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 written on the Assets side of the closing Balance Sheet?
Option 1: Rs.5,000
Option 2: Rs.2,400
Option 3: Rs.45,000
Option 4: Rs.50,000
Answer (1)
11th Jan, 2024
Correct Answer: Rs.5,000
Solution :
Amount of subscription = Rs.500 X 100 = Rs.50,000
(-) Subscription received during the year =
(Rs 45,000)
Amount in the Assets side =
Rs.5,000.
Hence, the correct option is 1.
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