Question 13 Chapter 1 of +2- Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 1 of +2- Part-1

Question 13 Chapter 1 of +2- Part-1

13. (Subscription) There are 900 members in a society, each paying an annual subscription of Rs. 10 each. Subscription received in advance at the beginning and at the end of the year was Rs.2600 and Rs. 2800 respectively. Subscription unpaid at the beginning of the year Rs.1,400, Subscription received during the year Rs.8,000. Calculate the subscription unpaid at the end.

The solution of Question 13 Chapter 1 of +2 Part-1: – 

Calculation of Amount of Subscription:
Particular

Amount
Subscription received During the year   8,000
Add: – Received in advance (opening)   2,600
    10,600
Less: – Received in advance (closing) 2,800  
Subscription unpaid opening 1,400 (4,200)
Subscription received during the year   6,400
Subscription income for the year (900 members @ Rs. 10 each)   9,000
Less: – Received for the year (as above)   (6,400)
Subscription outstanding at the end   2,600
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 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

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

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2 Book 1 min - Question 13 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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