Solution:

Given data:

- Subscription received during the year ended 31st March 2021 = ₹2100000
- This includes subscription of ₹30000 for the year ended 31st March 2020 and ₹40000 for the year ended 31st March 2022
- Subscription due but not received as on 31st March 2021 = ₹50000
- Corresponding amount of subscription due but not received as on 1st April 2020 = ₹60000

To determine the amount that should be credited to Income and Expenditure Account as subscription for the year ended 31st March 2021, we need to make the following adjustments:

1. Add the subscription received during the year ended 31st March 2021:

Subscription received during the year ended 31st March 2021 = ₹2100000

2. Subtract the subscription received for the year ended 31st March 2022:

Subscription received for the year ended 31st March 2022 = ₹40000

Adjusted subscription received = ₹2100000 - ₹40000 = ₹2060000

3. Add the subscription due but not received as on 1st April 2020:

Subscription due but not received as on 1st April 2020 = ₹60000

4. Subtract the subscription due but not received as on 31st March 2021:

Subscription due but not received as on 31st March 2021 = ₹50000

Adjusted subscription due but not received = ₹60000 - ₹50000 = ₹10000

5. Add the adjusted subscription received and adjusted subscription due but not received:

Adjusted subscription for the year ended 31st March 2021 = ₹2060000 + ₹10000 = ₹2070000

Therefore, the amount that should be credited to Income and Expenditure Account as subscription for the year ended 31st March 2021 is ₹2070000.

Explanation:

- Subscription received during the year ended 31st March 2021 is the actual amount of subscription received during the year, which is ₹2100000.
- However, this amount includes subscription of ₹30000 for the year ended 31st March 2020 and ₹40000 for the year ended 31st March 2022, which are not relevant for the current year. Therefore, we need to subtract the subscription received for the year ended 31st March 2022 from the total subscription received to arrive at the adjusted subscription received for the current year, which is ₹2060000.
- Subscription due but not received as on 1st April 2020 is the amount of subscription due from the previous year, which is ₹60000. This amount needs to be added to the adjusted subscription received for the current year.
- Subscription due but not received as on 31st March 2021 is the amount of subscription due from the current year, which is ₹50000. This amount needs to be subtracted from the adjusted subscription received for the current year to arrive at the adjusted subscription for the year ended 31st March 2021, which is ₹2070000.
- Therefore, the amount that should be credited to Income and Expenditure Account as subscription for the year ended 31st March 2021 is ₹2070000.