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

Question 15 Chapter 1 of +2-A

Question 15 Chapter 1 of +2-A

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

: –

In the Books of Jaipur Literary Society
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

                                                                                                          

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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

 

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

2 Book 1 min - Question 15 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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