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 next year was Rs.8,000 and received in advance during the previous year was Rs.7,000. What was the amount recorded in the Receipts and Payment Account?
Option 1: Rs 3,96,000
Option 2: Rs 3,95,000
Option 3: Rs 4,25,000
Option 4: Rs 4,96,000
Correct Answer: Rs 3,96,000
Solution : Subscription credited to Income and Expenditure Account = Rs.4,00,000 (+) Subscription outstanding at the end of the previous year = Rs.20,000 (-) Outstanding at the end of the current year = (Rs.25,000) (+) Subscription received in advance for the next year = Rs.8,000 (-) Received in advance during the previous year = (Rs.7,000) Amount recorded in the Receipts and Payment Account = Rs.3,96,000 Hence, the correct option is 1.
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