Question 14 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 1 of +2- Part-1

Question 14 Chapter 1 of +2-Part-1

14. A club has 300 members. Each member pays Rs.100 annual subscription. Subscription Rs.2,800 is outstanding on 31-3-2010.

Receipts    Amount Payments  Amount 
To Subscription A/c :            
31-03-14 700      
31-03-15 28,000      
31-03-16 2,500 31,200    

You are required to show the above items in Income and Expenditure account for the year ended31-3-10 and in the Balance Sheet as on that date.

 

The solution of Question 14 Chapter 1 of +2 Part-

: – 

 

 

Income and Expenditure Account for the year ending 31-3-2010
Liabilities
Amount Assets
Amount
    By Subscription (300*100)   30,000
         
         

 

Balance Sheet
As on 31-3-2010
Liabilities
Amount Assets
Amount
Subscription received in advance 2,500 Outstanding Subscription:    
    31-03-09 800  
    31-03-10(WN1) 2,000 2,800



Rs.700 subscription is received for 31.3.09 in the current year 31.3.10. It means Rs.700 was outstanding in the previous year.  
Subscription received in current year (31-3-10) = 28,000
Therefore, outstanding should be Rs(30,000-28,000) = 2,000

 

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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 14 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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