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 AmountPayments Amount
To Subscription A/c: 31-3-201425,000  
31-03-1590,000  
31-03-1610,000  

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
AmountAssets
Amount
 3,200By Subscription received90,000 
  Add: Subscription received in advance in 2013-147,000 
  Add: Outstanding Subscription on 31-3-1510,0001,07,000

 

Balance Sheet
As on 1-4-2015
Liabilities
AmountAssets
Amount
Subscription received in advance10,000Outstanding Subscription:  
  2013-14 (30,000-25,0005,000 
  2014-1510,00015,000

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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 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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