Debit Balance In receipts and payments account was shown as Rs 80,000, Subscription Received Amounted to Rs 9,600 out of which Rs 3,000 is related to next year. According To you. What Amount will be shown in receipts and payments account?
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As per Receipt and Payment Account for the year ended on March 31, 2017, the subscriptions received were Rs. 2,50,000. Additional Information given is as follows: <br> 1. Subscriptions Outstanding on 1.4.2016 Rs. 50,000 <br> 2. Subscriptions Outstanding on 31.3.2017 Rs.35,000 <br> 3. Subscriptions Received in Advance as on 1.4.2016 Rs.25,000 <br> 4. Subscriptions Received in Advance as on 31.3.2017 Rs.30,000 <br> Ascertain the amount of income from subscriptions for the year 2016–17 and show how relevant items of subscriptions appear in opening and closing balance sheets.
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Answer: 80,000
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