Explanation:

- 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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