Question

A club has 1,000 members. Each member has to pay a subscription @ Rs. 50. Total subscription received during the year ending 2019 was Rs. 90,000 including Rs. 23,000 for the year 2018 and Rs. 24,000 for the year 2020. Twenty five members paid their subscription for 2019 in the year 2018.
Compute the amount of subscription to be credited to Income and Expenditure Account and outstanding subscription to be shown in Balance Sheet.

Answer 1

Answer:

by taking 2019 as current year

total subscription=1000*50=50000

received during thw year=90000-23000-24000+1250(recvd in advance last year)= 44250+5750(outstanding of current year)

Explanation:

we got outstanding of current year by 50000-44250=5750