Question

3. Calculate the amount of Subscription to be credited to Income and Expenditure account for the year 2019-20.

(3) year(including Rs.20000 for 2018-19, Rs.30000 for 2019-20 and Rs.10000 for

(a) Amount received during the

(b)

2020-21)

Subscription in arrears as on 01-04-2019 Rs.40000 (c) Subscriptions in arrears as on 31-03-2020​

Answer 1

Answer:

Explanation:

Amount received during the year = 7,80,000

+ opening advance = 35000

+closing arrears = 50000

= 865000

- closing advance = (15000)

- opening arrears (40000-15000) = (25000)

amount transfer to income and expenditure a/c is = 825000