Question 05 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

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 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

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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
• Chapter No. 3 – Partnership Accounts – II (Introduction)
• Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
• Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
• Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
• 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 (Balance Sheet Only)
• Chapter No. 2 – Techniques of Financial Statement Analysis
• Chapter No. 3 – Ratio Analysis 

• Chapter No. 4 – Cash Flow Statement

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