Question 07 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 1 of +2- Part-1

Question 07 Chapter 1 of +2-Part-1

7. (Subscription) Find out the amount of subscription to be credited to Income and Expenditure Account of Lions Club for the accounting year ended 31-12-2015 from the following information:

Subscription Received for 2014 – Rs.480; 2015 – Rs.25,320 and 2016 – Rs 960. There are 1800 active members of the club and each has to subscribe Rs 15 annually. Rs 540 were in arrears for 2014 at the beginning of the year 2015.

 

The solution of Question 07 Chapter 1 of +2 Part-1

: – 

 

Calculation of Amount of Subscription:
Particulars
Amount
Subscription received During the year 25,320
Add: – Subscription outstanding on 31/03/2015 1680
((1800*15)-25320)    
Amount for subscription credited to the Income and Expenditure A/c   27,000



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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)

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

2 Book 1 min - Question 07 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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