club has 250 members each paying an annual subscription of Rs. 1,000. The receipt and payments account for the year ended 31st March, 2019 showed Rs. 2,65,000 received as subscription. Additional information provided is: Subscription outstanding on 31st March, 2018 Rs. 40,000 Subscription received in Advance as on 31st March, 2019 Rs. 30,000 Subscription received in Advance as on 31st March, 2018 Rs.12,000 _______Amount that will be shown as Outstanding Subscription as on 31st March, 2019
Answers
Answer:
subscription received. = 265000
o/s last year =. (40000)
received in advance current year =(30000)
received in advance last year = 12000
=. 207000
total subscription to be received =250000(250*1000)
outstanding subscription =250000-207000
=43000
Not sure about the answer!
The Outstanding subscription for 31st march 2019 is ₹43,000
Given that the club has 250 members and each pays an annual subscription of ₹1,000. The total subscription that the club received every year = 250 * 1000
= ₹2,50,000
Now, make adjustments to find the correct amount of subscription received for the year:
Subscription received in 31st March 2019 = ₹2,65,000
Less: subscription outstanding for 31st March 2018 = (₹40,000)
Add: advance subscription for 31st March 2018 = + ₹12,000
Less: advance subscription for 31st March 2019 = (₹30,000)
Total subscription received for 31st March 2019 = ₹2,07,000
Subscription outstanding for 31st March 2019 = Total subscription that club receives every year - total subscription received for 31st march 2019
= 2,50,000 - 2,07,000
= ₹43,000