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

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 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

Team Careers360 · Accepted Answer

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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