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
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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.
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