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Question

Subscription received during the year were:

Rs. 800 for the current year.
Rs. 100 for the previous year
Rs. 100 for the next year.
In the receipts and payments account the receipts from subscriptions would appear at ____________.

A
Rs. 700
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B
Rs. 800
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C
Rs. 900
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D
Rs. 1,000
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Solution

The correct option is D Rs. 1,000
Receipts and payment accounts records all the receipts irrespective of the accounting cycle. Hence amount received for current year, past year and future year will be recorded as receipt.

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