Additional info - there were 416 life members on 31st March 2018 the subscription payable by each member to be a life member is rupees 125 please tell me what will be its treatment and why are we not including it in income and expenditure a/c ?

Dear Student,
It seems that your have not provided the complete image of the question that is to be solved. You are requested to kindly provide us the complete image of your query so that we can revert back to you with proper meaningful solution.

In income and expenditure account, we write the items related to the current year. The Subscription of Rs. 52,000 (416 x 125) will be shown in the Income and expenditure account in the Credit side if it is related to the current year. But it belongs to the previous year ending 31st march,2018. Henceforth, it will not be shown in Income and Expenditure account.

Regards

  • -3
What are you looking for?