Subscription received in cash during the year amounted to Rs 40,000, subscription outstanding at the end of pervious year was Rs 1,500 and outstanding at the end of current year was Rs 2,000. Subscription received in advance for next year was Rs 800. The amount credited to Income & Expenditure Account will be:

Options

A. Rs 38,700
B. Rs 39,700
C. Rs 40,300
D. Rs 41,300

Answer

B