Question

Q13. From the following infirmation ,calculate the amount of subscriptions to be credited to the income and expenditure account for the year 2007-08

Subscriptions received during the year 50,000; Subscriptions outstanding on 31st
March, 2007Rs. 20,000; Subscriptions outstanding on 31st March, 2008Rs. 6,000;
Subscriptions received in advance on 31st March, 2007 Rs. 8000; Subscriptions received in advance on 31st March, 2008 Subscriptions of Rs. 1,500 are still in arrears for the year 2006-07Rs. 9,000.​

Answer 1

Answer:

subscription for year 2007-2008 = 51500

Explanation:

subscription received during year = 50,000

Add- outstanding subscription for

year 2007-2008 = 6000

Advance on 31st march

2007 = 8000

Less- outstanding subscription for

year 31st march 2007 = 11000

(working note 1)

Advance on 31st march

2008 = 1500

Subscription for year 2007-2008 = 51500

Working note 1

received on 31st march 2007 = 20000

Less - receivable in 2007 = 9000

= 11000