For the year ended 31st March, 2018, subscription received were Rs 21,00,000. These
subscriptions include Rs 30,000 for the year ended 315 March, 2017 and Rs 40,000 for the
year ending 315 March, 2019. On 31st March, 2018, subscriptions due but not received were
Rs 50,000. The corresponding amount on 19 April, 2017 was Rs 60,000. Determine the
amount that should be credited to income and expenditure Account as subscriptions for
the year ended 31 March, 2018 give me the ans
.
Answers
Subscriptions due but not received as at 31st March , 2019 amounted to Rs. 50,000 . It therefore , includes subscriptions due but not received for the ended 31st March 2018 amounted to Rs. 30,000 [i.e., Rs. 60,000 (Due) -Rs. 30,000 (received during the year ended 31st March 2019)]. The subscriptions due for the year ended 31st March , 2019 amounted to only Rs. 20,000(i.e., Rs.50,000 -Rs. 30,00). <br> In case the questions had stated- subscriptions due but not received for the year ended 31st March 2019 are Rs. 50,000' . This would have meant that subscriptions amounted to Rs. 50,000 are due only for the year ended 31st March , 2019 . In the Income and Expenditure Account the subscriptions due would have been taken as Rs. 50,000 and not as Rs. 20,000.