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

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

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Question 15 Chapter 1 of +2-A

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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 2018Subscriptions in Arrears 50,000
 Subscriptions Received in Advance30,000
31st March 2018Subscriptions in Arrears 25,000
 Subscriptions Received in Advance70,000

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
AmountIncome Amount
  By Subscription3,00,000 
  Add: – Closing O/S25,000 
  – Opening advance30,000 
   3,55,000 
  Less: – Opening O/S50,000 
  – Closing advance70,0002,35,000
 
Balance Sheet
Liabilities
AmountAsset
Amount
Subscription Received in Advance
As on 31st March 2019
70,000Outstanding Subscription  
  For the Year 2017-1810,000 
  For the Year 2018-1925,00035,000

Calculation of Amount of Subscriptions

Subscription received During the year3,00,000
Add: – Subscription in arrear as on 31/03/1925,000
Subscription received in advance as on 1/4/1830,000
 3,55,000
Less: – Subscription in arrear as on 1/4/1850,000
Subscription received in advance as on 31/03/1970,000
The amount for subscription credited to the Income and Expenditure A/c2,35,000

                                                                                                          

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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)

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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