Question 18 Chapter 1 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 18 Chapter 1 of +2-A

Question 18 Chapter 1 of +2-A

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

As on 31st March 2019

Balance Sheet
labilities
Amount Assets  Amount
Subscription Received in Advance
As on 31st March 2019
13,500 Outstanding Subscription
For the Year 2017-18
For the Year 2018-19

12,500

25,000

37,500

 

Balance Sheet
labilities
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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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)

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2 Book 1 min - Question 18 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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