Page 26 - DEBKVOL-1

1.16 Double Entry Book Keeping—CBSE XII

BALANCE SHEET (AN EXTRACT)
as at 31st March, 2019
Liabilities ` Assets `
Subscription Received in Advance 2,000 Subscriptions Outstanding:
2017–18 5,000
2018–19 7,000 12,000
]
10. There were 450 members in a club each paying an annual subscription of ` 50. ` 500 were in arrears as
at 31st December, 2018. Subscriptions received during 2019 were ` 22,300 including ` 450, for 2018 and
` 750 for the year 2020. Calculate amount of subscriptions in arrears as at 31st December, 2019 by preparing
the Sub scriptions Account.
[Subscriptions in arrears—` 1,450 (2018—` 50 and 2019—` 1,400).]
11. How will you deal with the following case while preparing the final accounts of a non-profit organisation?
1st April, 2018 (`) 31st March, 2019 (`)
Stock of Stationery 600 100
Creditors for Stationery 400 260
Advance paid for Stationery 40 60
Amount paid for stationery during 2018–19 was ` 2,160.
[Amount to be posted for stationery to the Income and Expenditure A/c for 2018–19—` 2,500;
Advance paid for stationery and stock of stationery will appear on the Assets side of the Balance Sheet and
creditors for stationery on the Liabilities side of the Balance Sheet.]
12. During 2018–19, the miscellaneous expenses paid by Young India Club were ` 6,500. Find out the expenses
chargeable to Income and Expenditure Account for the year ended 31st March, 2019.

Additional Information 31st March, 2018 31st March, 2019
` `
Prepaid Expenses 600 800
Outstanding Expenses 1,000 1,200
[Miscellaneous Expenses—` 6,500.]

13. From the following Receipts and Payments Account, prepare Income and Expenditure Account for 2018:
Dr. RECEIPTS AND PAYMENTS ACCOUNT Cr.
Receipts ` Payments `

To Balance as at 1st January, 2018: By Salaries 3,500
Cash 550 By Rent 1,200
Bank 2,800 By Printing and Stationery 100
To Subscriptions 3,900 By Newspapers 90
including (` 200 for 2017 and ` 150 for 2019) By Postage, etc. 130
To Investments 850 By Steel Almirahs 350
To Sale of Furniture 600 By Defence Bonds 1,000
To Sale of Old Newspapers 40 By Cash Balance (31st December, 2018) 970
To Entrance Fees 100 By Bank Balance (31st December, 2018) 2,500
To Life Membership Fees 1,000
9,840 9,840

[Deficit—` 1,330.]