From the following extracts of Receipts and Payments Account and the additional information, you are required to compute the income from subscriptions for the year ending on Dec 31, 2008 and show the subscriptions items in the Income and Expenditure Account and the Balance Sheet as on Dec 31, 2008.
Extract of Receipts and Payments Account for the Year Ending on Dec 31, 2008
|
Dr. |
Cr. |
||
|
Expenditure |
Rs. |
Income |
Rs. |
|
By Subscriptions (1,600 x Rs 100) |
1,60,000 |
Additional Information
Subscriptions outstanding as on Dec 31, 2007: Rs 13,000
Subscriptions received in advance as Dec 31, 2007: Rs 14,500
(including Rs 2,500 for 2008)
There are 1,600 members each paying an annual subscription of Rs 100.