Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year.
The amount to be shown in Income and Expenditure is :
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs. 15,500
Only the locker rent that belongs to the current year is income of the year. The amount received includes the previous year’s arrears, which must be taken out, and the current year’s rent still to be received must be added.
Locker rent received = Rs. 17,050
Less: Outstanding for the previous year = Rs. 3,050
Add: Outstanding for the current year = Rs. 1,500
Income for the year = Rs. 17,050 − Rs. 3,050 + Rs. 1,500 = Rs. 15,500
Note: This question is from the pre-rationalised NCERT book. The topic is not there in the latest NCERT book (2026-27), but it is still in the CUET 2026 syllabus, so do not skip it.
NCERT (Pre-rationalised edition):
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