Question : Subscription credited to Income and Expenditure Account was Rs 3,00,000, Subscriptioin received in advance for next year was Rs 30,000 and received in advance during previous year was Rs 20,000. Subscrptions in arrear at the end of current year were Rs 7,000. What was the total subscription recorded in the Receipts and Payment Account?
Option 1: Rs 3,00,000
Option 2: Rs 3,03,000
Option 3: Rs 3,10,000
Option 4: Rs 3,23,000
Correct Answer: Rs 3,03,000
Solution : Subscription credited to Income and Expenditure Account = Rs 3,00,000 (+) Subscriptioin received in advance for next year = Rs 30,000 (-) Subscription received in advance during previous year = (Rs 20,000) (-) Subscription in arrear at the end = (Rs.7,000) Subscription received in Receipts and Payment Account = Rs.3,03,000 . Hence, the correct option is 2.
Question : Subscription credited to the Income and Expenditure account was Rs 4,00,000, Subscription outstanding at the end of the previous year was Rs 30,000. and outstanding at the end of the current year was Rs 35,000. The subscription received in advance for next year was Rs 9,000
Question : The subscription credited to the Income and expenditure account was Rs.4,00,000. Subscription outstanding at the end of the previous year was Rs.20,000 and outstanding at the end of the current year was Rs.25,000. The subscription received in advance for the
Question : Subscription received in cash during the current year amounted to Rs. 15000. Subscription outstanding at the end of the previous year was Rs. 500 and outstanding at the end of the current year was Rs. 750 Subscription received in advance for next year was Rs. 250 The
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?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile