017
as on March 31st,2017
Liabilities | Amount | Assets | Amount |
| Advanced Subscription | 2,500 | Subscription Outstanding | 5,400 |
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