Question

From the following, find out the amount of subscriptions to be included in the Income & Expenditure Account for the year ended 31st March 2009.
Subscription were received during the year 2008-2009 as follows:
Rs.
For the year 2007 - 2008 2,000
For the year 2008 - 2009 30,000
For the year 2009 - 2010 3,000
Subscription outstanding as on 31st March 2008 were Rs. 3,500 out of which Rs. 500 were considered to be irrecoverable. On the same date, Subscription received in advance for 2008-2009 were Rs. 2,000.Subscription still outstanding as on 31st March 2009 amounted to Rs. 6,000.

• A. 36,500
• B. 37,000
• C. 33,000
• D. 39,000

Answer 1

The correct option is B 37,000

Dr. Subscription A/c Cr.

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

3,500 37,000 3,000 $\overline{43,500}$

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

2,000 500 35,000 $\overline{43,500}$