Multiple Choice Questions

Following is the information relating to a club for the year ending 31 03 2022 Subscription outstand...........

General Accounting Principles Not for profit organisation

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

- Members = 70, each paying Rs 1,000 annually. Total annual subscription = 70 * 1,000 = Rs 70,000.

Adjustments:

- Subscriptions outstanding as of 31.03.2021 (Opening Outstanding) = Rs 16,000.

- Subscriptions outstanding as of 31.03.2022 (Closing Outstanding) = Rs 18,000.

- Subscriptions received in advance as of 31.03.2021 (Opening Advance) = Rs 12,000.

- Subscriptions received in advance as of 31.03.2022 (Closing Advance) = Rs 11,000.

?Total subscription received for the year = Annual Subscription - Opening Advance - Closing Outstanding + Opening Outstanding + Closing Advance

Total subscription received for the year= Rs 70,000 - Rs 12,000 - Rs 18,000 + Rs 16,000 + Rs 11,000 = Rs 67,000.

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