✓ Board-verified
Accountancy · 2022 · 3 marks
CBSE 2022 · Region 5 · Set 2 · Q5
As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were 4,00,000. Additional Information:…
As per Receipts and Payments Account of Kala Club for the year ended 31st March, $\displaystyle 2021$, subscriptions received were $\displaystyle 4,00$,000. Additional Information : $\displaystyle 3$ Subscriptions outstanding on $\displaystyle 1.4.2020$ $\displaystyle 1,00,000$ Subscriptions outstanding on $\displaystyle 31.3.2021$ $\displaystyle 70,000$ Subscriptions received in advance on $\displaystyle 1.4.2020$ $\displaystyle 50,000$ Subscriptions received in advance on $\displaystyle 31.3.2021$ $\displaystyle 80,000$ Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, $\displaystyle 2021$ as income from subscription.
From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended31st March, $\displaystyle 2021$ Particulars 1st April, $\displaystyle 2020$ 31st March, $\displaystyle 2021$ (in (Q) Creditors for Stationery $\displaystyle 5,600$ $\displaystyle 12,800$ Stock of Stationery $\displaystyle 25,000$ $\displaystyle 35,000$ During the year ended 31st March, $\displaystyle 2021$ payment made to Creditors amounted to ₹ $\displaystyle 62$,800. Stationery purchased during the year was ₹ $\displaystyle 2,00$,000.
Marking-scheme solution
Subscriptions to be shown in Income and Expenditure Account
₹
Subscriptions received as per Receipts and Payment A/c $\displaystyle 4,00,000$
Add : Subscriptions outstanding on $\displaystyle 31.03.2021$ $\displaystyle 70,000$
Add : Subscriptions received in advance on $\displaystyle 01.04.2020$ $\displaystyle 50,000$
Less : Subscriptions outstanding on $\displaystyle 01.04.2020$
(Received in $\displaystyle 2020$–$\displaystyle 21$ for last year) ($\displaystyle 1,00,000$)
Less : Subscriptions received in advance on $\displaystyle 31.03.2021$ $\displaystyle (80,000)$
Income from subscriptions for the year $\displaystyle 2020$–$\displaystyle 21$ $\displaystyle 3,40,000$
Alternatively :
Dr. Subscriptions A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Balance b/d/ By Balance b/d/
Outstanding in the Advance in the beginning
$\displaystyle 1,00,000$ $\displaystyle 50,000$
beginning
By Cash/ Bank
To Income and (Subscription received
Expenditure A/c
$\displaystyle 3,40,000$ during the year -bal. fig.) $\displaystyle 4,00,000$
(Bal. Figure)
By Balance c/d/
To Balance c/d/
Outstanding at the end $\displaystyle 70,000$
Advance at the end
$\displaystyle 80,000$
$\displaystyle 5,20,000$ $\displaystyle 5,20,000$
Q. (b) From the following information, calculate the amount of
stationery….
Ans.
Calculation of amount of Stationery to be shown in Income and Expenditure
Account:
Stationery Consumed during the year=
Opening Stock + Stationery Purchased – Closing Stock of Stationery
= ₹ $\displaystyle 25,000$ + ₹ $\displaystyle 2,00,000$ – ₹ $\displaystyle 35,000$
= ₹ $\displaystyle 1,90,000$
Alternatively:
Dr. Stock of Stationery Account Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Balance b/d $\displaystyle 25,000$ By Income and Expenditure $\displaystyle 1,90,000$
To Purchases $\displaystyle 2,00,000$ A/c - Stationery consumed
(Bal. fig.)
By Balance c/d $\displaystyle 35,000$
$\displaystyle 2,25,000$ $\displaystyle 2,25,000$
All Accounting for Not-for-Profit Organisation questions2022 question paperPractice Accounting for Not-for-Profit Organisation →
More from Accounting for Not-for-Profit Organisation
- List any four items that are considered as Capital items while preparing financial statements of a NotforProfit Organisation.2022
- From the following information, calculate the amount of sports material that will be debited to the Income and Expenditure Account of Arjun Sports…2022
- As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹ 4,00,000. Additional…2022
- From the following 'Receipts and Payments Account of Golden Club for the year ended 31.3.2022, prepare Income and Expenditure Account: Receipts and…2022
- Present the following information in the Balance Sheet of Wisdom Club as at 31st March, 2021 Particulars Amount () Prize fund (1st April, 2020)…2022
- From the following 'Receipts and Payments Account of Golden Club for the year ended 31.3.2022, prepare Income and Expenditure Account: Receipts and…2022
- From the following 'Receipts and Payments Account of Golden Club for the year ended 31.3.2022, prepare Income and Expenditure Account: Receipts and…2022
- Following is the Receipts and Payments Account of Indian Youth Club for the year ended 31st March, 2021: 'Receipts and Payments Account' of Indian…2022
CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.