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Question 12 Chapter 1 of +2-A
Calculation of Amount of Subscriptions
12. In the year ended 31st March 2019 subscription received by the Jaipur Literary Society was Rs 4,20,000. These subscriptions include Rs 14,000 received for the year ended 31st March 2018 On 31st March 2019, subscriptions due but not received were Rs. 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March 2019 as a subscription?
Calculation of Amount of Subscriptions
| Subscription received During the year | 4,20,000 |
| Add: - Subscription outstanding at the end of the year | 10,000 |
| 4,30,000 | |
| Less: - Subscription outstanding in the beginning of the year | 14,000 |
| The amount for subscription credited to the Income and Expenditure A/c | 4,16,000 |
In the Books of Jaipur Literary Society
| Income and Expenditure Account |
||||
| Expenditures |
Amount | Incomes | Amount | |
|---|---|---|---|---|
| By Subscription | 4,20,000 | |||
| Add: - O/s at the end | 10,000 | |||
| Less: - O/s in the beginning | 14,000 | 4,16,000 |
||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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