Question 16 Chapter 1 of +2-A
Table of Contents
16. Calculate the number of subscriptions which will be treated as income for the year ended 31st March 2019 for each of the following cases:
| Particulars | Rs. | |
| Case I. | (i) Subscriptions collected during the year ended 31st March 2019 | 2,50,000 |
| (ii) Subscriptions in Arrears for the year ended 31st March 2019 | 6,000 | |
| (iii) Subscription received in advance for the year ended 31st March 2020 | 5,000 | |
| Case II | (i) Subscriptions collected during the year ended 31st March 2019 | 49,000 |
| (ii) Subscriptions for the year ended 31st March 2019 Collection in the year ended 31st March 2019 (iii) Subscription unpaid for the year ended 31st March 2019 | 3,000 | |
| 2,000 | ||
| Case III | (i) Subscriptions received during the year ended 31st March 2019 | 25,000 |
| (ii)Subscriptions outstanding at the beginning of the year ended 31st March 2019 | 3,000 | |
| (iii)Subscription not yet collected for the year ended 31st March 2019 | 5,000 | |
| Case IV | (i) Subscriptions received during the year ended 31st March 2019 | 80,000 |
| (ii)Subscriptions outstanding at the beginning of the year ended 31st March 2019 | 5,000 | |
| (iii)Subscriptions not yet collected for the year ended 31st March 2019 | 8,000 | |
| (iv)Subscriptions received in advance for the year ended 31st March 2020 | 2,000 | |
| Case V | (i) Subscriptions received during the year ended 31st March 2019 | 90,000 |
| (ii)Subscriptions outstanding at the end of the year ended 31st March 2018 | 5,000 | |
| (iii)Subscriptions received in advance on 31st March 2018 | 3,000 | |
| (iv)Subscriptions received in advance on 31st March 2019 | 4,000 | |
| (v)Subscriptions not yet collected for the year ended 31st March 2019 |
The solution of Question 16 Chapter 1 of +2-A: –
| Case I | ||||
| Income and Expenditure Account |
||||
| Expenditure |
Amount | Income | Amount | |
| By Subscription | 2,50,000 | |||
| Add: – Closing O/S | 6,000 | |||
| 2,56,000 | ||||
| Less: – Opening O/S | ||||
| – Closing advance | 5,000 | 2,51,000 |
||
Calculation of Amount of Subscriptions
| Subscription received During the year | 2,50,000 |
| Add: – Subscription in arrear as on 31/03/19 | 6,000 |
| Subscription received in advance as on 1/4/18 | |
| 2,56,000 | |
| Less: – Subscription in arrear as on 1/4/18 | |
| Subscription received in advance as on 31/03/19 | 5,000 |
| The amount for subscription credited to the Income and Expenditure A/c | 2,51,000 |
Case II
| Income and Expenditure Account |
||||
| Expenditure |
Amount | Income | Amount | |
| By Subscription | 49,000 | |||
| Add: – Closing O/S | 2,000 | |||
| – Opening advance | 3,000 | |||
| 54,000 | 54,000 | |||
Calculation of Amount of Subscriptions
| Subscription received During the year | 49,000 |
| Add: – Subscription in arrear as on 31/03/19 | 2,000 |
| Subscription received in advance as on 1/4/18 | 3,000 |
| 54,000 | |
| Less: – Subscription in arrear as on 1/4/18 | |
| Subscription received in advance as on 31/03/19 | |
| The amount for subscription credited to the Income and Expenditure A/c | 54,000 |
Case III
| Income and Expenditure Account |
||||
| Expenditure |
Amount | Income | Amount | |
| By Subscription | 25,000 | |||
| Add: – Closing O/S | 5,000 | |||
| 30,000 | ||||
| Less: – Opening O/S | 3,000 | 27,000 | ||
Calculation of Amount of Subscriptions
| Subscription received During the year | 25,000 |
| Add: – Subscription in arrear as on 31/03/19 | 5,000 |
| Subscription received in advance as on 1/4/18 | |
| 30,000 | |
| Less: – Subscription in arrear as on 1/4/18 | 3,000 |
| Subscription received in advance as on 31/03/19 | |
| The amount for subscription credited to the Income and Expenditure A/c | 27,000 |
Case IV
| Income and Expenditure Account |
||||
| Expenditure |
Amount | Income | Amount | |
| By Subscription | 80,000 | |||
| Add: – Closing O/S | 8,000 | |||
| 88,000 | ||||
| Less: – Opening O/S | 5,000 | |||
| – Closing advance | 2,000 | 81,000 |
||
Calculation of Amount of Subscriptions
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| Subscription received During the year | 80,000 |
| Add: – Subscription in arrear as on 31/03/19 | 8,000 |
| Subscription received in advance as on 1/4/18 | |
| 88,000 | |
| Less: – Subscription in arrear as on 1/4/18 | 5,000 |
| Subscription received in advance as on 31/03/19 | 2,000 |
| The amount for subscription credited to the Income and Expenditure A/c | 81,000 |
Case V
| Income and Expenditure Account |
||||
| Expenditure |
Amount | Income . | Amount | |
| By Subscription | 90,000 | |||
| Add: – Closing O/S | 6,000 | |||
| – Opening advance | 3,000 | |||
| 99,000 | ||||
| Less: – Opening O/S | 5,000 | |||
| – Closing advance | 4,000 | 90,000 |
||
Calculation of Amount of Subscriptions
| Subscription received During the year | 90,000 |
| Add: – Subscription in arrear as on 31/03/19 | 6,000 |
| Subscription received in advance as on 1/4/18 | 3,000 |
| 99,000 | |
| Less: – Subscription in arrear as on 1/4/18 | 5,000 |
| Subscription received in advance as on 31/03/19 | 4,000 |
| The amount for subscription credited to the Income and Expenditure A/c | 90,000 |
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)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
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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