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 the Income and Expenditure account for the year ended31-3-10 and in the Balance Sheet as of that date.

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

Income and Expenditure Account for the year ending 31-3-2010
Liabilities
Amount Assets
Amount
    By Subscription (300 x 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 the 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: –

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 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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