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 Income and Expenditure Account for the year ending 31-3-2015.
The Content covered in this article:
- The solution of Question 05 Chapter 1 of +2 Part-1
- : –
- 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)
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 | |
| 2,75,100 | ||
| Less: – Subscription received for 2013-14 (received in 2014-15) | (3,500) | |
| Subscription received in advance on 31/3/2015 | (4,100) | |
| Amount for subscription 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: –
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
