Alright, let's solve this problem step by step. We have 49867 and 12515, and we're subtracting the second number from the first.

Step 1: We'll start by subtracting the digit 5 and the borrow 0 from 7 in column 1 and get 2.
2 is the first digit of our result.

Step 2: We'll start by subtracting the digit 1 and the borrow 0 from 6 in column 2 and get 5.
5 is the next digit of our result.

Step 3: We'll start by subtracting the digit 5 and the borrow 0 from 8 in column 3 and get 3.
3 is the next digit of our result.

Step 4: We'll start by subtracting the digit 2 and the borrow 0 from 9 in column 4 and get 7.
7 is the next digit of our result.

Step 5: We'll start by subtracting the digit 1 and the borrow 0 from 4 in column 5 and get 3.
3 is the next digit of our result.

So, 49867 - 12515 = 37352.