Subscriptions received during the year ended December 31, 2015 by Royal
Club were as under:
2014 Rs.93,000
2015 Rs. 2000
2016 Rs.98,000
The club has 500 members each paying @ Rs.200 as annual subscription. Subscriptions outstanding as on March 31, 2016 are Rs. 6,000. Calculate the amount of subscriptions to be shown as income in the Income and Expenditure Account for the year ended March 31, 2016 and show the relevant data in the Balance Sheet as on date.
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