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
• B. Rs. 52,000
• C. Rs. 35,000
• D. Rs. 67, 000

Answer 1

The correct option is D Rs. 67, 000

Dr. Subscription A/c Cr.

To Outstanding Subscription (Op.) To Income & Expenditure A/c $(100\times 2,500)$ To Subscriptions Rec.in Advance (Cl.)

20,000 2,50,000 15,000 $\overline{2,85,000}$

By Subscriptions Rec. in Advance (Op.) By Receipt & Payment A/c By Outstanding Subscription (Cl.)

- 2,18,000 67,000 $\overline{2,85,000}$