Question 09 Chapter 1 of +2- Part-1 – USHA Publication 12 Class Part – 1

Question 09 Chapter 1 of +2- Part-1

Question 09 Chapter 1 of +2-Part-1

9. Subscriptions received during the year ended March 31, 2015, by Indus Club were as under :

Particulars  Amount 
2013-2014 3,000
2014-2015 93,000
2015-2016 2,000

The club has 500 members each paying Rs. 200 as an annual subscription. Subscription outstanding as of 31-3-14 was Rs. 6,000. Calculate the amount of subscription to be shown as income in the income and expenditure account for the year ended 31 March 2015 and show the relevant data in the Balance Sheet on 31-3-2014 and 2015.

The solution of Question 09 Chapter 1 of +2 Part-1: – 

Calculation of Amount of Subscription:
  Amount
Subscription received for the year 2014-15 93,000
Add: – Subscription outstanding on 31/03/2015 (500 x 200)-93000 7,000
The amount for subscription credited to the Income and Expenditure A/c 1,00,000

 

Balance Sheet
As on 31-3-2015
Particular
Amount Particular

Amount
Subscription received in advance for 2014-15 2,000 Outstanding Subscription    
    For 2013-14 (6,000- 3,000) 3,000  
    For 2014-15 7,000 10,000

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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 09 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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