Question 12 Chapter 1 of +2-Part-1
12. Extracts of Receipts and Payments account for the year ended 31-3-2015 are given below:
| Receipts | Amount | Payments | Amount |
| To Subscription A/c: 31-3-2014 | 1,500 | ||
| 31-03-15 | 48,000 | ||
| 31-03-16 | 1,250 |
| Rs. | ||
| (a) | Subscription outstanding on 31.3.2014 | 2,500 |
| (b) | Total Subscriptions outstanding as on 31.3.2015 | 6,000 |
| (c) | Subscription received in advance as on 31.3.2014 | 1,400 |
Calculate the amount of subscription to be shown on the income side Income and Expenditure account and show the relevant data in the balance sheet on 31.3.2015.
Calculation of Amount of Subscription:
| Particular |
Amount | ||
|---|---|---|---|
| Subscription received for the year 2014-15 | 48,000 | ||
| Add: - Subscription outstanding for 2014-15 | 5,000 | ||
| Subscriptions of 2014-15, received in 2013-14 | 1,400 | ||
| The amount for subscription credited to the Income and Expenditure A/c | 54,400 | ||
Balance Sheet As on 1-4-2015
| Liabilities |
Amount | Assets |
Amount | |||
|---|---|---|---|---|---|---|
| Subscription received in advance for 2015-16 | 1,250 | Outstanding Subscription: | ||||
| For 2013-14 (2,500-1,500) | 1,000 | |||||
| -For 2014-15 (WN1) (500*200-90,000) |
5,000 | 6,000 | ||||
Working Note: -
Calculation of Amount of Subscription:
| Particular |
Amount | ||
|---|---|---|---|
| 1. Total subscription outstanding as on 31.3.2015 | 6,000 | ||
| It includes Rs. 1,000 (i.e. Rs.2500-Rs. 1500) for the subscription still outstanding for 2013-14) | (1,000) | ||
| Hence, the subscription outstanding to 2014-15 is Rs. (6,000-1,000) | 5,000 | ||
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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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