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Humanities/Arts Exam  >  Humanities/Arts Questions  >  As per Receipts and Payments Account for the ... Start Learning for Free
As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000. Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscription for the year 2019-20 will be:
  • a)
    Rs. 2,30,000
  • b)
    Rs. 1,50,000
  • c)
    Rs. 2,40,000
  • d)
    Rs. 1,70,000
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
As per Receipts and Payments Account for the year ended on March 31, 2...
Receipts and Payments Account for the year ended on March 31, 2020
- Subscriptions received: Rs. 2,50,000
- Subscriptions outstanding on 1-04-2019: Rs. 50,000
- Subscriptions received in advance as on 31-3-2020: Rs. 30,000

Calculation of Subscriptions for the year 2019-20:
To calculate the subscriptions for the year 2019-20, we need to consider the subscriptions received, subscriptions outstanding, and subscriptions received in advance.

Step 1: Adjustments for Subscriptions Outstanding:
- Subscriptions outstanding on 1-04-2019: Rs. 50,000
- This means that Rs. 50,000 worth of subscriptions were due from the previous year.
- Since the outstanding subscriptions were not received during the year, they need to be deducted from the subscriptions received to calculate the subscriptions for the current year.

Subscriptions received: Rs. 2,50,000
Subscriptions outstanding: Rs. 50,000
Adjusted subscriptions received: Rs. 2,50,000 - Rs. 50,000 = Rs. 2,00,000

Step 2: Adjustments for Subscriptions Received in Advance:
- Subscriptions received in advance as on 31-3-2020: Rs. 30,000
- This means that Rs. 30,000 worth of subscriptions for the next year were received in the current year.
- Since the subscriptions received in advance belong to the next year, they need to be deducted from the adjusted subscriptions received to calculate the subscriptions for the current year.

Adjusted subscriptions received: Rs. 2,00,000
Subscriptions received in advance: Rs. 30,000
Subscriptions for the year 2019-20: Rs. 2,00,000 - Rs. 30,000 = Rs. 1,70,000

Therefore, the subscription for the year 2019-20 is Rs. 1,70,000, which is option D.
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As per Receipts and Payments Account for the year ended on March 31, 2...
250000 – 50000 – 30000 = Rs.170000
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As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000. Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscription for the year 2019-20 will be:a)Rs. 2,30,000b)Rs. 1,50,000c)Rs. 2,40,000d)Rs. 1,70,000Correct answer is option 'D'. Can you explain this answer?
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As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000. Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscription for the year 2019-20 will be:a)Rs. 2,30,000b)Rs. 1,50,000c)Rs. 2,40,000d)Rs. 1,70,000Correct answer is option 'D'. Can you explain this answer? for Humanities/Arts 2025 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000. Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscription for the year 2019-20 will be:a)Rs. 2,30,000b)Rs. 1,50,000c)Rs. 2,40,000d)Rs. 1,70,000Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were Rs. 2,50,000 subscriptions outstanding on 1-04-2019 Rs. 50,000. Subscriptions received in advance as on 31-3-2020 are Rs. 30,000. Subscription for the year 2019-20 will be:a)Rs. 2,30,000b)Rs. 1,50,000c)Rs. 2,40,000d)Rs. 1,70,000Correct answer is option 'D'. Can you explain this answer?.
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