ABC Welfare Club has provided the following information on 31st March 2021.
Subscription received by the firm during the year ₹6,20,000. Details of which is as follows:
For the year 31st March 2020 30,000
For the year 31st March 2021 90%
For the year 31st March 2022 50,000
Amount of subscription in arrears as at 31st March 2020 was ₹45,000 out of which 20% was not receivable and to be written off.
You are required to answer the questions given below.

What amount of subscription should be credited to Income and Expenditure Account for the year ended 31st March 2021?

₹6,00,000

Total subscription received = ₹620000 which include 90% of this current year and 80000 (30000+50000) for the last or future year.
So current year subscription is 620000 - 80000= 540000 which is 90%.
So, 100% is 540000 X 90/100 = ₹600000.