Question 14 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 14 Chapter 1 of +2-A

Question 14 Chapter 1 of +2-A

14. In the year ended 31st March 2019, Subscriptions received by Kings Club, Delhi was Rs 4,09,000 including Rs 5,000 for the year ended 31st March 2018 and Rs. 10,000 for the ended 31st March 2020. At the end of the year ended 31st March 2019 subscriptions outstanding for the year ended 31st March 2019 were 15,000. The subscriptions due but not received at the end of the previous year i.e. 31st March 2018 were Rs. 8,000, while subscriptions received in advance on the same date were Rs. 18,000.
Calculate the number of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March 2019.

 

The solution of Question 14 Chapter 1 of +2-A

: –

In the Books of Jaipur Literary Society
Income and Expenditure Account
Expenditure
  Amount Income
  Amount
      By Subscription 4,09,000  
      Add: – Closing O/S 15,000  
      – Opening advance 18,000  
        4,42,000  
      Less: – Opening O/S 5,000  
      – Closing advance 10,000 4,27,000

Calculation of Amount of Subscriptions

Subscription received During the year 4,09,000
Add: – Subscription outstanding at the end of the year 15,000
Subscription received in advance at the beginning of the year 18,000
  4,42,000
Less: – Subscription outstanding at the beginning of the year 5,000
Subscription received in advance at the end of the year 10,000
The amount for subscription credited to the Income and Expenditure A/c 4,27,000

                                                                                                          

 

Not-for-Profit Organisations – Meaning and Overview

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Also, Check out the solved question of previous Chapters: –

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

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2 Book 1 min - Question 14 Chapter 1 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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