Rs. 1,00,000 received as the annual membership subscription. Out of this Rs. 20,000 is pertaining to the previous accounting period, whereas Rs. 10,000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting year.

80,000

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90,000

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1,20,000

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1.00,000

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Solution

The correct option is A 90,000
Subscription amount to be shown in income and expenditure account can be calculated using the formula given below:
$S u b s c r i p t i o n a m o u n t = S u b s c r i p t i o n r e c e i v e d A d d : S u b s c r i p t i o n r e c e i v e d a t e n d o f y e a r L e s s : O u t s t a n d i n g s u b s c r i p t i o n f o r p r e v i o u s y e a r$
Substitute values in the above equation
$S u b s c r i p t i o n a m o u n t = R s 1, 00, 000 A d d : R s 10, 000 L e s s : R s 20, 000 = R s 90, 000$ .

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