Question

EXAMPLE 14) Receipts and payments account of Friends Association disclosed that it has received
84,00,000 by way of subscriptions during the year ended on 31st March, 2016.
Additional Information
Particulars
Amt (3)
Subscription outstanding as on 1-4-2015
10,000
(Out of which 7,000 were received in 2015-16)
Subscription received in advance on 31-3-2015
6,000
Subscription received in advance on 31-3-2016
8,200
Show the amount of subscription that will appear in income and expenditure account for the year
ending 31st March, 2016 and the balance sheet as at that date in each of the following alternative cases.
(i) If subscription outstanding for 2015-16 is 12,800.
(ii) If subscription outstanding as on 31-3-2016 is 12,800.

Answer 1

On 1.1.20 X Ltd. purchased fixed assets worth 2,50,000 for a consideration of * 2,30,000 payable by the

issue of 20,000 fully paid equity shares of 10 each at a premium of 15%. After 6 months X Ltd. sold the

above fixed assets for * 3,20,000.

Answer 2

Explanation:

I think it has to be done this way