Question

In the year ended 31st March, 2019, subscriptions received by Kings Club, Delhi were ₹ 4,09,000 including ₹ 5,000 for the year ended 31st March, 2018 and ₹ 10,000 for the year ended 31st March, 2020. At the end of the year ended 31st March, 2019, subscriptions outstanding for the year ended 31st March, 2019 were ₹ 15,000. The subscriptions due but not received at the end of the previous year, i.e., 31st March, 2018 were ₹  8,000, while subscriptions received in advance on the same date were ₹ 18,000.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.

Answer 1

Statement of Subscription for the year ended March 31, 2019
Particulars	Amount (₹)
Subscription received during the year 2018-19	4,09,000
Add: Outstanding for 2018-19 (Current year)	15,000
Less: Received for 2017-18 (Previous year)	(5,000)
Add: Advance received in 2017-18 (Previous year)	18,000
Less: Advance received for 2019-20 (Next year)	10,000)
Subscription to be credited to Income and Expenditure Account	4,27,000