Question 4 (Choice 1) - CBSE Class 12 Sample Paper for 2022 Boards [Term 2] - Accounts - Solutions to CBSE Sample Paper - Accounts Class 12

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From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020-21. (i) Subscription credited to Income & Expenditure A/c for the year ending 31st March ,2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000. (ii)Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000. (iii) During the year 2020-21, 10 members made partial payment of ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22. (iv) During the year 2019-20, 12 members paid the subscription amount for the year 2020-21. Answer SUBSCRIPTION ACCOUNT Particulars Amount Particulars Amount To Balance b/d (Advance) 36000 By Balance b/d (Outstanding) 16000 To Bank A/c 267000 By Income and Expenditure A/c 300000 To Balance c/d (Outstanding)* 28000 By Balance c/d (Advance) 15000 (12 member paid in advance = 12*3000) 331000 331000 *Outstanding Closing Balance :- 10 members made partial payment of 26000 4000 (30000-26000) 8 members failed to pay 24000 (8 x 3000) Total 28000