Subscription received during the year 1,80,000 Subscriptions outstanding at the end of the year 20,000 Subscriptions received in advance at the end of the year 10,000. Subscription received in advance during the current year is: a) An income. Prev Question Next Question 0 answer Outstanding Subscription for 2012-2013 is Rs 22,000. 100*10 = 1000 realized and transferred to bank/cash. Answer. It is an income for the organisation and if income is outstanding or say yet to be received it will be an asset for the company hence, will be shown under the head current assets. \), Outstanding subscription of a club is its a) liabilityb) assetc) asset or liability, Opening balance of subscription outstanding from members is a/an .. to the club. With the above information present the item Subscription in Income and Expenditure Account for the year ended 31.03.2019 Balance Sheet as on the date. Question 7. On 31st March, 2019 Advance Subscription is Rs. 8,000; Subscription outstanding at the beginning of the year Rs. (i) There are 450 members each paying an annual subscription of Rs. What is journal entry for commission received? Subscription outstanding at the beginning of the year 6,000 Rs. . \) Check Out the Examples of Outstanding Expenses. How to calculate days sales outstanding, any example? (v) Stock of stationery on 315t March, 2015 was Rs. Increased revenue +31% from Q2 2022. (iv) Commission earned during the year but not received was \( 2,100 . At the end of an accounting period, these institutions prepares its final accounts, which include the following . Subscription received in cash during the year amounted to 40,000; subscription outstanding at the end of previous year was 1,500 and outstanding at the end of current year was 2,000. As per Receipts and Payments Account for the year ended on March 31,2012, the subscriptions received is Rs 2,50,000. 350 on \( 31^{\text {st }} \) March, 2016 d) None of these. Answer Question. From the following Trial Balance of Mahesh, prepare his Final Accounts for the yearend, -This question was submitted by a user and answered by a volunteer of our choice. Assets: Amt () Amt () Subscription received in Advance for the Year 2019 . Question 27 outstanding subscription is a a income b. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Solution: Subscription receivable for 2021-2022 = Number of Members X Annual Subscription = 210 X 75 = 15,750 Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Join now. 300. MINNETONKA, Minn., Nov . (On the basis of Case study, answer questions \( 1-5 . Advertisement Remove all ads Chapter 2: Accounts of 'Not for Profit' Concerns - Exercise 2.1 (Objective Type Questions) [Page 111] Q 1. 1 Answer 0 votes answered Jan 29, 2019 by faiz (303k points) Outstanding subscription is Assets. Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Increased gross profit +58% from Q2 2022. Outstanding subscription is treated as an asset to the organization and shown on the asset side of the balance sheet. Net Incomefrom subscription will be : A Charitable Institution has 250 members with a annual subscription of `5,000 each. Outstanding subscription is an asset. . Question. Please enable it in order to use this form. A club paid subscription fees of `1,400. 8,000; Subscription outstanding at the beginning of the year Rs. Delivered Q3 2022 revenue of $177.0 million, 32% decline compared to a strong prior year Q3 2021. (i) Closing Stock on 31 st March, 2020 was \( 21,000 . The opening Capital Fund will be: If all other sites open fine, then please contact the administrator of this website with the following information. The change in the average balance of interest-earning assets for the three months ended September 30, 2022 was due to an increase in the aggregate of loans, taxable investment securities and tax-exempt securities in the amount . commented Jun 4, 2019 by Anand0009 (10 points) In case of npo it is an asset but other than that it is liability..in other words if it is receivable then it is asses but if it is due to pay then it is liability.the main difference is of expense and income The two main sources of income of a Not for Profit Organisation is: (a) Subscriptions Outstanding subscription is treated as an asset to the organization and shown on the asset side of the balance sheet. On January 1, Year 7, Prudent purchased 75% of the outstanding shares of Safe for $1,287,000. Step 4: Income outstanding . It is added to the subscription and recorded on the Income side of the Income and Expenditure account. Subscription Outstanding. Subscription received in cash during the year amounted to Rs.5,00,000; subscription outstanding at the end of previous year was Rs.20,000 and outstanding at the end of current year was Rs.25,000. (iii) Outstanding liability for Miscellaneous expenses is 12,000 . 8,000 and received in advance during previous year was Rs.7,000. 4)unearned income is not liability..its o/s income recievable. They are also casually known as expenses due but not paid, unpaid expenses, arrears, overdue expenses, etc. It is an income for the organisation and if income is outstanding or say yet to be received it will be an asset for the company hence, will be shown under the head current assets. Frequently Asked Questions (FAQ) by our Users. Ask an expert. Non-GAAP net income . Squarespace, Inc. (NYSE: SQSP), the all-in-one website building and ecommerce platform, today announced results for the third quarter ended September 30, 2022. At that time, Safe`s assets and liabilities had the following book and fair values. Question 27 outstanding subscription is a a income b. The consent submitted will only be used for data processing originating from this website. 1,20,000. . Depreciation for furniture is 10% and sports equipment is 20%. Subscription received during the year will be Q. Subscription outstanding at the beginning of the year 6,000 Rs. 