Question : There are 500 members, each paying an annual subscription of Rs 100, Subscription received during the year Rs 45,000. Subscription received in advance at the beginning of the year Rs 2,400. What will be credited to the Income and Expenditure Account?
Option 1: Rs 47,400
Option 2: Rs 50,000
Option 3: Rs 52,400
Option 4: Rs 47,400
Correct Answer: Rs 50,000
Solution : Amount credited to the Income & Expenditure A/c = Rs.500 X 100 = Rs.50,000. Hence, the correct option is 2.
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