Subscriptions received in advance are
...Subscriptions received in advance are
Included in the income and expenditure account
Not included in the receipts and payment account
Shown as a current asset in the balance sheet
Shown in the Balance Sheet as a current liability
Correct answer is D
An amount received in advance against which the services are yet to provide is a balance sheet item. Any advance subscription is a liability and to be shown in balance sheet
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