Question 18 Chapter 1 of +2-A
Table of Contents
18. How are the following items of subscription shown in the Income and Expenditure Account for the year ended 31st March 2019 and Balance sheet as at 31st March 2018 and 2019?
| Rs. | |
| Subscription received during the year ended 31st March 2019 | 3,58,500 |
| Subscription outstanding on 31st March 2018 | 30,000 |
| Subscription received in Advance on 31st March 2018 | 22,500 |
| Subscription received in Advance on 31st March 2019 | 13,500 |
| Subscription outstanding on 31st March 2019 | 37,500 |
| (Including Rs. 12,500 for the year ended 31st March 2018 |
The solution of Question 18 Chapter 1 of +2-A: –
| Income and Expenditure Account |
||||
| Expenditure |
Amount | Income | Amount | |
| By Subscription | 3,58,500 | |||
| Add: – Closing O/S | 25,000 | |||
| – Opening advance | 22,500 | |||
| 4,06,000 | ||||
| Less: – Opening O/S | 17,500 | |||
| – Closing advance | 13,500 | 3,75,000 |
||
| Balance Sheet |
||||
| Liabilities |
Amount | Assets | Amount | |
| Subscription Received in Advance As on 31st March 2019 |
13,500 | Outstanding Subscription |
|
|
| For the Year 2017-18 |
12,500 |
|||
| For the Year 2018-19 |
25,000 |
37,500 | ||
| Balance Sheet |
|||
| Liabilities | Amount | Assets |
Amount |
| Subscription Received in Advance As on 31st March 2019 |
22,500 | Outstanding Subscription For the Year 2017-18 |
30,000 |
Calculation of Amount of Subscriptions
| Subscription received During the year | 3,58,500 |
| Add: – Subscription outstanding on 31/03/19 (37,500-12,500) | 25,000 |
| Subscription received in advance on 31st March 2018 for the year ended on 31st March 2019 | 22,500 |
| 4,06,000 | |
| Less: – Subscription in arrear as on 1/4/18 received during the year (30000-12500) | 17,500 |
| Subscription received in advance for the year ended 31/03/20 and 31/03/21 | 13,500 |
| The amount for subscription credited to the Income and Expenditure A/c | 3,75,000 |
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)
- 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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