Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C9 Accounts ol‘Non—trading Concerns2 Marks
Question
Write Short notes: $(1)$ Subscription:
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Answer
To continue membership, the concern take decided amount of subscription fromthe member is known subscription or membership fee. This is main source of income.
$(i)$ Subscription or membership fee is calculate as revenue income, its recorded oncredit side of income-expenditure account.
$(ii)$ Income of Subscription of concern for current year = current year subscription+ Outstanding subscription of current year + Received subscription in advance oflast year - Received subscription in advance of current year – Outstandingsubscription of last year.
$(iii)$ When no. of member and subscription amount is given, then subscription amount =No. of members x Annual amount of subscription is calculate.
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