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


Team Careers360 22nd Jan, 2024
Answer (1)
Team Careers360 24th Jan, 2024

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 : In the year 2020-21, salaries paid amounted to Rs.1,20,000. Find the amount to be debited to Income and Expenditure Account for the year ending 31st march 2021 after considering the following information:

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