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Calculate Amount of Subscriptions Which Will Be Treated as Income for the Year Ended 31st March, 2019 for Each of the Following Cases: - Accountancy

Ledger

Calculate amount of subscriptions which will be treated as income for the year ended 31st March, 2019 for each of the following cases:

   Particulars    ₹ 
  Case I.
 (i) Subscriptions collected during the year ended 31st March, 2019
 (ii) Subscriptions in arrears for the year ended 31st March, 2019
 (iii) Subscriptions received in advance for the year ended 31st March, 2020
 2,50,000 
     6,000 
     5,000 
Case II.  (i) Subscriptions collected during the year ended 31st March, 2019
 (ii) Subscriptions for the year ended 31st March, 2019 collected in the year    ended 31st March, 2018
 (iii) Subscriptions unpaid for the year ended 31st March, 2019
49,000
  3,000
  2,000
 Case III.  (i) Subscriptions received during the year ended 31st March, 2019
 (ii) Subscriptions outstanding in the beginning of the year ended 31st March, 2019
 (iii) Subscriptions not yet collected for the year ended 31st March, 2019
25,000
  3,000
  5,000
 Case IV.  (i) Subscriptions received during the year ended 31st March, 2019
 (ii) Subscriptions outstanding in the beginning of the year ended 31st March, 2019
 (iii) Subscriptions not yet collected for the year ended 31st March, 2019
 (iv) Subscriptions received in advance for the year ended 31st March, 2020
80,000
  5,000
  8,000
  2,000
 Case V.  (i) Subscriptions received during the year ended 31st March, 2019
 (ii) Subscriptions outstanding at the end of the year ended 31st March, 2018
 (iii) Subscriptions  received in advance on 31st March, 2018
 (iv) Subscriptions  received in advance on 31st March, 2019
 (v) Subscriptions not yet collected for the year ended 31st March, 2019
90,000
5,000
3,000
4,000
6,000
 
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Solution

Case 1

Statement of Subscription
for the year ended March 31, 2019

Particulars 

Amount (₹)

Subscriptions collected during the year 2018-19

2,50,000

Add: Subscriptions-in-arrears for the year 2018-19

6,000

Less: Subscriptions received in advance for the year 2019-20

(5,000)

Subscriptions Income for the year 2018-19

2,51,000

Case 2

Statement of Subscription

for the year ended March 31, 2019

Particulars 

Amount

(₹)

Subscriptions collected during the year 2018-19

49,000

Add: Subscriptions collected for 2018-19 in 2017-18

3,000

Add: Subscriptions unpaid for the year 2018-19

2,000

Subscriptions Income for the year 2018-19

54,000

Case 3

Statement of Subscription

for the year ended March 31, 2019

Particulars 

Amount (₹)

Subscriptions received during the year 2018-19

25,000

Less: Subscriptions outstanding in the beginning of 2018-19

(3,000)

Add: Subscriptions yet not collected for 2018-19

5,000

Subscriptions Income for the year 2018-19

27,000

Case 4

Statement of Subscription

for the year ended March 31, 2019

Particulars 

Amount (₹)

Subscriptions received during the year 2018-19

80,000

Less: Subscriptions outstanding in the beginning of 2018-19

(5,000)

Add: Subscriptions yet not collected for 2018-19

8,000

Less: Subscriptions for 2019-20 received in advance

(2,000)

Subscriptions Income for the year 2018-19

81,000

Case 5

Statement of Subscription

for the year ended March 31, 2019

Particulars 

Amount

(₹)

Subscriptions received during the year 2018-19

90,000

Less: Subscriptions outstanding at the end of 2017-18

(5,000)

Add: Subscriptions received in advance on Mar. 31, 2018

3,000

Less: Subscriptions received in advance on Mar. 31, 2019

(4,000)

Add: Subscriptions not yet collected for 2018-19

6,000

Subscriptions Income for the year 2018-19

90,000

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APPEARS IN

TS Grewal Class 12 Accountancy - Double Entry Book Keeping Volume 1
Chapter 1 Financial Statements of Not for Profit Organisations
Exercise | Q 16 | Page 59
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