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Question 05 Chapter 1 of +2- Part-1
5. (Subscription) Receipts and Payments account of Rotary Club disclosed that it has received Rs 20,000 by way of subscriptions for the year ended on 31-03-2015:
| Rs. | ||
| (a) | Subscription outstanding on 1-4-2014 (Out of which Rs.3,500 were received in 2014-15) | 5,000 |
| (b) | Subscription Outstanding on 31-3-2015 for 2014-15 | 6,400 |
| (c) | Subscription received in advance on 31-3-2014 | 3,000 |
| (d) | Subscription received in advance on 31-3-2015 | 4,100 |
Show how the subscription will appear in the Income and Expenditure Account for the year ending 31-3-2015.
Amount of Subscription to be recorded to Income and Expenditure A/c:
| Particulars |
Amount | |
|---|---|---|
| Subscription received During the year | 20,000 | |
| Add: - Subscription outstanding on 31/03/2015 for 2014-15 | 6,400 | |
| Subscription received in advance for 2014-15 in the year 2013-14 | 3,000 | |
| 29,400 | ||
| Less: - Subscription received for 2013-14 (received in 2014-15) | (3,500) | |
| Subscription received in advance on 31/3/2015 | (4,100) | |
| The amount for subscription is credited to the Income and Expenditure A/c | 21,800 | |
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Also, Check out the solved question of previous Chapters: -
Chapter No. 1 - Accounting Not-for-Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 05 Chapter 1 of +2- Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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6 December 2022
8 January 2023
