Question

Q.2 From the following information calculate the amount of subscription to be credited to the income and expenditure account for the year 2013-14:

Particulars
Amount (Rs.)
Subscriptions received during the year - 80,000
Subscriptions outstanding on 31st March, 2013 - 26,000
Subscriptions outstanding on 31st March, 2014 - 16,000
Subscriptions received in advance on 31-03-2013 - 15,000
Subscriptions received in advance on 31-03-2013 - 10,000


Subscriptions of Rs.12,000 are still in arrears for the year 2012-13

Answer 1

Answer:

1,21,000

Explanation:

subscription received:80,000+

outstanding subscription current year:16,000+

subscription received in advance for current year in previous year:10000+15000=25000

(arrears will be not added because the amount is connected to previous year, subscription outstanding of 31st march 12-13 will not be added with the current year) so......total subscription=80000+16000+25000=1,21,000