Question

if 1,500 was outstanding at the beginning of the year towards subscription and 10,000 is recieved during the year with 2,500 still outstanding at the end of the year the amount to be taken to receipt anf payment account is​

Answer 1

Answer:

10000

Explanation:

1. Receipts and payments account records the cash receipts and

cash payments irrespective of whether they are related to

current year or previous year . It takes the items which are

received during the current accounting period based on cash-basis accounting but not on the basis of accrual concept.

2. Accrual concept records the amount to be received in the current year irrespective of whether they are received or not. This is followed in case of income and expenditure.

First para is complete explanation of the answer.

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