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Subscription received in cash during the year amounted to 760,000; subscription received in advance for next year was 73,000 and received in advance during previous year was 72,000. Subscription in arrear at the end of current year was 75,400. The amount credited to Income & Expenditure Account will be :
?53,600
?66,400
?55,600
?64,400
- Total subscription received: The amount received during the year is 760,000.
- Subscription in advance: 73,000 received this year is for the next year and should not be included in this year's income.
- Advance from last year: 72,000 received previously is intended for this year.
- Subscription in arrear: 75,400 is receivable but not yet received, so it's added to this year's income.
- Calculate Income for this Year:
- Start with subscriptions received: 760,000
- Subtract advance for next year: 760,000 - 73,000 = 687,000
- Add advance received last year: 687,000 + 72,000 = 759,000
- Add arrears: 759,000 + 75,400 = 834,400
So, the amount credited to Income & Expenditure Account is 834,400.
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