The Receipt and Payment Account of a club shows the following details of subscriptions:
Arrears Rs. 500, current Rs. 10,500 advance Rs. 800.
There are 1200 members each paying an annual subscription of Rs. 10. The amount of subscription to be credited to Income and Expenditure Account will be:
A. Rs. 11,000
B. Rs. 12,000
C. Rs. 12,500
D. Rs. 11,800
Answer: Option B
Related Questions on Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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