Question

An institution received Rs. 1,80,000 as rent during the year 2016-2017 which includes Rs. 36,000 received in advance for the year 2017-2018.Outstanding rent at the end of the years 2015-2016 and 2016-2017 were Rs. 24,000 and Rs. 28,000 respectively. Amount of rent to be shown in Income and Expenditure Account for the year 2016-2017 will be ____________.

• A. Rs. 1,80,000
• B. Rs. 1,44,000
• C. Rs. 1,40,000
• D. Rs. 1,48,000

Answer 1

Answer: (D)

Rs. 1,48,000

Dr. Rent A/c Cr.

To Outstanding Subscription (Op.) To Income & Expenditure A/c (Bal.Fig.) To Subscriptions Rec.in Advance (Cl.)

24,000 1,48,000 36,000 $\overline{2,08,000}$

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

- 1,80,000 28,000 $\overline{2,08,000}$.