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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 amount credited to Income and Expenditure Account will be:

Option 1: Rs. 15,000

Option 2: Rs. 16,500

Option 3: Rs. 31,000

Option 4: Rs. 30,500


Team Careers360 18th Jan, 2024
Answer (1)
Team Careers360 20th Jan, 2024

Correct Answer: Rs. 15,000


Solution : Subscription received = 15000
Add outsanding Sub =      750
at the end of the year    15750
less outsanding            = (500)
Previous year                 15250
less Advances                    250
Income and Exp.A/C       15000
Answer = Rs. 15,000
Hence, the correct option is 1.

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