Subscription Accrued: Receipt and Payment or Income and Expenditure Account?

Receipt and Payment Account
- Receipt and payment account is a summary of cash and bank transactions of an organization for a particular accounting period.
- It records all the receipts and payments of actual cash and bank transactions, regardless of whether they relate to the current year or not.
- Subscription accrued for the current year is not a cash or bank transaction, but a liability that the organization owes to its members.
- Therefore, subscription accrued for the current year should not be recorded in the receipt and payment account.

Income and Expenditure Account
- Income and expenditure account is a summary of the revenue and expenses of an organization for a particular accounting period.
- It records all the revenue and expenses incurred during the period, regardless of whether they relate to cash or not.
- Subscription accrued for the current year is a revenue that the organization has earned but not received in cash yet.
- Therefore, subscription accrued for the current year should be recorded in the income and expenditure account as a revenue in the current year.

Conclusion
Subscription accrued for the current year should be recorded in the income and expenditure account as a revenue in the current year and should not be recorded in the receipt and payment account.