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.
The solution of Question 05 Chapter 1 of +2 Part-1: –
| 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 | |
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
