Subscription received in cash during the year amounted to Rs.5,00,000; Subscription outstanding at the end of previous year was Rs.20,000 and outstanding at the end of current year was Rs.25,000. Subscription received in advance for next year was Rs.8,000 and received in advance during previous year was Rs.7,000. The amount credited to Income & Expenditure Account will be:
A. Rs.5,04,000
B. Rs.5,06,000
C. Rs.4,96,000
D. Rs.4,94,000
Answer:A
Subscription received in cash during the year amounted to Rs.5,00,000; Subscription outstanding at the end of previous year was Rs.20,000 and outstanding at the end of current year was Rs.25,000. Subscription received in advance for next year was Rs.8,000 and received in advance during previous year was Rs.7,000. The amount credited to Income & Expenditure Account will be:
A. Rs.5,04,000 B. Rs.5,06,000 C. Rs.4,96,000 D. Rs.4,94,000