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Question 10 Chapter 1 of +2- Part-1
10. Find out the amount of subscription to be shown in the Income and Expenditure account for the year 2014-15.
| Particulars | Amount |
| 2013-2014 | 3,500 |
| 2014-2015 | 49,000 |
| 2015-2016 | 1,800 |
Club has 600 members, each paying an annual subscription of Rs. 100; Rs.3900 were in arrears for 2013-14 on 1.4.2014: 32 members had paid the subscription for 2014-15 in the year 2013-14.
Also, indicate the amount to be credited to be taken in the opening and closing balance sheets.
Subscription to be shown in Income and Expenditure Account for the year ending 31-3-2015
| Particular |
Amount | ||
|---|---|---|---|
| Subscription received for the year 2014-15 | 49,000 | ||
| Add: - Subscription outstanding on 31/03/2015 (600*Rs.100)-(Rs. 49,000-3,200) | 7,800 | ||
| Received in advance in 2013-14 31-3-2015 |
3,200 | ||
| The amount for subscription credited to the Income and Expenditure A/c | 60,000 | ||
Balance Sheet As on 1-4-2014
| Liabilities |
Amount | Assets |
Amount | |||
|---|---|---|---|---|---|---|
| Subscription received in advance (32*Rs.100) | 3,200 | Outstanding Subscription: | 3,900 | |||
Balance Sheet As on 31st March, 2015
| Liabilities |
Amount | Assets |
Amount | |||
|---|---|---|---|---|---|---|
| Subscription received in advance | 1,800 | Outstanding Subscription: | ||||
| 2013-14 (3,900-3,500) | 400 | |||||
| 2014-15 (60,000-49,000-3,200) | 7,800 | |||||
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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.
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