Question : Rotary Club Delhi received in 2017-18 Rs. 160000 as subscription. Further information is:
| Particulars | Amount (Rs.) |
| Subscription due but not received on 1-4-2017 | 10400 |
| Subscription received in advance on 1-4-2107 | 4800 |
| Subscription due but received on 31-3-2018 | 9600 |
| Subscription received in advance on 31-3-2018 | 1400 |
What amount should be credited to the income and expenditure account as subscriptions?
Option 1: Rs. 1,62,600
Option 2: Rs. 1,64,200
Option 3: Rs. 1,55,800
Option 4: Rs. 1,73,800
Correct Answer: Rs. 1,62,600
Solution :
| Particulars | Amount (Rs.) |
| Subscriptions received during the year | 160000 |
| Add: Outstanding subscription at the end of the year | 9600 |
| Less: Outstanding Subscription at the beginning of the year | 10400 |
| Add: Advance subscription at the beginning of the year | 4800 |
| Less: Advance subscription at the end of the Year | 1400 |
| Subscriptions credited to Income and Expenditure A/c | 162600 |
Hence, the correct option is 1.
Related Questions
Question : What amount will be credited to the income and expenditure account for the year ending 31 march 2022 on the basis of the following information:
| Amount paid for stationary purchased during |
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