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: –

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

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

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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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