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

Question 11 Chapter 1 of +2- Part-1

Question 12 Chapter 1 of +2-Part-1

12. Extracts of Receipts and Payments account for the year ended 31-3-2015 are given below:

Receipts  Amount Payments  Amount
To Subscription A/c : 31-3-2014 25,000    
31-03-15 90,000    
31-03-16 10,000    
     Rs.
(a) Subscription outstanding on 31.3.2014 2,500
(b) Total Subscriptions outstanding as on 31.3.2015 6,000
(c) Subscription received in advance as on 31.3.2014 1,400

Calculate the amount of subscription to be show on the income side Income and Expenditure account and show the relevant data in the balance sheet on 31.3.2015.

The solution of Question 12 Chapter 1 of +2 Part-1

: – 

 

Calculation of Amount of Subscription:
Particular

Amount
Subscription received for the year 2014-15   48,000
Add: – Subscription outstanding for 2014-15   5,000
Subscriptions of 2014-15, received in 2013-14   1,400
Amount for subscription credited to the Income and Expenditure A/c   54,400

 

Balance Sheet
As on 1-4-2015
Liabilities
Amount Assets
Amount
Subscription received in advance for 2015-16 1,250 Outstanding Subscription:    
    For 2013-14 (2,500-1,500) 1,000  
    -For 2014-15 (WN1)
(500*200-90,000)
5,000 6,000

Working Note: –

Calculation of Amount of Subscription:
Particular

Amount
1. Total subscription outstanding as on 31.3.2015   6,000
It includes Rs. 1,000 (i.e. Rs.2500-Rs. 1500) for the subscription still outstanding for 2013-14)   (1,000)
Hence, the subscription outstanding to 2014-15 are Rs.(6,000-1,000)   5,000

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

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 12 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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