Ts grewal 2021-22 Question 21 to 25 Accounting for partnership firm- fundamentals | 12th

 

Double Entry Book Keeping - Ts Grewal Volume-I 2021-2022

Solutions for Class 12 Commerce Accountancy Chapter 1 - Financial Statements Of Not For Profit Organisations

Page No 1.64:

Question No.21:

From the following Particulars, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2021:

(a) Subscriptions in arrear on 31st March, 2020     500

(b) Subscriptions received in advance on 31st March, 2020 for the year ended on 31st March, 2021  1,100

(c) Total Subscriptions received during the year ended 31st March, 2020 (including  ` 400 for the year ended 31st March, 2020,  ` 1,200 for the year ended 31st March, 2022 and  ` 300 for the year ended 31st March, 2023) 35,400

(d) Subscriptions outstanding for year ended 31st March, 2021 400

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Answer:

Statement of Subscriptions

for the year ended March 31, 2021

Page No 1.64:

Question No.22:

How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheets as at 31st March, 2019 and 2020?

Subscriptions received during the year ended 31st March 2020  3,58,500

Subscriptions outstanding on 31st March, 2019  30,000

Subscriptions received in Advance on 31st March,2019 22,500

Subscriptions received in Advance on 31st March, 2020 13,500

Subscriptions outstanding on 31st March, 2020  37,500

(including  ` 12,500 for the year ended 31st March, 2019)

Answer:

Income and Expenditure Account

for the year ended March 31, 2020

Balance Sheet

as on March 31, 2019

Balance Sheet

as on March 31, 2020

Page No 1.64:

Question No. 23:

From the following information, prepare Subscription Account for the year ending 31st March, 2021:

In the year ending 31st March, 2020, subscription received were  ` 2,10,000 (including  ` 6,000 of arrears from previous year) and subscription arrears of previous year were written off  ` 4,000.

Answer:

Page No 1.64:

Question No.24:

Calculate amount of subscriptions which will be treated as income for the year ended 31st March, 2021 for each of the following cases:

 Particulars 

  Case I.

 (i) Subscriptions collected during the year ended 31st March, 2021 2,50,000

 (ii) Subscriptions in arrears for the year ended 31st March, 2021 6,000

 (iii) Subscriptions received in advance for the year ended 31st March, 2022 5,000

Case II.

 (i) Subscriptions collected during the year ended 31st March, 2021 49,000

 (ii) Subscriptions for the year ended 31st March, 2021 collected in the year ended 31st March, 2020 3,000

 (iii) Subscriptions unpaid for the year ended 31st March, 2021 2,000

 Case III.

 (i) Subscriptions received during the year ended 31st March, 2021 25,000

 (ii) Subscriptions outstanding in the beginning of the year ended 31st March, 2021 3,000

 (iii) Subscriptions not yet collected for the year ended 31st March, 2021  5,000

 Case IV.

 (i) Subscriptions received during the year ended 31st March, 2021 80,000

 (ii) Subscriptions outstanding in the beginning of the year ended 31st March, 2021 5,000

 (iii) Subscriptions not yet collected for the year ended 31st March, 2021 8,000

 (iv) Subscriptions received in advance for the year ended 31st March, 2022 2,000

 Case V.

 (i) Subscriptions received during the year ended 31st March, 2021 90,000

 (ii) Subscriptions outstanding at the end of the year ended 31st March, 2020 5,000

 (iii) Subscriptions  received in advance on 31st March, 2020 3,000

 (iv) Subscriptions  received in advance on 31st March, 2021 4,000

 (v) Subscriptions not yet collected for the year ended 31st March, 2021 6,000

Answer:

Case 1

Statement of Subscriptions

for the year ended March 31, 2021

Case 2

Statement of Subscriptions

for the year ended March 31, 2021

Case 3

Statement of Subscriptions

for the year ended March 31, 2021

Case 4

Statement of Subscriptions

for the year ended March 31, 2021

Case 5

Statement of Subscriptions

for the year ended March 31, 2021

Page No 1.65:

Question No.25: 

Calculate the income from a subscription for the year 2020-21 to be credited to Income and Expenditure Account from the following information relating to a club:

Out of subscription outstanding as on 1st April, 2020, `37,500 are no larger receivable.

Answer:

Subscriptions A/c

Working Notes:

Subscription received in advance as on 1st April, 2020 = `87,500, out of which `37,500 for 2021-22 and remaining `50,000 is for 2020-21.

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Chapter-1: Not for Profit Organisation | 2021-2022

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