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Question : Rotary Club Delhi received in 2017-18 Rs. 160000 as subscription. Further information is:

Particulars Amount (Rs.)
Subscription due but not received on 1-4-2017 10400
Subscription received in advance on 1-4-2107 4800
Subscription due but received on 31-3-2018 9600
Subscription received in advance on 31-3-2018 1400

What amount should be credited to the income and expenditure account as subscriptions? 

Option 1: Rs. 1,62,600

Option 2: Rs. 1,64,200

Option 3: Rs. 1,55,800

Option 4: Rs. 1,73,800


Team Careers360 3rd Jan, 2024
Answer (1)
Team Careers360 7th Jan, 2024

Correct Answer: Rs. 1,62,600


Solution :

Particulars Amount (Rs.)
Subscriptions received during the year 160000
Add: Outstanding subscription at the end of the year 9600
Less: Outstanding Subscription at the beginning of the year 10400
Add: Advance subscription at the beginning of the year 4800
Less: Advance subscription at the end of the Year 1400
Subscriptions credited to Income and Expenditure A/c 162600

Hence, the correct option is 1.

 

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