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Accounting records of not-for-profit organisations - class-XI
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'Subscriptions received in advance" pertaining to last year will be on _________ of the Subscription A/c prepared for the current year.
AnswerClick to flip back
A
Credit side
💡 Explanation:
Subscription is the amount that is paid by members of NPO every year. It is the primary source of income of NPO. It is generally paid every month. It is the amount paid by members to keep their membership alive. An advance receipt of subscription from a member is an income received in advance. It is liability for NPO. So it is recorded on credit side of Subscription Account.