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CBSE Class 11-commerce Answered

In 2014 the subscriptions received were Rs.50,000. These subscriptions include Rs.300 for 2013 and Rs.400 for 2015. On 31st December, 2014 subscription due but not received were Rs.500. The corresponding figure on 1st January, 2014 wasRs.600. What amounts should be credited to the income and Expenditure account as subscription of the year 2014?
Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
answered-by-expert Expert Answer

 Income and Expenditure Account (Extract)

Dr.

Cr.

Expenditure

 

Rs. 

Income

 

Rs. 

 

 

 

By Subscription

50,000

 

 

 

 

Add: Outstanding for 2014

200

 

 

 

 

 

50,200

 

 

 

 

Less: Received for 2013

300

 

 

 

 

 Received for 2015

400

49,500

 

 

 

 

 

 

 

Note:  Outstanding Subscription as on 31st December, 2014 amounted Rs.500. It includes subscription outstanding for the year 2013 Rs.300 (i.e., Rs.600- Rs.300). Therefore, outstanding subscription for the year 2014, amounted to Rs.200.

Answered by | 04 Jul, 2016, 10:16: AM
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