Question

how are the following items of subscription shown in the income and expenditure account for the year ended 31st March 2020 and balance sheets as at 31st march 2019 and 2020?
subscription recieved during the year ended 31st march 2020=3,58,500
subscription outstanding on 31st march 2019=30,000
subscription recieved in advance on 31st March 2019=22,500
subscription recieved in advance on 31st March 2020=13,500
subscription outstanding on 31st march 2020=37,500
(including 12,500 for the year ended 31st March 2019)​

Answer 1

Subscription alc

1. received during the year (3,58,500 - 12500) 346000 should be credited as "by bank alc"

2. outstanding of previous year 30000 should be debited as

"to outstanding subs"

3.received in adv in previous year should be credited as 22500

" by received in advance alc"

4.receved in adv for current year 13500 should be debited as

"to received in advance "

5.outstanding for current year 37500 should be credited as

" to outstanding subs"

6. now blw 2nd and 3rd in debit side should be recorded as

"to income and expenditure alc" and write down the balance amount.

Opening balance sheet

1.assets side 30000 outstanding subs

2.received in advance 22500 in liabilities

closing balance sheet

1. assets side 37500 outstanding subs

2.liabilities side 13500 received in advance.

Hope this answer is helpful my friend Please please mark my answer as brainlist if you are satisfied