— Kishore V, SME and ACW at Edumarz
A subscription is a one-time payment made by a member each year. For such organisations, this is their primary source of revenue. For example, a club received Rs. 20,000 in subscriptions in 2016-17, of which Rs. 3,000 relates to 2015-16 and Rs. 2,000 to 2017-18, and Rs. 6,000 is still owed at the end of the year. The Receipt and Payment Account will display Rs.20,000 as a subscription receipt in this situation. However, for the fiscal year 2016-17, the Income and Expenditure Account will reflect Rs. 21,000 in subscription income, as calculated below:
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