Question

In the year ended 31st March , 2018, the subscriptions received by the jaipur Literary Society were ₹ 4,20,000. These subscriptions include ₹ 14,000 received for the year ended 31st March , 2017. On 31st March, 2018, subscriptions due but not received were ₹ 10,000.What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2018 as subscription ?

Answer 1

Income and Expenditure Account for the year ended March 31, 2018
Dr.						Cr.
Expenditure		Amount (Rs)	Income		Amount (Rs)
			Subscription	4,20,000
			Less: Outstanding for 2014-15	14,000
			Add: Outstanding for 2015-16	10,000	4,16,000