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 the treatment of these items in the opening Balance Sheet on the liabilities side?
Option 1: Rs.2,400
Option 2: Rs.5,000
Option 3: Rs.2,600
Option 4: None of the above
Answer (1)
25th Jan, 2024
Correct Answer: Rs.2,400
Solution :
Subscription received in advance at the beginning of the year Rs 2,400 on the liabilities side of the opening Balance Sheet.
Hence, the correct option is 1.
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