Question 10 Chapter 1 of +2- Part-1 – USHA Publication 12 Class Part – 1

Question 10 Chapter 1 of +2- Part-1

Question 10 Chapter 1 of +2- Part-1

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 1-4-2014
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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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2 Book 1 min - Question 10 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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