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

Question 18 Chapter 1 of +2-A
Question No.18 - Chapter No.1 - T.S. Grewal +2 Book Part-A 2019-Solution-min-min

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Question 18 Chapter 1 of +2-A

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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 20193,58,500
Subscription outstanding on 31st March 2018 30,000
Subscription received in Advance on 31st March 201822,500
Subscription received in Advance on 31st March 201913,500
Subscription outstanding on 31st March 201937,500
(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
AmountIncome Amount
  By Subscription3,58,500 
  Add: – Closing O/S25,000 
  – Opening advance22,500 
   4,06,000 
  Less: – Opening O/S17,500 
  – Closing advance13,5003,75,000

 

Balance Sheet
Liabilities
AmountAssets Amount
Subscription Received in Advance
As on 31st March 2019
13,500Outstanding Subscription

 

 

 
  For the Year 2017-18

12,500

 
  For the Year 2018-19

25,000

37,500

 

Balance Sheet
LiabilitiesAmountAssets
Amount
Subscription Received in Advance
As on 31st March 2019
22,500Outstanding Subscription
For the Year 2017-18

30,000

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Calculation of Amount of Subscriptions

Subscription received During the year3,58,500
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 201922,500
 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 31/03/2113,500
The amount for subscription credited to the Income and Expenditure A/c3,75,000

                                             

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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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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