Question : In Sports complex, there are 450 members each paying an annual subscription of Rs.100 each. Subscription of Rs.20,000 was received in advance for next year and Rs.15,000 was outstanding for the previous year in the beginning of the year. The amount to be credited to Income and Expenditure Account will be:
Option 1: Rs.55,000
Option 2: Rs.40,000
Option 3: Rs.45,000
Option 4: Rs.60,000
Correct Answer: Rs.45,000
Solution : Amount credited to the Income and Expenditure Account = Rs.100 X 450 = Rs.45,000. Hence, the correct option is 3.
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