Q.There are 500 members in a Club each paying ₹ 100 as Annual Subscription. Subscription due but not received for the Current year is ₹ 200; Subscription received in advance is ₹ 300. Find out the amount of Subscription to be shown in the Income and Expenditure account.

A handful of recurring items carry a fixed, well-established treatment that Class 12 problems test repeatedly. Subscription received during the year is adjusted for outstanding and advance amounts at both the start and end of the year to find the figure that actually belongs to the current year — the standard working is: Received during the year − opening outstanding + closing outstanding − closing advance + opening advance. …