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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. -

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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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