Multiple Choice Questions on Subscription received in cash during the year amounted to Rs 40 000 subscription outstanding at the ........... for Commerce 12th Preparation

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Multiple Choice Questions

Subscription received in cash during the year amounted to Rs 40 000 subscription outstanding at the ...........

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    Subscription received in cash during the year amounted to Rs 40,000; subscription outstanding at the end of previous year was Rs1,500 and outstanding at the end of current year was Rs2,000. Subscription received in advance for next year was Rs 800. The amount credited to Income & Expenditure Account will be:

    Rs 38,700

    Incorrect Answer

    Rs 39,700

    Correct Answer

    Rs 40,300

    Incorrect Answer

    Rs 41.300

    Incorrect Answer
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    Explanation:

    Less the subscription that was outstanding at the end of the previous year: Rs 1,500. 

    Less the subscription received in advance for the next year: Rs 800

    Add the subscription that is outstanding at the end of the current year: Rs 2,000. 

    . Hence 40,000 - 1500  - 800 + 2000  = 39,700

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