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
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 : 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 |
