Question

Q. 10. From the following information calculate the amount of subscription to be
credited to the Income and Expenditure Account for the year 2016-17 -
Subscriptions received during the year - 50,000
Subscriptions outstanding on 31st March, 2016 - 20,000
Sonscriptions outstanding on 31st March, 2017 - 6000
Subscriptions received in Advance on 31-3-2016 - 8000
Subscriptions received in Advance on 31-3-2017 - 9000
Subscriptions of 1.500 are still in arrears for the year 2015-16.
(Ans. Subscription Credited to Income and Expenditure A/c 35,000)​

Answer 1

Answer:

amount of subscription credited to income and expenditure account =====>

subscription received during year = 50,000

add :- advance of previous year = 8000

less :- advance of current year = (9000)

less :- outstanding of previous year = (20,000)

add :- outstanding of current year = 6000

subscription to be credited = 35,000

(I don't think so the answer Is correct but here subscription still in arrears of previous year is given and subscription on 31st March 2017 is given then outstanding of current year will be 4500 (6000-1500)