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How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution?
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How much amount will be recorded in income and expenditure account if ...
**Income and Expenditure Account Calculation**
To calculate the amount that will be recorded in the Income and Expenditure Account, we need to consider the subscriptions received during the year and the subscriptions received in advance.
**1. Subscriptions Received During the Year:**
Given that there are 500 members and each member pays a subscription of 100, we can calculate the total subscriptions received during the year by multiplying the number of members by the subscription amount.
Total subscriptions received during the year = Number of members * Subscription amount
Total subscriptions received during the year = 500 * 100
Total subscriptions received during the year = 50,000
Therefore, the amount recorded in the Income and Expenditure Account for subscriptions received during the year is 50,000.
**2. Subscriptions Received in Advance:**
It is mentioned that there were 46,000 subscriptions received in advance at the beginning of the year. These subscriptions are not considered as income for the current year but are treated as a liability to be adjusted in subsequent years.
Therefore, the subscriptions received in advance are not recorded in the Income and Expenditure Account for the current year.
**3. Solution:**
The amount recorded in the Income and Expenditure Account for the subscriptions received during the year is 50,000. The subscriptions received in advance are not recorded in the current year's account.
Therefore, the final amount recorded in the Income and Expenditure Account is 50,000.
To calculate the amount that will be recorded in the Income and Expenditure Account, we need to consider the subscriptions received during the year and the subscriptions received in advance.
**1. Subscriptions Received During the Year:**
Given that there are 500 members and each member pays a subscription of 100, we can calculate the total subscriptions received during the year by multiplying the number of members by the subscription amount.
Total subscriptions received during the year = Number of members * Subscription amount
Total subscriptions received during the year = 500 * 100
Total subscriptions received during the year = 50,000
Therefore, the amount recorded in the Income and Expenditure Account for subscriptions received during the year is 50,000.
**2. Subscriptions Received in Advance:**
It is mentioned that there were 46,000 subscriptions received in advance at the beginning of the year. These subscriptions are not considered as income for the current year but are treated as a liability to be adjusted in subsequent years.
Therefore, the subscriptions received in advance are not recorded in the Income and Expenditure Account for the current year.
**3. Solution:**
The amount recorded in the Income and Expenditure Account for the subscriptions received during the year is 50,000. The subscriptions received in advance are not recorded in the current year's account.
Therefore, the final amount recorded in the Income and Expenditure Account is 50,000.
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How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution?
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How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution?.
How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for How much amount will be recorded in income and expenditure account if there are 500 members and each paying 100 subscription received during the year 46000 subscription received in advance of the beginning of the year 1200 solution?.
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