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
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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.
Transcribed Image Text: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.
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