Question 15 Chapter 1 of +2-A - T.S. Grewal 12 Class Part

Question 15 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

By Shubham Sharma 5 Min Read September 8, 2022

Question No.15 - Chapter No.1 - T.S. Grewal +2 Book Part-A 2019-Solution-min-min

Question 15 Chapter 1 of +2-A

Table of Contents

The solution of Question 15 Chapter 1 of +2-A: –

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)

15. From the following information, calculate the amount of subscription to be credited to the Income and Expenditure Account for the year ended 31st March 2019.

1st April 2018	Subscriptions in Arrears	50,000
	Subscriptions Received in Advance	30,000
31st March 2018	Subscriptions in Arrears	25,000
	Subscriptions Received in Advance	70,000

Subscriptions received during the year ended 31st March 2019 – Rs. 3,00,000
Subscriptions still in arrears for the year 2017-18 – Rs 10,000

The solution of Question 15 Chapter 1 of +2-A: –

Income and Expenditure Account
Expenditure	Amount	Income		Amount
		By Subscription	3,00,000
		Add: – Closing O/S	25,000
		– Opening advance	30,000
			3,55,000
		Less: – Opening O/S	50,000
		– Closing advance	70,000	2,35,000


Balance Sheet
Liabilities	Amount	Asset		Amount
Subscription Received in Advance As on 31st March 2019	70,000	Outstanding Subscription
		For the Year 2017-18	10,000
		For the Year 2018-19	25,000	35,000

Calculation of Amount of Subscriptions

Subscription received During the year	3,00,000
Add: – Subscription in arrear as on 31/03/19	25,000
Subscription received in advance as on 1/4/18	30,000
	3,55,000
Less: – Subscription in arrear as on 1/4/18	50,000
Subscription received in advance as on 31/03/19	70,000
The amount for subscription credited to the Income and Expenditure A/c	2,35,000