Question

Subscription received during the year amounted to Rs. 40000;

Subscription outstanding at the end of previous year was Rs. 1500. 3

Outstanding at the end of current year was Rs. 2000.

Subscription received in advance for the next year was Rs. 800.

Find out the amount credited to income and expenditure account​

Answer 1

Answer:

39700

Explanation:

40000-1500+2000-800

Answer 2

Answer:

The amount of subscription to be credited to the income and expenditure account​ will be Rs. 39,700.

Explanation:

Particulars                                                                                   Amount (Rs.)

Subscription received during the current financial year          Rs. 40000

Add:- Outstanding at the end of the current year                      Rs. 2000

                                                                 Total subscription    Rs. 42000

less:- Subscription outstanding at the end of the                      (Rs. 1500)

previous year

The subscription received in advance for the next year            (Rs. 800)  

Subscription amount credited to the income and                 Rs. 39700  

expenditure account​.

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