CUET Preparation Today
| Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr Ambani a renowned industrialist donated ₹ 50,00,000 on 1stJuly 2020, for the construction of a new hostel and mess for upcoming sportsmen. Besides this Mr Ambani offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March 2021 and found that till date rupees 35,00,000 had been spent on construction of hostel and mess building. He also noted that the NPO had a capital fund of Rs.1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of Rs.2000 per annum. On 1stApril 2020, 180 members had not paid for subscription of previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of2021- 2022 as well). On 31st March 2021, 110 Members had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20) . Since the accountant of NPO was not clear about how to deal with all the above information, he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Ambani answer the following questions based on the information detailed above. |
| The amount of subscription in advance on 31st March 2021 is: |
₹40,000
₹50,000
₹10,000
None of these |
| ₹50,000 |
| Subscriptions received in Advance as on 31.03.2021= 25*2000=50,000 |
