How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheets as at 31st March, 2017 and 2018 ? Subscriptions received during the year ended 31st March, 2018 – ₹ 3,58,500 Subscriptions outstanding on 31st March, 2017 – ₹ 30,000 Subscriptions received in Advance on 31st March, 2017 – ₹ 22,500 Subscriptions received in Advance on 31st March, 2018 – ₹ 13,500 Subscriptions outstanding on 31st March, 2018 – ₹ 37,500 (including ₹ 12,500 for the year ended 31st March, 2017)

How are the following items of subscriptions shown in the Income and E

1.	How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheets as at 31st March, 2017 and 2018 ? Subscriptions received during the year ended 31st March, 2018 – ₹ 3,58,500 Subscriptions outstanding on 31st March, 2017 – ₹ 30,000 Subscriptions received in Advance on 31st March, 2017 – ₹ 22,500 Subscriptions received in Advance on 31st March, 2018 – ₹ 13,500 Subscriptions outstanding on 31st March, 2018 – ₹ 37,500 (including ₹ 12,500 for the year ended 31st March, 2017)
Answer» OME and Expenditure Account and the Balance Sheets are prepared and calculated below:Explanation:Income and Expenditure Account (Extract) Income and Expenditure Account (Extract) for the year ended MARCH 31,2018By Subscriptions - Rs. 3,58,500Add: Outstanding at the END - Rs. 37,500Add: Advance in the beginning - Rs. 22,500Less: Outstanding in the beginning - Rs. 30000Less: Advance at the end - Rs. 13,500Adding all, we get,= Rs. 3,58,500 + Rs. 37,500 + Rs. 22,500 + Rs. 30000 + Rs. 13,500= Rs. 3,75,000Balance SHEET (Extract) Balance Sheet (Extract) as on March 31, 2017Subscriptions received in Advance - Rs. 22,500Subscriptions Outstanding - Rs. 30,000Balance Sheet (Extract) Balance Sheet (Extract) as on March 31, 2018Subscriptions received in Advance - Rs. 13,500Subscriptions Outstanding - Rs. 37,500

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