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Question
Subscriptions received in cash during the year amount to ₹ 50,000, the amount received in advance for the next year is ₹ 5,000, and the amount outstanding for the current year was ₹ 5,000. The amount to be debited to the Income and Expenditure Account is:
Options
₹ 50,000
₹ 60,000
₹ 55,000
None of these
MCQ
Solution
₹ 50,000
Explanation:
The year's subscriptions are credited to the Income and Expenditure Account.
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Preparation of Income and Expenditure Account
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