There is a balance in Income & Expenditure a/c of ₹55,000 for subscription. Outstanding Subscription at the end of the year and at the beginning of the year was ₹8,000 and ₹15,000 respectively. How will it be shown in Receipt and Payment Account? |
Debit ₹62,000 Credit ₹62,000 Debit ₹48,000 Credit ₹48,000 |
Debit ₹62,000 |
Subscription for the year - 55,000 |