Question : How much amount is recorded in Income and Expenditure A/c if there are 800 members, each paying an annual subscription of Rs.120? Subscriptions received during the year Rs. 54,000; Subscription received in advance at the beginning of the year Rs.1,000.
Option 1: Rs. 96,000
Option 2: Rs. 54,000
Option 3: Rs. 97,000
Option 4: Rs. 95,000
Correct Answer: Rs. 96,000
Solution : An organization's complete accounting of all its receipts and outlays for a given fiscal year is known as an income and expense account. This account, which is prepared on an accrual basis, captures all income and outlays for a specific year, whether they are clear or not. Amount credited to Income and Expenditure A/c = Annual subscription X Number of members = Rs.120 X 800 = Rs.96,000.
Only the amount of subscription which is related to the current year will be credited in the Income and Expenditure A/c. Hence, the correct option is 1.
Question : There are 200 members, each paying an annual subscription of Rs.1,000. Subscription received during the year Rs.1,95.000, Subscription received in advance at the beginning of the year Rs.3000 and at the end of the year Rs.2,000. The amount shown in the Income and
Question : There are 500 members, each paying an annual subscription of Rs 100, Subscription received during the year Rs 45,000. Subscription received in advance at the beginning of the year Rs 2,400. What will be credited to the Income and Expenditure Account?
Question : There are 1,000 members, each paying an annual subscription of Rs.50. Subscription received during the year is Rs.45,000. Subscriptions received in advance at the beginning of the year Rs.1,800. What will be debited to the Receipts and Payments Account?
Question : Municipal Taxes paid during the year Rs 4,000. Municipal taxes amount to 4,000 per year and are paid upto 30th June every year. Calculate the amount of the subscription debited to the Income and Expenditure Account and also calculate the amount of subscription
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