A cultural club discloses that subscriptions received during a particular accounting period as per receipts and payments account amount to Rs. 57,360. Subscription outstanding (opening and closing) was Rs. 4,800 and Rs. 6,000 respectively. Subscription received in advance (opening balance and closing balance) amounted to Rs. 3,600 and Rs. 2,160 respectively. The amount to be posted to income and expenditure account would be.

Rs. 57,360

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Rs. 54,000

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Rs. 60,000

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Rs. 63,360

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Solution

The correct option is B Rs. 60,000
Subscriptions received during the year 57,360
Add:- outstanding at the end of the year 6,000
advance at the beginning of the year 3,600 9,600

Less:- Outstanding at the beginning of the year (4,800)
Advance at the end of the year (2,160) (6,960)
-----------------
Subscriptions for the current year 60,000

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