Question

2. In 2018, subscription received by Star club were Rs 58,000 including Rs 400 for
2017& Rs 1200 for 2019. Subscription o/s for the year ending 31 Dec 2018 were
Rs 1500. The subscription due but not received at the end of the previous year i.e
31.12.2017 were Rs 600 & subscription received in advance on the same date were
Rs 700. Prepare subscription A/C and calculate the amount to be credited to
Income & Expenditure A/C.
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Answer 1

Answer:

58000

Explanation:

58000 - 400 - 1200 = 56400

current year subscription = 56400

+ subscription o/s on 31 dec 2018 = 1500

- subscription o/s on 31/12/17 = (600)

+ advance subscription on 31/12/17 = 700

amount t/f to income & expn. a/c = 58000