Question

How is 'subscription received in
advance' treated in accounts ?​

Answer 1

Answer:

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Explanation:

An amount received in advance against which the services are yet to provide is a balance sheet item. Subscription received is an income which need to be accounted for as an income if it relates to the financial year. Any advance subscription is a liability and to be shown in balance sheet.

Answer 2

Answer:

An amount received in advance against which the services are yet to provide is a balance sheet item.

Subscription received is an income which need to be accounted for as an income if it relates to the financial year. Any advance subscription is a liability and to be shown in balance sheet.