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Question

In the year ended 31st March, 2019, subscriptions received by the Jaipur Literary Society were ₹ 4,20,000. These subscriptions include ₹ 14,000 received for the year ended 31st March, 2018. On 31st March, 2019, subscriptions due but not received were ₹ 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2019 as subscription?

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Solution

Income and Expenditure Account

for the year ended March 31, 2019

Dr.

Cr.

Expenditure

Amount

()

Income

Amount

()

Subscription

4,20,000

Less: Outstanding for 2017-18

14,000

Add: Outstanding for 218-19

10,000

4,16,000


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