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

Question 14 Chapter 1 of +2-A
Question No.14 - Chapter No.1 - T.S. Grewal +2 Book Part-A 2019-Solution-min-min

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Question 14 Chapter 1 of +2-A

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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: –

Income and Expenditure Account
Expenditure
AmountIncomeAmount
  By Subscription4,09,000 
  Add: – Closing O/S15,000 
  – Opening advance18,000 
   4,42,000 
  Less: – Opening O/S5,000 
  – Closing advance10,0004,27,000

Calculation of Amount of Subscriptions

Subscription received During the year4,09,000
Add: – Subscription outstanding at the end of the year15,000
Subscription received in advance at the beginning of the year18,000
 4,42,000
Less: – Subscription outstanding at the beginning of the year5,000
Subscription received in advance at the end of the year10,000
The amount for subscription credited to the Income and Expenditure A/c4,27,000

                                                                                                          

 

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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)

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)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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