Question

Adjustments:
a) Subscription in advance as on 31st March 2021 were Rs 17,500 and Outstanding for the year ended 31st March 2022 was Rs 52,500.
b) Closing stock of stationery Rs 4000.
c) Provide for Inerest on investment.
d) On April 1 2021 sports fund was Rs 15000.

Prepare an Income and Expenditure A/c for the year ended 31st March 2021.

pls solve this! its for my brother pls!​

Answer 1

Answer:

The correct Answer is N/a

Explanation:

Subscriptions due but not received as at 31st March , 2019 amounted to Rs. 50,000 . It therefore , includes subscriptions due but not received for the ended 31st March 2018 amounted to Rs. 30,000 [i.e., Rs. 60,000 (Due) -Rs. 30,000 (received during the year ended 31st March 2019)]. The subscriptions due for the year ended 31st March , 2019 amounted to only Rs. 20,000(i.e., Rs.50,000 -Rs. 30,00).

In case the questions had stated- subscriptions due but not received for the year ended 31st March 2019 are Rs. 50,000' . This would have meant that subscriptions amounted to Rs. 50,000 are due only for the year ended 31st March , 2019 . In the Income and Expenditure Account the subscriptions due would have been taken as Rs. 50,000 and not as Rs. 20,000.