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Ledger
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt.₹ | Amt. ₹ | ||
| To Subscriptions | |||||||
| 2016 - 17 | 2,000 | ||||||
| 2017 - 18 | 60,000 | ||||||
| 2018 - 19 | 4,500 | 66,500 | |||||
Adjustments :
Subscription Outstanding for the year 2017 - 18 is ₹ 6,000.
During previous year Subscription received in advance for 2017 - 18 is ₹ 2,000.
Outstanding subscription of 2016 - 2017 is ₹ 2,500
With the help of the above information present the item Subscription in Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
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Solution
| Dr |
In the books of _____________________ Income and Expenditure Account for the year ended 31st March, 2018 |
Cr | |||||
| Expenditure | Amount (₹) | Amount (₹) | Income | Amount (₹) | Amount (₹) | ||
| By Subscription (Year 2017–18) | 60,000 | ||||||
| Add: Outstanding Subscription of Current Year 2017–18 | 6,000 | ||||||
| Add: Subscription received in Advance of Current Year in Previous Year | 2,000 | 68,000 | |||||
| Balance Sheet as on 31st March, 2018 | |||||
| Liabilities | Amt (₹) | Amt (₹) | Assets | Amt (₹) | Amt (₹) |
| Subscription received in Advance in the Current Year for the Year 2018 – 19 | 4,500 | Outstanding Subscription for Current Year (2017–18) | 6,000 | ||
| Outstanding Subscription for the Year 2016 – 17 (2,500 – 2,000) | 500 | ||||
Concept: Income and Expenditure Account
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