Page 290 - ISCDEBK-XI

23.38 Double Entry Book Keeping—ISC XI

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(b) Subscriptions received during the year 2019–20 50,000
Subscriptions outstanding on 31st March, 2020 8,000
Subscriptions outstanding on 31st March, 2019 6,000
Subscriptions received in advance on 31st March, 2020 5,000
Subscriptions received in advance on 31st March, 2019 4,000
Calculate the amount of subscriptions to be credited to Income & Expenditure Account for the year 2019–
20.

GUIDE TO ANSWERS

1. Deficit—` 6,600; Capital Fund as at 1.4.2019—` 44,700; Balance Sheet Total as at 31st March, 2020—
` 71,100.
2. Capital Fund (Opening)—` 69,000; Surplus—` 12,100; Balance Sheet Total—` 88,600.
3. Surplus—` 30,750; Balance Sheet Total—` 31,47,250; Capital Fund (1st April, 2010)—` 31,05,500.
4. Surplus, i.e., excess of Income over Expenditure—` 1,32,500, Balance Sheet Total—` 12,45,500. Capital
Fund (Opening)—` 10,95,000.
5. (a) Stationery Consumed during the year: ` 2,520;
Credit Purchase of Stationery (2019–20): ` 2,020.
(b) Stationery Consumed (2019–20): ` 29,000
Credit Purchase of Stationery (2019–20): ` 24,000.
6. (a) Subscription to be credited to Income & Expenditure Account: ` 52,000.
(b) Subscription to be credited to Income & Expenditure Account: ` 51,000.