Given the information below, what will be the amount of subscriptions in the Receipt & Payment Account and the Income & Expenditure Account, respectively? A sports club received ₹50,000 as subscriptions during the year 2018-19, of which ₹5,000 relate to the year 2017-18 and ₹10,000 to 2019-20. At the end of the year 2018-19, ₹25,000 are still receivable.
₹50,000; ₹60,000
In the Receipt & Payment Account, the total subscriptions received during the year (₹50,000) will be recorded. For the Income & Expenditure Account, the total subscriptions for the current year will include the amount received for 2018-19 and any amounts accrued (₹60,000), including the ₹25,000 that was receivable from the previous year.
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