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

Question

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

Team Careers360 · Accepted Answer

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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