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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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20. From the following items, calculate the amount of subscriptions to be credited to the Income and Expenditure Account for the year ending on 31st March, 2018. You are also required to show the items in the Balance Sheets as at 31st March, 2017 and 2018:
| Particulars | ₹ |
| Subscriptions received during 2017-18 | 71,700 |
| Subscriptions outstanding on 31st March, 2017 | 6,000 |
| Subscriptions received in Advance on 31st March, 2017 | 4,500 |
| Subscriptions received in Advance on 31st March, 2018 | 25,700 |
| Subscriptions outstanding on 31st March, 2018 | 7,500 |
Statement showing Calculation of Subscriptions
| Particulars | Amount | |
|---|---|---|
| Subscriptions received during the year | 71,700 | |
| Add: Subscriptions Outstanding at the end of the year | 7,500 | |
| Subscriptions Received in Advance in the beginning | 4,500 | 12,000 |
| 83,700 | ||
| Less: Subscriptions outstanding in the beginning of the year | 6,000 | |
| Subscriptions Received in Advance at the end of the year | 2,700 | 8,700 |
| Subscriptions to be shown in Income and Expenditure Account | 75,000 | |
Balance Sheet as at 31st March 2017
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Subscriptions Received in Advance Assets | 4,500 | Outstanding Subscriptions | 6,000 | |
Balance Sheet as at 31st March 2018
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Subscriptions Received in Advance Assets | 2,700 | Outstanding Subscriptions | 22,000 | |
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Also, Check out the solved question of all Chapters: –
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
Check out V. K. Publication Class 12 @ Oficial Website of V. K. Publication
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.
This guide covers "Question no 20 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.
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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question no 20 Chapter 1 V K Publication class 12" instantly.
