Question : Subscription received in cash during the year amounted to Rs 1,00,000 (excluding life membership fee Rs 10,000). Subscription outstanding at the end of previous year was Rs 2,000 and outstanding at the end of the current year was Rs 2,500. Subscription received in advance for next year was Rs 800. what will be the amount credited to Income and Expenditure Account?
Option 1: Rs 99,700
Option 2: Rs 1,09,700
Option 3: Rs 1,00,500
Option 4: Rs 1,02,500
Correct Answer: Rs 99,700
Solution : Subscription received in cash during the year = Rs 1,00,000 (-) Outstanding at the end of previous year = (Rs 2,000) (+) Outstanding at the end of the current year = Rs 2,500 (-) Subscription received in advance for next year = (Rs 800) Amount credited to Income and Expenditure Account = Rs.99,700 Hence, the correct option is 3.
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