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

Question 08 Chapter 1 of +2- Part-1

Question 08 Chapter 1 of +2-Part-1

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.

Receipts and Payment A/c
Receipts    Amount Payments  Amount
To Subscription A/c  31-03-14 25,000    
  31-03-15 90,000    
  31-03-16 10,000    

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*200-90,000)

10,000 13,000



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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 08 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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