What is the main topic of "Question no 16 Chapter 1 V K Publication class 12"?

This guide covers "Question no 16 Chapter 1 V K Publication class 12", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter No 01 - Accounting for Not for Profit Organisation.

Who can benefit from this guide on "Question no 16 Chapter 1 V K Publication class 12"?

It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.

Where can I practice questions related to "Question no 16 Chapter 1 V K Publication class 12"?

You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question no 16 Chapter 1 V K Publication class 12" instantly.

Question no 16 Chapter 1 V K Publication class 12

⚡

Quick Overview & Key Takeaways

Focus Topic:Question no 16 Chapter 1 V K Publication class 12

Estimated Reading Time:4 mins

Comprehensive academic guide covering core concepts of Question no 16 Chapter 1 V K Publication class 12.
Syllabus-aligned study material with detailed definitions, formats, and practical examples.
Interactive check: Includes a custom practice quiz at the bottom of the article to self-evaluate knowledge.

Question no 16 Chapter 1 V K Publication class 12

16. From the following information, calculate the amount of subscriptions for the year:
Subscription year ended 31st March, 2018 and show the same in Income and Expenditure Account and Opening and Closing Balance Sheets of a club:

Receipts and Payments Account
for the year ending 31st March, 2018

Receipts	₹	Particulars	₹
To Subscription	78,000

Additional Information:
(i) Subscriptions outstanding on 31st March, 2017 ₹ 15,600.
(ii) Subscriptions outstanding on 31st March, 2018 ₹ 25,200.
(ii) Subscriptions received in advance on 31st March, 2017 ₹ 14,400.
(iv) Subscriptions received in advance on 31st March 2018 ₹ 12,000

The Solution of Question No 16 Chapter No 01 - V K Publications Class 12

Statement showing Calculation of Subscriptions

Particulars	Amount
Subscriptions as per Receipt’s and Payments Account	78,000
Add: Outstanding Subscriptions on 31st March, 2018	25,200
	1,03,200
Less: Outstanding Subscriptions on 31st March, 2017	15,600
	87,600
Add: Subscriptions in advance on 31st March, 2017	14,400
	1,02,000
Less: Subscriptions in advance on 31st March, 2018	12,000
Amount to be credited to Income and Expenditure Account	90,000

Subscriptions Account

Particulars	Amount	Particulars	Amount
To Outstanding Subscriptions A/c (O/s at the end of previous year)	15,600	By Subscriptions Received in Advance A/c (advance received in previous year)	14,400
To Income and Expenditure A/c (Bal. Fig)	90,000	By Bank A/c	78,000
To Subscriptions Received in Advance A/c (advance received in current year)	12,000	By Outstanding Subscriptions A/c (Outstanding at the end of current year)	25,200
	1,17,600		1,17,600