
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.
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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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