Question 11 Chapter 1 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 1 of +2- Part-1

Question 11 Chapter 1 of +2-Part-1

11. You are required to show subscription in Income and Expenditure account and relevant information in the Balance Sheet.

Receipts  Amount Payments  Amount
To Subscription A/c: 31-3-2014 25,000    
31-03-15 90,000    
31-03-16 10,000    

Additional Information:
Subscription Outstanding 31-3-2015 – Rs. 10,000
Subscription Outstanding 31-3-2014 – Rs. 30,000
Subscription Received in advance 31-3-2014 – Rs. 7,000

The solution of Question 11 Chapter 1 of +2-Part-1: –

Income and Expenditure Account
Liabilities
Amount Assets
Amount
  3,200 By Subscription received 90,000  
    Add: Subscription received in advance in 2013-14 7,000  
    Add: Outstanding Subscription on 31-3-15 10,000 1,07,000

 

Balance Sheet
As on 1-4-2015
Liabilities
Amount Assets
Amount
Subscription received in advance 10,000 Outstanding Subscription:    
    2013-14 (30,000-25,000 5,000  
    2014-15 10,000 15,000

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Also, Check out the solved question of previous Chapters: –

    • Chapter No. 4 – Cash Flow Statement

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

      • Chapter No. 1 – Accounting Not for Profit Organisations
      • Chapter No. 2 – Partnership Accounts – I
      • Chapter No. 3 – Partnership Accounts – II (Introduction)
      • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
      • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
      • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
      • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
      • 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 (Balance Sheet Only)
      • Chapter No. 2 – Techniques of Financial Statement Analysis
      • Chapter No. 3 – Ratio Analysis 

 

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2 Book 1 min - Question 11 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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