Question

14. From the following information, find out the subscription in arrears for the current year.
Subscription received by Vel Welfare Society during 2019-20 1,00,000
Subscription credited to Income and Expenditure A/c for the year 1,20,000
Subscription in arrears in the beginning was 8,000
Subscription received in advance in the beginning was 20,000
Subscription received in advance at the end of the year 12,000
Subscription still in arrears for the previous year 3,000
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Answer 1

Answer:

17,000

Explanation:

Income

Less:

Arrears closing

Advance opening

Add:

Arrears opening

Advance closing

Arrears closing would be 20,000. 3,000 belongs to earlier year so balance 17,000 would be of current year.

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