During 2020, subscription received in cash is ` 42,000. It includes ` 1,600 for 2019 and ` 600 for 2021. Also ` 3,000 has still to be received for 2020.
Required
Calculate the amount to be credited to Income and Expenditure Account in respect of subscription.
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Answer:
42,800
Explanation:
total amt received : 42,000
(-) o/s at beginning : (1600)
(-) adv at end :. (600)
(+) o/s at the end :. 3000
=
= amt credited to income and expenditure ac : 42,800
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