Question : There are 1000 members in the sports club paying an annual subscription of Rs 50 each. Subscription received during the year Rs 38,000 including Rs 6000 for next year. -------- will be shown as an outstanding subscription at the end of the year.
Option 1: Rs 50,000
Option 2: Rs 18,000
Option 3: Rs 6000
Option 4: Rs 12,000
Answer (1)
17th Jan, 2024
Correct Answer: Rs 18,000
Solution : Subscription A/C
|
To Income and Exp. A/C
(1000 * 50) |
50,000 | By cash | 38000 |
|
By o/s sub
at the end of the year |
18000 | ||
| To Sub. Received in Advance | 6000 | ||
| 56000 | 56000 |
Hence, the correct option is 2.
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