Question

During year 2016 subscription received is 42000.it includes 1600for 2015&600for 2017.also 3000has still to be received for 2016 calculate the amount of subscription to be credited in inco e and expenditure account if there are 428 members and annual subscription is rs 100

Answer 1

Answer:

During the year 2016 subscription received 42000

Less: Subscription received for 2015 (1600)

Less: Subscription received for 2017 (600)

Add: Subscription outstanding at end 3000

------------- Subscription received the year 2016 42,800

Explanation:

• It (i,e 42,800)will be shown credit side of Income and expenditure account

• 600 will be shown as liabilities for the Balance sheet of 2016
• and 300 will be shown as assets for the balance sheet of 2016

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