Question 10 Chapter 1 of +2- Part-1
Table of Contents
10. Find out the amount of subscription to be shown in the Income and Expenditure account for the year 2014-15.
| Particulars | Amount |
| 2013-2014 | 3,500 |
| 2014-2015 | 49,000 |
| 2015-2016 | 1,800 |
Club has 600 members, each paying an annual subscription of Rs. 100; Rs.3900 were in arrears for 2013-14 on 1.4.2014: 32 members had paid the subscription for 2014-15 in the year 2013-14.
Also, indicate the amount to be credited to be taken in the opening and closing balance sheets.
The solution of Question 10 Chapter 1 of +2 Part-1
| Subscription to be shown in Income and Expenditure Account for the year ending 31-3-2015 |
|||
| Particular |
Amount | ||
| Subscription received for the year 2014-15 | 49,000 | ||
| Add: – Subscription outstanding on 31/03/2015 (600*Rs.100)-(Rs. 49,000-3,200) | 7,800 | ||
| Received in advance in 2013-14 31-3-2015 |
3,200 | ||
| The amount for subscription credited to the Income and Expenditure A/c | 60,000 | ||
| Balance Sheet As on 1-4-2014 |
||||||
| Liabilities |
Amount | Assets |
Amount | |||
| Subscription received in advance (32*Rs.100) | 3,200 | Outstanding Subscription: | 3,900 | |||
| Balance Sheet As on 31st March, 2015 |
||||||
| Liabilities |
Amount | Assets |
Amount | |||
| Subscription received in advance | 1,800 | Outstanding Subscription: | ||||
| 2013-14 (3,900-3,500) | 400 | |||||
| 2014-15 (60,000-49,000-3,200) | 7,800 | |||||
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- 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
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