Practical Problems | Q 3 | Page 115 Chapter 2: Accounts of ‘Not for Profit’ Concerns Receipts and Payments Account for the year ending 31.03.2018.

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Balbharati Solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.

Practical Problems | Q 3 | Page 115


Receipts and Payments Account for the year ending 31.03.2018.


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.


Solution: 


In the books of _____________________

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


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


Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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ACCOUNTANCY PAPER PATTERN

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ACCOUNTING FOR SHARES

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FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

ACCOUNTS BOARD PAPERS WITH SOLUTION

 

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