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, 130,000 for 7,80,000
2020-21 and 10,000 for 2021-22)
Subscriptions received in advance as on 1st April, 2019 (including *15,000 for
35,000
2020-21)
Subscriptions in arrears as on Ist April, 2019
40,000
Subscriptions in arrears as on 31st March, 2020
50,000​

Answer 1

Answer:

amount credited in income and expenditure account:-

subscription received during the year

= 780000

(-) Subscription 2018-19=20000

=760000

(-) subscription received in advance

for 2020-21 & 2021-22 =40000

= 720000

(+) subscription receive in advance in 2018-19

(35000-15000 )=20000

=740000

(+) subscription in arrears for mar.2020

= 50000

=790000