Question

(c) If partner is a working partner
4. From the following information, calculate the amount of subscriptions that will be shown
in the credit of Income and Expenditure Account for the year ended 31st March, 2021:
80,000
16,000
9,000
Subscriptions received during the year
Subscriptions outstanding on 31st March, 2020
Subscriptions outstanding on 31st March, 2021 +
Subscriptions received in advance on 31st March, 2020 +
Subscriptions received in advance on 31st March, 2021
Subscriptions of 8,000 are in arrears for the year ended 31st March, 2020.
12,000
7,000
(3)​

Answer 1

Total subscription = 80000 + 16000 + 9000 = 34000

Remaining subscription = 34000 - 7000 - 12000 ,= 15000