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Home Questions E69JEX5FVA
Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

Match the following list 1 with list 2 with the amount treated as income from subscription for the year ended 31st March, 2019.

LIST 1

LIST 2

1) Subscription collected during the year ₹250000,
In-arrears subscription for the year ended ₹6000,
In advance for the year ended 2020 is ₹5000

a) ₹81000

2) Subscription collected during the year ₹49000,
Collected in year 2018 for the year 2019= ₹3000,
subscription unpaid for the year ₹2000

b) ₹54000

3) Subscription collected during the year ₹25000,
Outstanding in the beginning is ₹3000 and
not yet collected for the year is ₹5000

c) ₹251000

4) Subscription collected during the year ₹80000,
Outstanding in the beginning is ₹5000 and
not yet collected for the year is ₹8000,
subscription received in advance for the year 2020 is ₹2000

d) ₹27000  

 

Options:

1-a, 2-b, 3-c, 4-d

1-c, 2-b, 3-d, 4-a

1-c, 2-b, 3-a, 4-d

1-b, 2-c, 3-a, 4-d

Correct Answer:

1-c, 2-b, 3-d, 4-a

Explanation:

The correct answer is option 2- 1-c, 2-b, 3-d, 4-a.

1)- Subscription received during the year = ₹250000
Add- Subscription in arrears for the year  = ₹6000
Less- Subscription received for next year = ₹5000
                                                            =(250000+6000-5000=251000)


2) Subscription received during the year            = ₹49000
Add- Subscription in previous year for this year = ₹3000
Add- Subscription in arrears for this year           = ₹2000
                                                                     =(49000+3000+2000=54000)


3) Subscription received during the year              = ₹25000
Add- Subscription in arrears for the current year  = ₹5000
Less- Subscription in arrears of previous year      = ₹3000
                                                                       =(25000+5000-3000=27000)


4) Subscription received during the year              = ₹80000
Add- Subscription in arrears for the current year  = ₹8000
Less- Subscription in arrears of previous year      = ₹5000
Less- Subscription received for the next year       =  ₹2000
                                                                       =(80000+8000-5000-2000= 81000)

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