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Ledger of Subscription received in advance

Accountancy

Why is subscription received in advance on the debit side of subscription ledger account? Could you give an example with journal?

Areeb Hashmi

CA Foundation

★ 370

16-Jun-23 19:55

455

Answers (2)

Its income received in advance. This is shown as liability. When subscription received Bank To Subscription To transfer advance subscription to liability Subscription To Adv Subscription

CA Suraj Lakhotia

Admin

16-Jun-23 20:05

Subscription To advance subscription

Sai G

CA Inter

★ 6K+

16-Jun-23 23:51