From the given particulars ascertain the amount to be credited to inco – InterviewSolution

1.

From the given particulars ascertain the amount to be credited to income and expenditure account for the year ending 31.12.08.Subscription received during the year – Rs. 18,000 Subscription outstanding oh 31.12.08 – Rs. 1,000 Subscription received in advance on 31.12.08 – Rs. 1,200 Subscription received in advance on 31.12.07 – Rs. 700 Subscription outstanding on 31.12.07 – Rs. 100 of which Rs. 900 were received in 2008.

Answer»

Subscription received in 2008		18000
Add Subscription outstanding on 31.12.08	1000
Subscription received in advance as on 31.12.07	700	1700
		19700
Less subscription received in advance on 31/12/08	1200
Subscription outstanding as on 31.12.07	900	2100
Amount to be credited to income and Expenditure A/c		17,600

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