In a Club, subscription received for current year is Rs. 2,50,000.
Subscription of current year received in the previous year is Rs. 25,000. Subscription out-standing for current year is Rs. 45,000.
Subscription received in advance in current year is Rs. 11,000 and subscription of previous year received in current year is 35,000.
The amount of subscription to be shown in Receipts & Payments Account will be _________.

2,50,000

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2,96,000

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2,74,000

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2,26,000

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Solution

The correct option is B 2,96,000
Receipts and Payment Account records the amount received during the year whether related to current year or not. Subscription received in previous year for current year. Only total cash received during the year is recorded.
Subscription received for current year = 2,50,000
Subscription received in advance in current year = 11,000
Subscription of previous year received in current year = 35,000
Amount to be shown in Receipts and Payments Account = 2,50,000+ 1`1,000+35,000 = 2,96,000.

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Similar questions

Q. In a Club, subscription received for current year Rs. 2,50,000. Subscription of current year received in the previous year Rs. 25,000, Subscription out-standing for current year Rs. 45,000, Subscription received in advance in current year Rs. 11,000 and subscription of previous year received in current year Rs. 35,000. At the end of the current year amount of subscription received in advance will be ____________.

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Q. Subscription received during the year were:

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