Subscription amounting to Rs. 7,500 appear on the credit side of income and expenditure account after adjusting subscriptions out standing Rs. 600 and subscriptions received in advance Rs. 450. The amount of subscriptions to be shown in the receipts and payments account for the same year will be.

Rs. 6,450

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Rs. 7,350

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Rs. 7,650

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Rs. 8,550

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Solution

The correct option is B Rs. 7,350
Calculation of amount of subscription received during the year.
Particulars Amount
Subscription earned during the year 7,500
Add:- Subscriptions received in advance at the end of the year 450
Less:- Outstanding subscriptions at the end of the year (600)
______
Amount of subscriptions received during the year 7,350

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