A news paperman get 1000 rupees as subscription in 2018.
Out of this 200 is the due of 2017.
But he also paid 100 in 2017 and say that, take this as an amount of 2018.
What is the right subsription of 2018?
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Income and Expenditure account is prepared on accrual basis with the help of receipts and payments account along with additional information. All the revenue items relating to the current to the current period are shown in Income and Expenditure account, the expenses are shown on expenditure side and income on income side.
In the given question the expense related to subscription to newspaper and periodicals Rs. 350 is posted to expenditure side of Income and Expenditure account.
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