Illustrations · Q8
Q.
From the following details relating to a cultural society, calculate the subscription to be credited to the Income and Expenditure Account for the year ended 31st March 2024:
| Particulars | Amount (₹) |
|---|---|
| Subscription received during the year | 85,000 |
| Outstanding subscription on 1.4.2023 | 6,000 |
| Outstanding subscription on 31.3.2024 | 9,500 |
| Subscription received in advance on 1.4.2023 | 4,000 |
| Subscription received in advance on 31.3.2024 | 3,000 |
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| Particulars | ₹ |
|---|---|
| Subscription received during the year | 85,000 |
| Less: Outstanding subscription on 1.4.2023 | (6,000) |
| Add: Outstanding subscription on 31.3.2024 | 9,500 |
| Less: Subscription received in advance on 31.3.2024 | (3,000) |
| Add: Subscription received in advance on 1.4.2023 | 4,000 |
| Subscription for the Income and Expenditure Account | 89,500 |
Step 2 — Compute. 85,000 − 6,000 = 79,000; + 9,500 = 88,500; − 3,000 = 85,500; + 4,000 = 89,500. …
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