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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 Subscriptions Rs. 40000 Rs. 30000
Advance Subscription Rs. 8000 Rs. 12000

Subscriptions received during the year 2021-22 were Rs. 10,00,000.

Option 1: Rs. 9,86,000

Option 2: Rs. 10,12,000

Option 3: Rs. 9,68,000

Option 4: Rs. 10,00,000


Team Careers360 24th Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: Rs. 9,86,000


Solution :

Particulars Amount
Subscriptions received during the year Rs. 1000000
Add: Outstanding subscription at the end of the year Rs. 30000
Less: Outstanding Subscription at the beginning of the year Rs. 40000
Add: Advance subscription at the beginning of the year Rs. 8000
Less: Advance subscription at the end of the Year Rs. 12000
Subscriptions credited to Income and Expenditure A/c Rs. 986000

Hence, the correct option is 1.

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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