Not for profit organisation

General Accounting Principles

Title

45:30

8 of 24 completed

5 of 15 completed

38 of 100 completed

8 of 20 completed

Indian Economy - Understanding the basics of Indian economic system

Following is the information relating to a club for the year ending 31.03.2022 :

Subscription outstanding as on 31.03.2021 Rs 16,000

Subscription outstanding as on 31.03.2022 Rs 18,000

Subscription received in advance as on 31.03.2021 Rs 12,000

Subscription received in advance as on 31.03.2022 Rs 11,000

There are 70 members each paying an annual subscription of 1,000. Total subscription received during the year 2021-22 will be:

This questions was previously asked in

EPFO EO AO 2023

Rs 67,000

Rs 71,000

Rs 69,000

Rs77,000

Let’s suppose total subscription received during the year 21-22	Rs. X
Less (-) outstanding subscription as on 31-03-21	16,000
Add (+) outstanding subscription as on 31-03-22	18,000
Add (+) advance subscription as on 31-03-21	12,000
Less (-) advance received as on 31-03-22	11,000
Subscription for the year 2021-2022	X + 3000

Subscription for the year 21-22 = 70*1000= Rs. 70,000
Hence, X + 3000 = 70,000
X= Rs. 67,000