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  AmountPayments Amount
To Subscription A/c 31-03-1425,000  
 31-03-1590,000  
 31-03-1610,000  

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
AmountParticular

Amount
  By Subscription:  
  Received during the year90,000 
  Add: Outstanding on
31-3-2015
10,0001,00,000

 

Balance sheets As on 31-3-2015
Particular
AmountParticular

Amount
Subscription received in advance for 2015-1610,000Outstanding Subscription:  
  For 2013-14 (28,000-250003,000 
  For 2014-15
(500*200-90,000)

10,00013,000

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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

 

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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