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As per Receipts and Payments Account for the year ended on March 31st, 2017, the subscriptions received were $ 6,00,000. Additional Information is given as follows: 1. Subscriptions outstanding on 1-4-2016 $ 60,000. 2. Subscriptions outstanding on 31-3-2017 $ 40,000. 3. Subscriptions Received in Advance as on 1-4-2016 $ 32,000. 4. Subscriptions Received in Advance as on 31-3- 2017 $ 38,000. Ascertain the amount of income from subscriptions for the year 2016-17 and show how relevant items of subscriptions will appear in opening and closing balance sheets