Multiple Choice Questions on There are 200 members each paying an annual subscription of Rs 1 000 subscription received duri........... for Commerce 12th Preparation

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Multiple Choice Questions

There are 200 members each paying an annual subscription of Rs 1 000 subscription received duri...........

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    There are 200 members, each paying an annual subscription of Rs 1,000; subscription received during the year Rs 1,95,000; subscriptions received in advance at the beginning of the year 73,000 and at the end of the year 72,000. – Amount shown in Income & Expenditure Account will be :

    Rs 2,00,000

    Correct Answer

    Rs1,96,000

    Incorrect Answer

    Rs1,94,000

    Incorrect Answer

    Rs2,01,000

    Incorrect Answer
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    Explanation:

    - Total members = 200

    - Annual subscription per member = Rs1,000

    - Subscription received during the year = Rs1,95,000

    - Advance received at the beginning = Rs3,000

    - Advance received at the end =Rs 2,000

    Income & Expenditure Account shows income related to the current period only.

    Income for current year = Subscription to be received during the year) = 200 X 1,000 = Rs 2,00,000

    Whenever total members & subscribtion per member is given we can find amount to be credited in income & expenditure account by multiplying both.

    By: santosh
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