Question 08 Chapter 1 of +2- Part-1 - USHA Publication 12 Class Part - 1

Question 08 Chapter 1 of +2- Part-1

8. How will you deal with the following items while preparing the Income and Expenditure Account and Balance Sheet for the year ended 31-3-2015.

Receipts and Payment A/c

Receipts		Amount	Payments	Amount
To Subscription A/c	31-03-14	25,000
	31-03-15	90,000
	31-03-16	10,000

The club has 500 members each paying Rs. 200. Subscription outstanding on 31-3-14 was Rs.28,000.

The solution of Question 08 Chapter 1 of +2 Part-1: - 

Income and Expenditure Account for the year ending 31-3-2015

Particular		Amount	Particular			Amount
			By Subscription:
			Received during the year		90,000
			Add: Outstanding on 31-3-2015		10,000	1,00,000

 

Balance sheets As on 31-3-2015

Particular		Amount	Particular			Amount
Subscription received in advance for 2015-16		10,000	Outstanding Subscription:
			For 2013-14 (28,000-25000		3,000
			For 2014-15 (500 x 200-90,000)		10,000	13,000

Thanks, Please Like and share with your friends  

Comment if you have any questions.

Also, Check out the solved question of previous Chapters: -

Usha Publication - Accountancy PSEB (Class 12) - Volume I - Solution

• 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)

Usha Publication - Accountancy PSEB (Class 12) - Volume II - Solution

• 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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication