Using the given information, calculate the amount in respect of Subscription that is needed to be credited into Income and Expenditure account. Also show various ledger accounts. During the Current year (2020), subscription received in Cash is $ 50,000. It also includes the amount that is receivable during the previous year (2019) of $ 2,500 and amount received in advance for next year (2021) for $1,500. Also there is an outstanding receivable for 2020 of $4,500.

Using the given information, calculate the amount in respect of Subscription that is needed to be credited into Income and Expenditure account. Also show various ledger accounts. During the Current year (2020), subscription received in Cash is $ 50,000. It also includes the amount that is receivable during the previous year (2019) of $ 2,500 and amount received in advance for next year (2021) for $1,500. Also there is an outstanding receivable for 2020 of $4,500.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 3MCQ

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