From the following particulars, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2016:
(a) Subscriptions in arrears on 31st March, 2015 = Rs. 500
(b) Subscriptions received in advance on 31st March, 2015 for the year ended on 31st March, 2016 = Rs. 1,100
(c) Total subscriptions received during 2015-16 = Rs. 35,400
(including Rs. 400 for 2014-15, Rs. 1,200 for 2016-17 and Rs. 300 for 2017-18)
(d) Subscriptions outstanding for 2015-16 = Rs. 400
Dear Student
Regards
| Calculation of Subscription to be shown in income and expenditure account (2015-16) | |
| Particulars | Amount |
| Total Subscriptions received in 2015-16 | 35,400 |
| Less: Subscription received which belong to the year ended 31-03-15 | (400) |
| Add: Subscription received in advance in year ending 31-3-15 for current year | 1,100 |
| Add: Subscription Outstanding at the end (for current year 15-16) | 400 |
| Less: Subscription received in advance for next years | |
| For 16-17 | (1,200) |
| For 17-18 | (300) |
| Subscriptions to be credited to income and expenditure account | 35,000 |
Regards
