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Question no 18 Chapter 1 V K Publication class 12
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18. From the following extracts of Receipts and Payments Account and additional information, you are required to calculate the income from subscription for the year ending 31st March, 2018 and show them in Income and Expenditure Account and the Balance Sheet of Royal Club:
Receipts and Payments Account
for the year ending 31st March, 2018
| Receipts | ₹ | Payments | ₹ |
| To Subscription: | |||
| 2016-2017 | 10,000 | ||
| 2017-2018 | 60,000 | ||
| 2018-2019 | 12,000 |
Additional information:
(i) Subscription outstanding on 31st March, 2017 ₹ 12,000;
(ii) Subscription outstanding on 31st March, 2018 ₹ 10,000:
(iii) Subscription received in advance on 31st March, 2017 ₹ 12,000.
The Solution of Question No 18 Chapter No 01 – V K Publications Class 12
| Subscriptions Account | ||||
| Particulars | Amount | Particulars | Amount | |
| To Outstanding Subscriptions A/c (In the beginning) | 12,000 | By Subscriptions Received in Advance A/c (advance received in previous year) | 14,400 | |
| To Outstanding Subscriptions A/c (In the beginning) | 80,000 | By Bank A/c | 78,000 | |
| To Subscriptions Received in Advance A/c (at the end) | 12,000 | By Outstanding Subscriptions A/c (Outstanding at the end of current year) | 25,200 | |
| 1,04,000 | 1,04,000 | |||
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| Income and Expenditure Account | ||||
| Expenditures | Amount | Incomes | Amount | |
| By Subscriptions A/c | 80,000 | |||
| Balance Sheet as at 31st March 2017 | ||||
| Liabilities | Amount | Assets | Amount | |
| Subscriptions Received in Advance Assets | 12,000 | Outstanding Subscriptions | 12,000 | |
| Balance Sheet as at 31st March 2018 | ||||
| Liabilities | Amount | Assets | Amount | |
| Subscriptions Received in Advance Assets | 12,000 | Outstanding Subscriptions | 10,000 | |
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Not-for-Profit Organisations – Meaning and Overview
What is Receipt and Payment account – format in Excel & PDF
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What is Incomes and Expenditures Account – format in Excel & PDF
What is subscription in NPO – Treatments and Examples:
Also, Check out the solved question of all Chapters: –
Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
Part-III
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- Chapter No. 18 – Introduction to Computers and Accounting information System
- Chapter No. 19 – Computerised Accounting
- Chapter No. 20 – Accounting Software: Tally
- Chapter No. 21 – Data Base System
- Chapter No. 22 – Concept of Entity and Relationship
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)
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