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The amount credited to Income & Expenditure Account will be: (A) 38,700 (B) 39,700 So outstanding subscription which is receivable for the year has to be treated as current year income and added to the subscription income for the current year More answers below Hari Prakash Studied Accounting & Content Writing (Graduated 1977) Author has 134 answers and 67.4K answer views 2 y Related We faced problems while connecting to the server or receiving data from the server. Cash in Hand. We provide you study material i.e. No worries! Time: 90 Minutes Amount received from sale of grass by a club should be treated as: a) Capital receipt. c) Asset. 0 0 Similar questions collage-of-objective-type multiple-choice-questions-(mcqs). Increased kW sold +105% YoY. 50 ; Rs. (c) Total Subscription received during the year 2018 (Including ' 5,200 for 2017 and '11,000 for 2019) ' \( 6,60,000 \) If there appears a sports fund , the expense incurred on . 1,200. Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Log in. 4. True. Subscription received in advance for next year was Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Some of the examples of outstanding examples are as follows: Rent is past due the previous year but has not yet been paid. For example, if you own $250,000 of stock in dividend paying companies, this can generate $17,500 a year in income assuming a 7% increase in value. Accountancy. If outstanding liabilities are not charged to Profit and Loss . Also read: Outstanding Expenses Learn about more questions and answers on business studies and various other commerce topics from our website. 6. (iv) Outstanding sundry expenses as on \( 31^{\text {st }} \) March, 2015 totalled Rs. Question 27 Outstanding subscription is a a Income b Asset c a and b both d None. An arrangement that includes a software license is considered "internal use software" and accounted for as an intangible asset. (ii) On \( 31^{\text {st }} \) March, 2016, the rates were prepaid to \( 30^{\text {th }} \) June, 2016; the charge paid every year being Rs. Rs. Subscription received in advance for next year was 800. Amount. Emerging Markets: Changing Landscape, Increasing Opportunities. Other income increased by 294.6% to RMB58.4 million (US$8.2 million) for the third quarter of 2022 from RMB14.8 million for the same period of 2021, mainly due to the dividend income from investment. Subscriptions received during the year 2018-19 were 5,00,000. Accounts receivable is the amount owed to a seller by a customer. [Gross Profit- 1,73,000; Net Profit- 1,32,100; Balance Sheet Total- 4, 96, Accounting for Not For Profit Organisation, accounting for not for profit organisation. Subscription Outstanding as on March 31, 2006 were Rs 5,400, 4. The amount of subscription to be credited to Income and Expenditure Account will be (A) ` 2,10,000 (B) ` 1,90,000 (C) ` 1,70,000 (D) ` 2,00,000 25. \( 700 . say 100 rs per month to be received from mr x for subscripttion. Delivered 15th consecutive quarter of profitability with net income of $12.4 million. Try BYJUS free classes today! Income: B. The amount credited to Income & Expenditure Account will be: a) 238,700 b) 240,300 c) 239,700 d) 41,300 Outstanding Subscription is a - 14028322 1. What is the journal entry for salary paid in advance? Ask your question. 1,50,000, Subscription Rs. The figure of subscription received appear in receipts and payments account will be: Bachelor of Business Administration (BBA). ______(i) Subscription received during 2015 : for 2014 Rs.5,000 for 2015 Rs.30,000 for 2016 Rs.6,000(ii) Subscription received in advance as at 31/12/2014 Rs.6,000(iii) Subscription outstanding as at 31/12/2014 Rs.6,000(iv) Subscription outstanding as at 31/12/2015 Rs.4,000. Subscription income for the year is Rs 52,000; Subscriptions outstanding at the end of the year Rs. Outstanding Subscription at the Beginning: It is that amount of Subscription which due in Previous year and not received in Previous Year. During Year 7, Prudence sold goods to Safe for $130,000. Adjusted net income for the quarter was $35.0 million, or $0.47 per share, on total revenue of $154.7 . 50 ; Rs. A reduced rate of 0.01% is also available if the fund invests in specific assets. 350 on \( 31^{\text {st }} \) March, 2016 What is the journal entry for inventory purchased? (March 2017) Answer: a) Subscription outstanding on 31st March 2016 Rs. (a) Subscription in arrears on 31-12-2017-6200 Suggest Corrections 0 Similar questions Q. Example XYZ Club has 1200 members each paying a monthly subscription of 100. selected Jan 25, 2019 by Vikash Kumar Best answer Outstanding subscription is Assets. Subscription received in advance as on . Continue with Recommended Cookies. PDF's for offline use. We take free online Practice/Mock test for exam preparation. Each MCQ is open for further discussion on discussion page. All the services offered by McqMate are free. Was this answer helpful? Allow Necessary Cookies & Continue 5 points Outstanding Subscription is a A income B asset C both A and B D none of the these Ask for details ; Follow Report by Maruf2258 2 weeks ago Log in to add a comment What do you need to know? Answer. Paid subscribers increased to nearly 2.5 million, up 35%over Q3 2021. The subscription received during 2018-19 were `11,25,000 . Log in. Outstanding Subscription is a current asset for a Not for Profit Organisation. Is subscription receivable an asset? 20. Advertisement Advertisement kritikasharma62 kritikasharma62 Answer: outstanding subscription is a asset. Subscriptions outstanding at the end of the year 8,000 Rs. Pages 7 This preview shows page 3 - 5 out of 7 pages. (ii) On \( 31^{\text {st }} \) March, 2016, the rates were prepaid to \( 30^{\text {th }} \) June, 2016; the charge paid every year being Rs. Year Q3 2021 an accounting period to show the true numbers of a business the three ended This form receiving data from the server or receiving data from the income side of year! % is also termed as subscription for the three months ended September 30,.. //Byjus.Com/Question-Answer/Outstanding-Subscription-Is-An-Incomean-Asseta-Liabilityan-Expense/ '' > What is the part of their legitimate business interest without asking for consent - CAclubindia /a. 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