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5th Question Of accounts IPCC

Hardik Kataria (article) (35 Points)

03 May 2011

please tell me if there is printing mistake for the SUBSCRIPTION.

subscripttion is recvd for

2008-09 - 4500

2009-10 - 211000

2010-11 - 7500

please REPLY soon...

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8 Replies

Farida (student) (74 Points)
Replied 03 May 2011

I think some hinden adj is to be made vth it. Otherwise the problem is so easy

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himanshu (student) (95 Points)
Replied 03 May 2011

the may not be wrong bcecause there can more payment for current year than previous years or next years

Faiz Ahmed ( Article Trainee) (1731 Points)
Replied 03 May 2011

Question is slightly wrong in relation to dates.. Also refer my other replies

Show o/s subs for prvs yr as 5000 in opening B/S.. In closing B/s still Rs500 is outstanding for 08-09.. Thr is advance subscriptttion liability for 7500 in closing balance sheet...

In I& E a/c subscriptttion income wil be225000(450 members *500).. O/s subscriptttion of current year14000( 225000 -211000)

namanjha29 (IPCC) (25 Points)
Replied 03 May 2011

subscripttion of Rs.7500 are for year 10-11.How can u say that they r advance?

The question clearly states that the receipts and payment account is for year end 31st march,2011.

can u please explain in detail from where did u received hint to do what u did?

Faiz Ahmed ( Article Trainee) (1731 Points)
Replied 03 May 2011

Originally posted by : namanjha29
	subscriptttion of Rs.7500 are for year 10-11.How can u say that they r advance? The question clearly states that the receipts and payment account is for year end 31st march,2011. can u please explain in detail from where did u received hint to do what u did?

I m sorry boss... I did the question without giving such a careful look at the reciepts &payments A/c.. I un consciously assumed subscripttion details as follows--

2009-10 4500

2010-11 211000

2011-12 7500

In this way i got answer & tallied my B/S..

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Arpita (Works as an Employee) (143 Points)
Replied 03 May 2011

Originally posted by : Faiz Ahmed

Originally posted by : namanjha29

subscripttttion of Rs.7500 are for year 10-11.How can u say that they r advance?

The question clearly states that the receipts and payment account is for year end 31st march,2011.

can u please explain in detail from where did u received hint to do what u did?

I m sorry boss... I did the question without giving such a careful look at the reciepts &payments A/c.. I un consciously assumed subscriptttion details as follows--

2009-10 4500

2010-11 211000

2011-12 7500

In this way i got answer & tallied my B/S..

OH YA...SAME HERE...EVN I DIDNT NOTICE....AND TALLIED THE B/S..........

Abhishek (Student) (26 Points)
Replied 04 May 2011

The question was flawed. If outstanding subscripttion at the begining of the year 5000/- had NOT been given then the question could have been solved on the assumption that it is general practice to receive subscripttions one year later. HOWEVER, since outstanding for the last year is only 5000/- then it is not possible to receive 211000/- for it!

The question should be corrected and solved by the student and a note should be ideally be written in the end rectifying the mistake.