20. From the following items, calculate the amount of subscriptions to be credited to the Income and Expenditure Account for the year ending on 31st March, 2018. You are also required to show the items in the Balance Sheets as at 31st March, 2017 and 2018:
| Particulars | ₹ |
| Subscriptions received during 2017-18 | 71,700 |
| Subscriptions outstanding on 31st March, 2017 | 6,000 |
| Subscriptions received in Advance on 31st March, 2017 | 4,500 |
| Subscriptions received in Advance on 31st March, 2018 | 25,700 |
| Subscriptions outstanding on 31st March, 2018 | 7,500 |
The Solution of Question No 20 Chapter No 01 – V K Publications Class 12
| Statement showing Calculation of Subscriptions | ||
| Particulars | Amount | |
| Subscriptions received during the year | 71,700 | |
| Add: Subscriptions Outstanding at the end of the year | 7,500 | |
| Subscriptions Received in Advance in the beginning | 4,500 | 12,000 |
| 83,700 | ||
| Less: Subscriptions outstanding in the beginning of the year | 6,000 | |
| Subscriptions Received in Advance at the end of the year | 2,700 | 8,700 |
| Subscriptions to be shown in Income and Expenditure Account | 75,000 | |
| Balance Sheet as at 31st March 2017 |
||||
| Liabilities | Amount | Assets | Amount | |
| Subscriptions Received in Advance Assets | 4,500 | Outstanding Subscriptions | 6,000 | |
| Balance Sheet as at 31st March 2018 |
||||
| Liabilities | Amount | Assets | Amount | |
| Subscriptions Received in Advance Assets | 2,700 | Outstanding Subscriptions | 22,000 | |
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
Not-for-Profit Organisations – Meaning and Overview
What is Receipt and Payment account – format in Excel & PDF
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: –
Advertisement-X
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
- 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)
Advertisement-X
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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)
Advertisement-X
Chapter No. 18 – Financial Statements – (With Adjustments)
Check out V. K. Publication Class 12 @ Oficial Website of V. K. Publication