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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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