Question

There are 500 members, each paying an annual subscription of Rs. 100; subscriptions

received during the year Rs. 45,000; subscriptions received in advance at the

beginning of the year Rs. 2,400. What amount will be credited to Income &

Expenditure Account?​

Answer 1

Answer:

the amount credited to subscription account is 50000 as follows

subsc. recd. I during the year = 45000

add-on recd. in advance in beginning=2400

so the balnce 2600 is an outstanding subscription at the end