Natalia Alva In: Category - Journal EntriesWhat is the journal entry for outstanding subscription?journal entryoutstanding subscription ShareFacebook1 AnswerVotedRecent Dheeraj 2020-08-01T23:18:56+05:30Added an answer on August 1, 2020 at 11:18 pm This answer was edited. Outstanding SubscriptionExample- XYZ Club has 1200 members each paying a monthly subscription of 100. As on 31st March, Subscription due (or) outstanding subscription amounted to 25,000. Journalise the following transactions for subscription due and received in the books of XYZ Club.In the books of XYZ ClubDateParticularsL.F.AmountNature of AccountAccounting Rule31st MarchOutstanding Subscription a/c Dr25,000Representative PersonalDebit– The Receiver To Subscription a/c 25,000NominalCredit– All Incomes and Gains(Being Subscription due as on 31st March)DateParticularsL.F.AmountNature of AccountAccounting Rule1st AprilCash/Bank a/c Dr25,000RealDebit– What comes into the business To Outstanding Subscription a/c 25,000Representative PersonalCredit– The Giver(Being Subscription received)Accounting TreatmentOustanding subscription is treated as an asset to the organization and shown in the asset side of the balance sheet. It is added to the subscription and recorded on the Income side of Income and Expenditure account. It is also termed as Subscription in areas (or) Subscription due.Modern Accounting ApproachWe will record the same transaction by following the modern rules of accounting. In the books of XYZ ClubDateParticularsL.F.AmountNature of AccountAccounting Rule31st MarchOutstanding Subscription a/c Dr25,000AssetDebit– The Increase in Asset To Subscription a/c 25,000IncomeCredit– The Increase in Income(Being Subscription due as on 31st March)DateParticularsL.F.AmountNature of AccountAccounting Rule1st AprilCash/Bank a/c Dr25,000AssetDebit– The Increase in Asset To Outstanding Subscription a/c 25,000AssetCredit– The Decrease in Asset(Being Subscription received)1Reply Share ShareShare on FacebookShare on TwitterShare on LinkedInShare on WhatsAppLeave an answerCancel replyYou must login to add an answer. Username or email* Password* Captcha* Click on image to update the captcha. Remember Me! Forgot Password?