Question : During the year ended 31st March 2020, subscriptions received were Rs. 31,00,000. These subscriptions include Rs. 60,000 for the year ending 31st March 2019 and Rs. 80,000 for the year ending 31st March 2021. On 31st March 2020, subscriptions due but not received were Rs. 1,00,000. The corresponding amount on 1st April 2019 was 1,20,000. Determine the amount that should be credited to the Income and Expenditure Account as subscriptions for the year ended 31st March 2020.
Option 1: Rs. 30,00,000
Option 2: Rs. 31,40,000
Option 3: Rs. 31,00,000
Option 4: Rs. 25,80,000
Answer (1)
14th Jan, 2024
Correct Answer: Rs. 30,00,000
Solution : Subscription A/C
|
To o/s sub
(op. Balance) |
1,20,000 |
Cash
(Receipt and Payment) |
31,00,000 |
|
Sub.Received in Advance
(Closing Balance) |
80,000 | Outstanding subscription | 1,00,000 |
| Income and Exp. A/C | 30,00,000 | ||
| 32,00,000 | 32,00,000 |
The answer is Rs. 30,00,000.
Hence, the correct option is 1.
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