The club has 300 members, paying annual subscription of Rs. 400 each. Subscription outstanding on 31st march 2015 was Rs. 8000. Calculate the amount of subscription to be shown in the Income & Expenditure Account?
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Answer:
1,20,000
Explanation:
amount to be credited to income and expenditure account = 300×400=1,20,000
closing balance sheet (asset side) = 8000
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