Question 08 Chapter 1 of +2- Part-1 - USHA Publication 12 Class Part

Question 08 Chapter 1 of +2- Part-1

Table of Contents

8. How will you deal with the following items while preparing the Income and Expenditure Account and Balance Sheet for the year ended 31-3-2015.

The club has 500 members each paying Rs. 200. Subscription outstanding on 31-3-14 was Rs.28,000.

The solution of Question 08 Chapter 1 of +2 Part-1: –

Income and Expenditure Account for the year ending 31-3-2015
Particular	Amount	Particular		Amount
		By Subscription:
		Received during the year	90,000
		Add: Outstanding on 31-3-2015	10,000	1,00,000

Balance sheets As on 31-3-2015
Particular	Amount	Particular		Amount
Subscription received in advance for 2015-16	10,000	Outstanding Subscription:
		For 2013-14 (28,000-25000	3,000
		For 2014-15 (500 x 200-90,000)	10,000	13,000

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Also, Check out the solved question of previous Chapters: –

Chapter No. 1 – Financial Statements of a Company
Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement