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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.50,000

Option 2: Rs.45,000

Option 3: Rs.2,400

Option 4: None of the above


Team Careers360 5th Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: Rs.50,000


Solution : Amount credited to the Income and Expenditure Account = Rs.500 X 100 = Rs.50,000.
Hence, the correct option is 1.

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