From the following information calculate the amount of subscriptions to be credited to the Income & Expenditure Account for the year 2016-17:
Rs Subscriptions received during the year80,000Subscriptions outstanding on 31st March, 201626,000Subscriptions outstanding on 31st March, 20176,000Subscriptions received in Advance on 31-3-201615,000Subscriptions received in Advance on 31-3-201710,000Subscriptions of Rs 2,000 are still in arrears for the year 2015-16
Income and Expenditure Account
for the year ending on March 31, 2017 Dr. Cr.
Expenditure Rs Income Rs Subscription80,000 Less : Received out of subscritpion outstanding on 31st March, 2016 (Rs 26,000 - Rs 2,000)24,000–––––––– 56,000 Add : Outstanding for 2016-17 (Rs 6,000 - Rs 2,000)4,000–––––– 60,000 Add : Received in Advance on March 31,201615,000–––––––– 75,000 Less : Received in Advance on March 31, 201710,000–––––––– 65,000