Question no 16 Chapter 1 V K Publication class 12

Question no 16 Chapter 1 V K Publication class 12

Table of Contents

The Solution of Question No 16 Chapter No 01 – V K Publications Class 12

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16. From the following information, calculate the amount of subscriptions for the year:
Subscription year ended 31st March, 2018 and show the same in Income and Expenditure Account and Opening and Closing Balance Sheets of a club:

Receipts and Payments Account
for the year ending 31st March, 2018

Receipts	₹	Particulars	₹
To Subscription	78,000

Additional Information:
(i) Subscriptions outstanding on 31st March, 2017 ₹ 15,600.
(ii) Subscriptions outstanding on 31st March, 2018 ₹ 25,200.
(ii) Subscriptions received in advance on 31st March, 2017 ₹ 14,400.
(iv) Subscriptions received in advance on 31st March 2018 ₹ 12,000

The Solution of Question No 16 Chapter No 01 – V K Publications Class 12

Statement showing Calculation of Subscriptions
Particulars	Amount
Subscriptions as per Receipt’s and Payments Account	78,000
Add: Outstanding Subscriptions on 31st March, 2018	25,200
	1,03,200
Less: Outstanding Subscriptions on 31st March, 2017	15,600
	87,600
Add: Subscriptions in advance on 31st March, 2017	14,400
	1,02,000
Less: Subscriptions in advance on 31st March, 2018	12,000
Amount to be credited to Income and Expenditure Account	90,000

Subscriptions Account
Particulars	Amount	Particulars	Amount
To Outstanding Subscriptions A/c (O/s at the end of previous year)	15,600	By Subscriptions Received in Advance A/c (advance received in previous year)	14,400
To Income and Expenditure A/c (Bal. Fig)	90,000	By Bank A/c	78,000
To Subscriptions Received in Advance A/c (advance received in current year)	12,000	By Outstanding Subscriptions A/c (Outstanding at the end of current year)	25,200
	1,17,600		1,17,600

Income and Expenditure Account
Expenditures	Amount	Incomes	Amount
		By Subscriptions A/c	90,000

Balance Sheet as at 31st March 2017
Liabilities	Amount	Assets	Amount
Subscriptions Received in Advance Assets	14,400	Outstanding Subscriptions	15,600

Balance Sheet as at 31st March 2018
Liabilities	Amount	Assets	Amount
Subscriptions Received in Advance Assets	12,000	Outstanding Subscriptions	25,500