Question 5 Chapter 1 – Unimax Class 12 Part 1 – 2021

Question 5 Chapter 1 - Unimax Class 12 Part 1 - 2021

Question 5 Chapter 1 – Unimax Class 12 Part 1

Free Accounting book Solution - Class 11 and Class 12

5. Find out the amount of subscription to be posted to the Income and Expenditure account of Lions Club for the Accounting year ending Dec. 2021 from the following information:
Subscription received for 2020- Rs. 480 ; 2021- Rs. 25,320 and 2022- Rs. 960.

There are 1,800 active members of the club and each has to subscribe to Rs. 15 annually. Rs. 540 were in arrears for 2020 at the beginning of the current year 2021.

The solution to Question 5 Chapter 1 – Unimax Class 12 Part 1: 

Statement Showing Amount of Subscription to be posted to Income and Expenditure of Lions club for the accounting year ending Dec. 2012.

 Particulars Amount
Subscription received during 2012
(480 + 25320 + 960)
  26760
Add: – Outstanding Subscriptions as on Dec. 31, 2012   1680
    28,440
Less: – Subscriptions received for 2011 480  
Less: – Subscriptions received for 2013 960 1440
Income for the year 2006 27000

Working Note :

Outstanding Subscription as on Dec. 31, 2012  
Subscription Income for the year
(1800 members x Rs. 15)
27,000
Less: Received for 2012 25320
  1680

Alternatively :
Subscription income for the year 2012
No. of Members x Annual Subscription per member
=1800 x Rs. 15 = Rs. 27,000

It is all about Question 5 Chapter 1 of Class 12 unimax, If you have any problem please comment below.

Read out the full article to know the meaning of Not for Profit Organisations

Not-for-Profit Organisations – Meaning and Overview

Also, Check out the same article in Hindi from the following link

Not-for-Profit Organisations – Meaning and Overview

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

Accountancy – Unimax Class 12 Part 1 – 2021 – Solution.

Chapter No. 1 – Accounts of Non-Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Basic Concepts)

Chapter No. 3 – Partnership Accounts – II (Goodwill)

Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)

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)

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)

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

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)