Question 16 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 16 Chapter 1 of +2-A

Question 16 Chapter 1 of +2-A

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  

 

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The solution of Question 16 Chapter 1 of +2-A

: –

CaseI
Income and Expenditure Account
Expenditure
Amount Income Amount
    By Subscription 2,50,000  
    Add: – Closing O/S 6,000  
    – Opening advance    
      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

CaseII                                              

Income and Expenditure Account
Expenditure
Amount Income  Amount
    By Subscription 49,000  
    Add: – Closing O/S 2,000  
    – Opening advance 3,000  
      54,000  
    Less: – Opening O/S    
    – Closing advance   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

CaseIII

Income and Expenditure Account
Expenditure
Amount Income Amount
    By Subscription 25,000  
    Add: – Closing O/S 5,000  
    – Opening advance    
      30,000  
    Less: – Opening O/S 3,000  
    – Closing advance   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

CaseIV

Income and Expenditure Account
Expenditure
Amount Income Amount
    By Subscription 80,000  
    Add: – Closing O/S 8,000  
    – Opening advance    
      88,000  
    Less: – Opening O/S 5,000  
    – Closing advance 2,000 81,000

Calculation of Amount of Subscriptions

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

CaseV

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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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)

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms