What is subscription? How is it calculated?

What do you mean by the term "subscription" in accountancy? How is it calculated?

Expert Solution

For a not-for-profit organisation subscription acts as one of the main sources of income. It refers to money that the members pay periodically for maintaining their membership in active state. Subscription charges can be paid in flexible options like monthly, quarterly, half-yearly or yearly. It appears on the receipt side of R & P account.

For calculating subscription for current period, add subscription received in advance meant for current period during the previous year and outstanding subscription for current year to the subscription received for the current year and deducting subscription received in advance for next year and outstanding subscription from previous year from subscription received in the current year.

Subscription acts as one of the main sources of income.

Ajay Kumar Gupta answered 3 years ago

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