Question : What amount will be credited to the Income and Expenditure Account for the year ending 31st March 2022 on the basis of the following information:
| Particulars | 1-4-2021 | 31-3-2022 |
| Outstanding Subscription | Rs. 7500 | Rs. 9000 |
Subscriptions received during the year 2021-22 were Rs. 90,000.
Option 1: Rs. 73,500
Option 2: Rs. 91,500
Option 3: Rs. 88,500
Option 4: 1,06,500
Correct Answer: Rs. 91,500
Solution :
| Particulars | Amount |
| Subscriptions received during the year | Rs. 90000 |
| Add: Outstanding subscription at the end of the year | Rs. 9000 |
| Less: Outstanding Subscription at the Beginning of the year | Rs. 7500 |
| Subscriptions credited to Income and Expenditure A/c | Rs. 91500 |
Hence, the correct option is 2.
Related Questions
Question : What amount will be credited to the income and expenditure account for the year ending 31st march 2022 on the basis of the following information:
| Particulars | Amount (Rs.) |
| Subscription due but not |
