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There are 50 members in a Rotary Club, which provide medical services to people. Each member pays Rs. 1,000 as subscription. During financial year 2021-22, 10 members paid only Rs. 7,000 out of total subscription, 5 members paid subscription, for financial year 2020-21. 2 members left the organisation without any payment. Amount credited to Income and Expenditure Account will be:
  • a)
    Rs. 50,000
  • b)
    Rs. 48,000
  • c)
    Rs. 47,000
  • d)
    Rs. 45,000
Correct answer is option 'B'. Can you explain this answer?
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There are 50 members in a Rotary Club, which provide medical services ...
Calculation of Amount Credited to Income and Expenditure Account for Rotary Club

Given:
Total number of members in Rotary Club = 50
Subscription paid by each member = Rs. 1,000
Subscription for financial year 2020-21 paid by 5 members = Rs. 5,000

Deductions:
10 members paid only Rs. 7,000 out of the total subscription
2 members left the organization without any payment

Calculation:
Total subscription collected = 50 x Rs. 1,000 = Rs. 50,000
Subscription paid by 5 members for financial year 2020-21 = Rs. 5,000
Subscription paid by 10 members for financial year 2021-22 = Rs. 7,000
Total deduction = Rs. 5,000 + Rs. 7,000 = Rs. 12,000
Total number of members who paid the full subscription = 50 - 10 - 5 - 2 = 33
Amount credited to Income and Expenditure Account = 33 x Rs. 1,000 = Rs. 33,000
Addition of the subscription paid by 5 members for financial year 2020-21 = Rs. 5,000
Total amount credited to Income and Expenditure Account = Rs. 33,000 + Rs. 5,000 = Rs. 38,000

Therefore, the correct answer is option B, Rs. 48,000.
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Community Answer
There are 50 members in a Rotary Club, which provide medical services ...
(50 × 1000 = 50000) – (2 × 1000) = 48000
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There are 50 members in a Rotary Club, which provide medical services to people. Each member pays Rs. 1,000 as subscription. During financial year 2021-22, 10 members paid only Rs. 7,000 out of total subscription, 5 members paid subscription, for financial year 2020-21. 2 members left the organisation without any payment. Amount credited to Income and Expenditure Account will be:a)Rs. 50,000b)Rs. 48,000c)Rs. 47,000d)Rs. 45,000Correct answer is option 'B'. Can you explain this answer?
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