subscription rupees 120000 received in current year rupees 20000 subscription is outstanding of current year . rupees 10000 is pre received subscription in current year find out net subscription amount in current year
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Subscription amount to be shown in income and expenditure account can be calculated using the formula given below:
Subscription amount = Subscription received
Add: Subscription received at end of year
Less : Outstanding subscription for previous year
Substitute values in the above equation
Subscription amount = Rs120000
Add: Rs10,000
Less: Rs20,000 = Rs110,000.
Hence the subscription amount in current year is Rs110,000.
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