J. Club has 2500 members each paying an annual subscription of Rs 300. During the year ended 31st Mar 2020, the club did not receive subscription from 90 members and received subscriptions in advance from 92 members for the year ending 31st Mar 2021. On 31st Mar 2019 the outstanding subscriptions were Rs
30,000 received in advance was Rs 6,000.
Calculate the amount of subscription that will be debited to the Receipt and
Payment Account for the year ended 31st Mar 2020.
Answers
Answer:
7,74,600
explanation:
subscription credited in income and expenditure A/C (2500×300) 7,50,000
-outstanding of 2020 (90×300) 18,000
7,32,000
-advance received in 2019 6000
7,26,000
+advance received for 2021
(92×300) 18,600
7,44,600
+outstanding of 2019 30,000
= amount debited to receipt and
payment account 7,74,600