Question

A club has received annual Subscription of Rs.9.000 it is discovered at the End of
the year that 100 members did not pay subscription for the Current year Rs. 10 & Rs
2.000 is related to the last year subscription Subscription Rs 500 is received in advance
for the next year. Show the amount to be shown in the income & Expenditure Account &
Balance sheet​

Answer 1

Answer:

Explanation:

Subscription received for the year = 9,000

(+) Out standing on closing = 1,000 [ 100 × 10 ]

(-) Out standing for last year = 2,000

(-) Advance for next year = 500

Amt credited = 7,500