Question

From the following information, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:

		₹
1st April, 2018	Subscriptions in Arrears	50,000
	Subscriptions Received in Advance	30,000
31st March, 2019	Subscriptions in Arrears	25,000
	Subscriptions Received in Advance	70,000

Subscriptions received during the year ended 31st March, 2019 – ₹ 3,00,000
Subscription still in arrears for the year 2017 – 18 – ₹ 10,000.

Answer 1

Statement of Subscription
for the year ended March 31, 2019

Particulars	Amount (₹)
Subscription received during the year 2018-19	3,00,000
Less: Subscription-in-Arrears for 2017-18	50,000
Add: Subscription-in-Arrears for 2018-19	25,000
Add: Subscription-in Advance for 2018-19	30,000
Less: Subscription-in Advance for 2019-20	70,000
Subscription to be Credited to Income and Expenditure Account	2,35,000