Question

Calculate the amount of Subscription to be credited to Income and Expenditure account for the year 2019-20.
Particulars
Amount ()
Amount received during the year (including 20,000 for 2018-19, 30,000 for
2020-21 and 10,000 for 2021-22)
7,80,000
Subscription received in advance as on 01-04-2019 (including 15,000 for
35000
2020-21)
Subscription in arrears as on 01-04-2019
40000
Subscription in arrears as on 31-03-2020
50000
Out of subscription in arrears on 01-04-2019, '15,000 are no longer recoverable.​

Answer 1

Answer:

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.

Answer 2

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