To find current year income we adjust the receipts:
Locker Rent received during the year: 17,050
Less: Received for previous year: (3,050)
Add: Outstanding for current year (still receivable): 1,500
Income for the year = 17,050−3,050+1,500=15,500.
CUET UG 2022 — Accountancy Partnership
Lockers Rent Received during the year by a club is Rs. 17,050. Locker rent Rs. 3,050 outstanding for the previous year and Rs. 1500 outstanding for the current year.
The amount to be shown in Income and Expenditure is :
Held on 15 Jul 2022 · Verified 13 Jul 2026.
Rs. 15,500
Rs. 17,050
Rs. 21,100
Rs. 18,550
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As per AS-26 Intangible assets like goodwill should be written off.
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Amount of Assets realized debited to Bank Account will be:
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Work through every CUET UG Partnership PYQ, year by year.