With the help of 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.




3. With the help of 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.



Dr. Receipts and Payments Account for the year ended 31.03.2018.   Cr. 

Receipts 

Amount 

Amount 

Payments 

Amount 

Amount 

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 2017-189 is ₹2,000.
Outstating subscription of 2016-17 is 42,500.

With the help of 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.

Solution:

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

Expenditure  

Amount 

Amount 

Income 

Amount 

Amount 

 

 

 

By Subscription 

60,000 

 

 

 

 

(+) Outstanding Subscription 2017-18 

6,000 

 

 

 

 

(+) Prepaid Subscription 2017-18 

2,000 

68,000 




Balance Sheet as on 31st March 2018

Liability

Amount

Amount

Assets

Amount

Amount

 

 

 

 

 

 

Prepaid Subscription 2018-19

 

4,500

Outstanding Subscription (2,500-2,000) 2016-17

 

500

 

 

 

 

 

 

Popular posts from this blog

Sun and Moon are Partners in Partnership Firm sharing Profits and Losses equally. You are required to give effects of Adjustments with the help of following information

Trial Balance as on 31st March, 2019   Debit Balance   Amount   Credit Balance   Amount   Land & Building   40,000  Capital A/c Sun  33,500   Moon  33,500  Furniture  18,000  Current A/c: Sun   6,000  Machinery  40,000  Sundry Creditors  25,000  (Purchased on 01/07/18)    Bank Overdraft   10,000  Goodwill  2,000  Reserve Fund  5,000  Wages  2,000  Provident Fund  5,000  Current A/c: Moon  4,000      8% Debentures  8,000      (Purchased on (01/10/18)        Providend Fund Investment  3,500      Stock of Postal stamps  500        1,18,000     1,18,000               Adjustments:   1. Partners are entitled to get salary 6,000 p.a. in additional to their profit & loss sharing.   2. Depreciation on Land & Building, Furniture & Machinery @10%, 5% and 3% respectively.    3. Interest on Capital 5% p.a.     4. Closing stock 60,743   5. Wages included 1,000 as advance given to workers.   6. Interest due but not paid 800.   7. Total Net Profit amounted to 38,113.           Solutio
Read more

CLASS 11th BOOK KEEPING & ACCOUNTANCY

Class 11 Chapter 3 - Journal Entry Solution     Class 11 Chapter 4 - Ledger Accounts   Class 11 Chapter 5 - Subsidiary Book Solution   Class 11 Chapter 6 - Bank Reconciliation Statement     Class 11 Chapter 7 - Depreciation       Class 11 Chapter 8 - Rectification of Errors Solution in Accounting Journal Entry   Class 11 Chapter 9 - Final Account of Proprietary Concern         Maharashtra board Class 11th chapter 3 Journal Entry Solutions
Read more

Class 11th Chapter 4 Ledger Solutions | Class 11 Ledger Practical Problems Solutions

Image
PRACTICAL PROBLEMS   Q.1 Give Journal entries of the following posting from the ledger account.   Q.2 Prepare necessary ledger account from the following Subsidiary Books.   Q.3 From the following Transactions prepare necessary Ledger accounts in the Books of Vinay and balance the same. Q.4 Journalise the following transactions and prepare cash account only. Q.5 Prepare Aparna's account in the books of Suparna.   Q.6. Prepare Cash A/c, Bank A/c, Purchase A/c, sales A/c and Capital A/c, and balance the same in the books of Mandanlal.   Q.7. Journalise the following transactions; post them into Ledger for February 2019.   Q.8 Journalise the following transactions and prepare ledger accounts in the books of Sanjeev.   EXERCISE   Q.6 Complete the following table.     Image by- Edaccountancy   Q.7 Put ✔️ mark for the nature of balance for the following. Image by- Edaccountancy   The practical problems presented above aim to reinforce students' understanding of ledger accounts, subsi
Read more

Student Reviews

Very helpful for getting a solution. Thank you!

I like all your posts. You have done really good work. Thank you for the information you provide; it helped me a lot.

The answers are so perfect and proper 🌝

Nice explanation in full detail is very helpful.

It's very easy to learn.

Privacy Statement: We respect student privacy and do not share any personal information. Reviews are voluntarily provided to showcase genuine appreciation for our content.