Question

14. What amount of subscriptions will be shown as income for the year 2019:
Subscriptions received for
2018. 600
2019. 14000
2020. 800
Subscriptions outstanding on 31st December, 2019 was 950.
[Ans. *14,950​

Answer 1

Answer :

Given :

• Subscriptions received for :

2018 - 600

2019 - 14000

2020 - 800

• Subscriptions outstanding on 31st December 2019 was 950.

To Find :

The amount Shown in Income And Expenditure Account.

Solution :

As we know that, In Income And Expenditure Account we only record the items of current Year.

So, here Current Year is 2019,

ie,

The Subscription received for 2019 is only recorded. ( 14,000 ). And we have to add the Outstanding Subscription for 2020 ( 31-Dec-2019 = 950 )

Subs. Rcvd. For 2019 - 14,000

( + ) Subs. Outstanding - 950

________

14,950

Amount - 14,950

∴ Amount of Subscription Shown in Income And Expenditure Account will be 14,950.