Question

             From the following information calculate the amount of subscription received as per Receipts and Payments Account for the year ended 31 March 2018
 
Subscription outstanding as on 1 April 2017 (Out of this Rs. 7000 were received during 2017-18)
18000
Subscription received in advance as on 31 March 2017
32000
Subscription received in advance as on 31 March 2018
28000
Subscription outstanding for the year 2017-18
15000
Subscription credited to Income and Expenditure Account
378000
​

Answer 1

Answer:

(Both Classes of Shares/Cash Book) Y Ltd. was formed with an authorised capital

* 40,00.000 divided into 3,00,000 equity shares of 10 each and 10,000 Preference shares

* 100 each. Both classes of shares were issued to the public in full and they are to be pa

Preference shar

follows:

Equity shares

Application

20 percent

Allotment

30 percent

First call

50 percent

Second call

All the calls were made and in due course the money were received in full. Give

necessary journal entries and prepare Cash Book.

25 perc

25 perc

25 perc

25 perc