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Question 5 Chapter 1 - Unimax Class 12 Part 1
5. Find out the amount of subscription to be posted to the Income and Expenditure account of Lions Club for the Accounting year ending Dec. 2021 from the following information:
Subscription received for 2020- Rs. 480 ; 2021- Rs. 25,320 and 2022- Rs. 960.
There are 1,800 active members of the club and each has to subscribe to Rs. 15 annually. Rs. 540 were in arrears for 2020 at the beginning of the current year 2021.
Statement Showing Amount of Subscription to be posted to Income and Expenditure of Lions club for the accounting year ending Dec. 2021.
| Particulars | Amount | |
|---|---|---|
| Subscription received during 2021 (480 + 25320 + 960) |
26760 | |
| Add: - Outstanding Subscriptions as on Dec. 31, 2021 | 1680 | |
| 28,440 | ||
| Less: - Subscriptions received for 2020 | 480 | |
| Less: - Subscriptions received for 2022 | 960 | 1440 |
| Income for the year 2021 | 27000 | |
Working Note :
| Outstanding Subscription as on Dec. 31, 2021 | |
| Subscription Income for the year (1800 members x Rs. 15) |
27,000 |
| Less: Received for 2021 | 25320 |
| 1680 |
Alternatively :
Subscription income for the year 2021
No. of Members x Annual Subscription per member
=1800 x Rs. 15 = Rs. 27,000
It is all about Question 5 Chapter 1 of Class 12 unimax, If you have any problem please comment below.
Read out the full article to know the meaning of Not for Profit Organisations
Not-for-Profit Organisations – Meaning and Overview
Also, Check out the same article in Hindi from the following link
Not-for-Profit Organisations – Meaning and Overview
Also, Check out the solved question of all Chapters: –
Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.
Chapter No. 1 – Accounts of Non-Profit Organisations
Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
Chapter No. 3 – Partnership Accounts – II (Goodwill)
Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
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)
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)
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
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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