Calculate subscription received during the year 2021-22 from the following information :Amount of subscription credited to Income and Expenditure A/c - Accountancy MCQ CUET Accountancy 2022 23 Aug Shift 2 PYQs 2026 | ExamTest.live

hardMCQCUET Accountancy 2022 23 Aug Shift 2 PYQs2026Accountancy

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Calculate subscription received during the year 2021-22 from the following information :Amount of subscription credited to Income and Expenditure A/c for the year ended 2021-22 Rs. 1, 05, 000 Subscription received in advances as on 31 March, 2022 Rs. 10, 000 Subscription received in advances as on 31 March, 2021 Rs. 7, 000 Subscription outstanding as on 31 March, 2021 Rs. 10, 500 Subscription outstanding as on 31 March, 2022 Rs. 20, 500

Solution & Step-by-step Explanation

We need to work backwards from Income to Cash Received.Subscription Credited to Income & Expenditure A/c = Rs. 1, 05, 000 .Formula:Subscription Received = Income + Closing Advance + Opening Outstanding - Opening Advance - Closing Outstanding.Subscription Received = 1, 05, 000 + 10, 000 (Cl. Adv) + 10, 500 (Op. O/s) - 7, 000 (Op. Adv) - 20, 500 (Cl. O/s) Subscription Received = 1, 05, 000 + 10, 000 + 10, 500 - 7, 000 - 20, 500 = 98, 000 .

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Calculate subscription received during the year 2021-22 from the following information :Amount of subscription credited to Income and Expenditure A/c for the year ended 2021-22 Rs. 1, 05, 000 Subscription received in advances as on 31 March, 2022 Rs. 10, 000 Subscription received in advances as on 31 March, 2021 Rs. 7, 000 Subscription outstanding as on 31 March, 2021 Rs. 10, 500 Subscription outstanding as on 31 March, 2022 Rs. 20, 500

Rs. 95, 000

Rs. 92, 000

Rs. 98, 000

Rs. 1, 18, 000

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