During the year 2015-16, subscription received by a sports club were ₹80,000. These included ₹3,000 for the year 2014-15 and ₹6,000 for the year 2016-17. On 31st March 2016, the amount of subscription due but not received was ₹12,000. Calculate the amount of subscription to be shown in Income and Expenditure A/c.
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) - ₹83,000.
Subscription received During the year 2015-16 = 80,000
Less: Sub. for the year 2014-15 = 3,000 (previous year)
Less: Sub. for the year 2016-17 = 6,000 (next year)
= (80,000 - 3,000 - 6,000)
= 71,000
Add: Sub. outstanding on 31st March 2016 = 12,000
= (71,000 + 12,000)
= 83,000