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Question 12 Chapter 1 of +2-Part-1
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Table of Contents
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 | 1,500 | ||
| 31-03-15 | 48,000 | ||
| 31-03-16 | 1,250 |
| 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 shown 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 | ||
| The 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 | ||||
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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 is Rs. (6,000-1,000) | 5,000 | ||
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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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
