Question : From the following information, calculate the amount of subscription due to be shown as on 31st March, 2018 if there are 1,000 members and each paying Rs 300 p.a as subscription:
1. Subscription received during the year 2017-2018 Rs 3,00,000
2. Subscription received in advance as on 31.3.2018 Rs 36,800
3. Subscription outstanding as on 1-04-2017 Rs 32,000
4. Subscription received in advance as on 1-04-2017 Rs 25,000
Option 1: Rs 43,800
Option 2: Rs 30,000
Option 3: Rs 33,800
Option 4: None of the above
Correct Answer: Rs 43,800
Solution :
Subscription credited to I&E A/c = Rs.3,00,000
(-) Amount received = (Rs3,00,000)
(+) Subscription received in advance as on 31.3.2018= Rs 36,800
(+) Subscription outstanding as on 1-04-2017 = Rs 32,000
(-) Subscription received in advance as on 1-04-2017=
(Rs 25,000)
Amount of subscription due =
Rs.43,800
Hence, the correct option is 1.
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