I am having a query regarding the Oustanding Subscripttions / Owing Subscritions under chapter Accounts of Non Profit Organizations.
Although Outstanding Subscripttions/Owing Subscritions (which are yet to be received) are added as an Asset in Balance Sheet but sometimes why it's accounted in Income & Expeniture A/c under Subscirptions (of members in credit side) and many times its not in I & E A/c,
Hope i'll be clarified ASAP.
Thanks :-)
the amounts which were due in the year and got realized, ends with P/L accounts receipts entry, but when its received in part and remains due in part of full, its transferred to assets side of balance sheet for realization in next year(s)
say 100 rs per month to be received from mr x for subscripttion
mr x paid for 10 months and 2 months are due
so 100*12=1200 is the part of income in P.L account
100*10 = 1000 realized and transferred to bank/cash
100*2 = 200 is due and transferred to suscrition due in assets side of balance sheet
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
View Details
Shyam S Gupta and Company
New Delhi
CA Inter
View Details
M N Rao & Associates LLP
Vijayawada
CA Inter
View Details
Varma Raja & Associates
Thrissur
CA Inter
View Details
CCI
Pro
CAclubindia
