From the following information calculatethe amount of subscription to be credited in the income and expenditure account of bharat sports club for the year ending 31st march 2019 during the year the club received 120000 as subscription which included 5000 for the year ending 31st march 2018 .additonal information is that outstanding and advance subscription for the year ending 31st march 2018 is 7000 and 8000 and outstanding and advance subscription for the year ending 31st march 2019 is 9500 and 12500
Answers
Answer:
113,000
Explanation:
Subscription at 31st March 2019
Received during the year2019 120,000
Prior year balance 2018 (5,000)
A: Outstanding for 2019. 9,500
A: Advance received
in prior year 2018. 8,000
L: Advance received for 2019. (12,500)
L: Outstanding for prior year2018. (7,000)
Total. 113,000
Answer:
The amount of subscription to be credited in the income and expenditure account of Bharat sports club for the year ending 31st march 2019 will be Rs. 120000
Explanation:
Particulars Amount
Subscription received during the year 120000
Add: Outstanding subscription for the year ending 9500 31st march 2019
Prepaid subscription for the previous year (March 31st, 2018) 8000
137500
Less: Advance subscription for the year ending (12500) 31st march, 2019
Subscription received for the previous year (5000) ending 31st march 2018
The amount of subscription to be credited in the 120000 income and expenditure account
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