Subscription. Amount mentioned in receipt and payment account does include subscrition of previous year i mean does it include previous year oustanding subscription or advance
Dear Student
Suppose In last year there were Outstanding Subscriptions , and in Current Year’s Receipt and payment account only Subscriptions received in cash is given and no other information is given about the year to which these subscriptions belong to ,
Then you have to adjust all the Outstanding and Prepaid subscriptions from previous year’s balance sheet to arrive at subscriptions of current year.
Also please give note about this in your answer.
Regards
Suppose In last year there were Outstanding Subscriptions , and in Current Year’s Receipt and payment account only Subscriptions received in cash is given and no other information is given about the year to which these subscriptions belong to ,
Then you have to adjust all the Outstanding and Prepaid subscriptions from previous year’s balance sheet to arrive at subscriptions of current year.
Also please give note about this in your answer.
Regards