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Home Questions B5MR4EHF5Y
Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

A club received ₹20,000 as subscription during the year 2016-17 of which ₹3,000 relates to the year 2015-16, and ₹2,000 to the year 2017-18; and at the end of year 2016-17, ₹6,000 are still receivable. The amount to be shown in the Income and Expenditure account for the year 2016-17 is :

Options:

₹26,000

₹17,000

₹21,000

₹15,000

Correct Answer:

₹21,000

Explanation:

The correct answer is option 3- ₹21,000.

  Subscription received during the year 2016-17  20,000  
Less Subscription of 2015-16 (O/s of previous year) 3,000  
      17,000
Less Subscription of 2017-18 (Advance for the next year) 2,000  
      15,000
Add: Subscription still outstanding for 2016-17 (Related to current year) 6,000  
  Subscription credited to income and expenditure account   21,000

 

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