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Dr Receipts and payments Account for the year ending 31.03.2018. Cr Receipts Amt. ₹ Amt. ₹ Payments Amt.₹ Amt. ₹ 2016 - 17 2,000 2017 - 18 60,000 2018 - 19 4,500 66,500 - - - Book Keeping and Accountancy

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Ledger
Dr Receipts and Payments Account for the year ending 31.03.2018. Cr
Receipts Amt. ₹ Amt. ₹ Payments Amt.₹ Amt. ₹
To Subscriptions          
2016 - 17 2,000        
2017 - 18 60,000        
2018 - 19 4,500 66,500      

Adjustments :

Subscription Outstanding for the year 2017 - 18 is ₹ 6,000.

During previous year Subscription received in advance for 2017 - 18 is ₹ 2,000.

Outstanding subscription of 2016 - 2017 is ₹ 2,500

With the help of the above information present the item Subscription in Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.

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Solution

Dr

In the books of _____________________

Income and Expenditure Account for the year ended 31st March, 2018

Cr
Expenditure Amount (₹) Amount (₹) Income Amount (₹) Amount (₹)
      By Subscription (Year 2017–18) 60,000  
      Add: Outstanding Subscription of Current Year 2017–18 6,000  
      Add: Subscription received in Advance of Current Year in Previous Year 2,000 68,000

 

Balance Sheet as on 31st March, 2018
Liabilities Amt (₹) Amt (₹) Assets Amt (₹) Amt (₹)
Subscription received in Advance in the Current Year for the Year 2018 – 19   4,500 Outstanding Subscription for Current Year (2017–18)   6,000
      Outstanding Subscription for the Year 2016 – 17 (2,500 – 2,000)   500
Concept: Income and Expenditure Account
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APPEARS IN

Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 2 Accounts of ‘Not for Profit’ Concerns
Exercise 2.2 (Practical Problems) | Q 3. | Page 115
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