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Question

A Club of 100 members. Subscription per member is Rs. 2,500 p.a. Rs. 2,18,000 are received during the year 2016-2017 which includes Rs. 20,000 and Rs. 15,000 subscription for the years 2015-2016 and 2017-2018 respectively. At the end of the year 2016-2017, the amount of outstanding subscription will be __________.

A
Rs. 32,000
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B
Rs. 52,000
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C
Rs. 35,000
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D
Rs. 67, 000
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Solution

The correct option is D Rs. 67, 000
Dr. Subscription A/c Cr.
To Outstanding Subscription (Op.)
To Income & Expenditure A/c
(100×2,500)
To Subscriptions Rec.in Advance (Cl.)

20,000
2,50,000
15,000
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,85,000
By Subscriptions Rec. in Advance (Op.)
By Receipt & Payment A/c
By Outstanding Subscription (Cl.)

-
2,18,000
67,000
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,85,000

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