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 | 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
Question : What amount will be credited to the income and expenditure account for the year ending 31 march 2022 on the basis of the following information:
Particulars | 1-4-2021 | 31-3-2022 |
Advance Subscription | Rs. 16000 |
Rs. 4000 |
Subscriptions received during the year 2021-22 were Rs. 4,00,000.
Option 1: Rs. 4,20,000
Option 2: Rs. 3,80,000
Option 3: Rs. 3,88,000
Option 4: Rs. 4,12,000
Question : Delhi sports club for the year ending 31st march 2022 amounted to Rs. 4,00,000. How much amount to be recorded in Income and Expenditure Account after considering the following information:
Particulars | 31-3-2021 | 31-3-2022 |
Outstanding Salary | Rs. 14000 | Rs. 20000 |
Advance Salary | Rs. 10000 | Rs. 8000 |
Option 1: Rs. 4,16,000
Option 2: Rs. 4,08,000
Option 3: Rs. 4,10,000
Option 4: Rs. 3,84,000
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
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:
Particulars | Amount |
Outstanding Salaries on 31-3-2020 | 9000 |
Outstanding Salaries on 31-3-2021 | 13500 |
Prepaid salaries on 31-3-2020 | 5400 |
Prepaid salaries on 31-3-2021 | 4200 |
Option 1: Rs. 1,29,000
Option 2: Rs. 1,14,300
Option 3: Rs. 1,25,700
Option 4: Rs. 1,38,900