5. Subscription received in cash during the year amounted to 5,00,000; subscription outstanding at the
end of previous year was 20,000 and outstanding at the end of current year was 25,000.
Subscription received in advance for next year was 8,000 and received in advance during previous
year was 7,000. The amount credited to Income & Expenditure Account will be :
(A) 5,04,000
(B) 5,06,000
(C) 4,96,000
(D) 4,94,000
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Answer:
Subscription during the year. = 5,00,000
Add :
Current year outstanding. = 25,000
Received in advance for next year = 8,000
________
5,33,000
Less :
Previous year outstanding. = 20,000
Received in advance during the. = 7,000
previous year. ________
5.06,000
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