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

Question 05 Chapter 1 of +2- 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 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 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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 05 Chapter 1 of +2- Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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