Question

Compute the amount of subscription from the following items for the year ending 31st December, 2019.

Also find total outstanding and advance for the year ending 31st December, 2019.

i. Subscriptions received during the year including Rs. 600 for 2019

and Rs. 800 for 2020. Rs. 55,000

ii. Subscriptions outstanding for 2019 Rs. 1,000

iii. Subscriptions outstanding for 2018 Rs. 800

iv. Advance Subscriptions 2018 Rs. 500​

Answer 1

Answer:

subscription = 54,600

outstanding = 1,000+800 = 1,800

received in advance = 500

Explanation:

Subscription received = 55,000

- received for 2018 = 600

- received for 2020 = 800

+ outstanding of }

current year } = 1,000

subscription to be }

entered in I/E a/c } = 54,600