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CBSE Class 12-commerce Answered

In question no 43 of non profit organisation .in this question in adjustment (i) 5000 are still in arrear for the year 2017 how we treat this amount it will be added or substract and WHY?
Asked by Smitakhadayate20 | 19 Jul, 2019, 04:38: PM
answered-by-expert Expert Answer
In the mentioned question, it is given that the amount of Annual Subscriptions for the year ended 31st March, 2018 is Rs.500 for each of the 500 members. Therefore, the amount to be shown on the credit (Income) side of the Income and Expenditure Account for the year ended 31st March, 2018 is Rs.2,50,000 (i.e., Rs.500*500 members), irrespective of whether the total amount is received during the accounting year in cash or bank.
 
It is also mentioned that an amount of Rs.5,000 is in arrears, that means even though the amount for the year is Rs.2,50,000, Rs.5,000 out of this total amount is not yet received during the current year. Since, such amount is receivable at the end of the current accounting year, it is an asset for the organisation and therefore, shown in the Balance Sheet as an Asset. 
Answered by Surabhi Gawade | 19 Jul, 2019, 05:02: PM

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