how much amount will be recorded in income and expenditure account if club has 500 members each paying an annual subscription 200 rs. on 31 march 2016 advanced subscription 1000- rs and outstanding subscription is 5000
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Answer:
100,000
Explanation:
amount record in income & expenditure account
=no. of member × annual subscription
=500×200=1,00,000
amount received during the year:
credited to income & exp. A/C = 1,00,000
- outstanding of current year = 5000
95,000
+ advance received in current year 1,000
amount received in current year 96,000
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