AKSHIT MALHOTRA (C.A Final Student) (1337 Points)
10 April 2012HI GUYS EXAMS R APPROACHING N I'M VERY MUCH CONFUSED IN ACCOUNTS GR-1.TOPICS R NPO & INCOMPLETE RECORDS.SPECIALLY NPO.
I DON'T KNOW WHT 2 DO WHEN SUBSCRIPTION IS GIVEN N ADV & RECD FIGURES R ALSO GIVEN.
PL PL PL HELP ME A.S.A.P
WAITING FOR U R REPLY
THANKS A LOT.
Padmakshi Khetan
(CA Final)
(160 Points)
Replied 11 April 2012
dealing with subscripttion in NPO is the most important part...
in income/expenditure a/c-- advance subscripttion(of p.y) is added and advance subscripttion(of c.y.) is deducted because it relates 2 subscripttion for the next year so its entry will only b made in that year for which it is received......in same way outstanding subscripttion of p.y. will be deducted bcoz it relates 2 previous year and its accounting has already been done...outstanding subscripttion of c.y. will b added bcoz it relates to current year...[i.e., in I/E a/c total subscripttion of the year is shown...
treatment in balance sheet--advnce subcription(of c.y.) will be in liabilities side....outstanding subscripttion(of c.y) on assets side
Padmakshi Khetan
(CA Final)
(160 Points)
Replied 11 April 2012
u can even prepare a subscripttion a/c ledger....it will b easy 4 u....
AKSHIT MALHOTRA
(C.A Final Student)
(1337 Points)
Replied 11 April 2012
PADMAKSHI THIS RULE WILL ALSO APPLY IN CASE OF OTHER INCOMES & EXPENSES ALSO
FOR e.g IN CASE OF SALARIES,RENT RECD.
I SUPPOSE YES.
AKSHIT MALHOTRA
(C.A Final Student)
(1337 Points)
Replied 11 April 2012
Padmakshi Khetan
(CA Final)
(160 Points)
Replied 11 April 2012
yes the same will b applicable for other also...except in case of the treatment in balance sheet
AKSHIT MALHOTRA
(C.A Final Student)
(1337 Points)
Replied 11 April 2012
PADMAKSHI 1 MORE QUESTION IF WE HAVE 2 CALCULATE THESE FIGURES IN R & P A/C THEN ALSO THIS WILL GET REVERSED.
I THINK SO.
Padmakshi Khetan
(CA Final)
(160 Points)
Replied 11 April 2012
figures of subscripttion or figures of rent salaries etc....???
AKSHIT MALHOTRA
(C.A Final Student)
(1337 Points)
Replied 11 April 2012
IS THERE ANY DIFF B/W THESE 2
Padmakshi Khetan
(CA Final)
(160 Points)
Replied 11 April 2012
in R/P a/c we record all receipts and all payments whether it pertains 2 last year or current year or next year...
yes but do note in case of subscripttion ...if in a Q r/p a/c is given and in subscripttion the receipts are clearly stated seperately relating to last year, c.y., next year...but still a sum relating to last year is outstanding in this year also(say.Rs.100)...then dont forget 2 show this Rs. 100 in your balance sheet in assets side with addition to current years outstanding subscripttion
AKSHIT MALHOTRA
(C.A Final Student)
(1337 Points)
Replied 11 April 2012
NO NO PADMAKSHI U R NOT UNDERSTANDING MY POINT.IF WE R GIVEN I & E A/C OF SUBSCRIPTION & WE HAV 2 FIND FIND R & P A/C BALANCE THEN THIS SAME WILL APPLY.LIKE ADDING O/S AT THE END MINUS O/S IN THE BEGINNING OR VICE VERSA.
Padmakshi Khetan
(CA Final)
(160 Points)
Replied 11 April 2012
got ur point...
yes u need 2 do the same...
best way 2 solve the complete prblm of subscripttion is to create subscripttion A/c. bcause through this u'll b able 2 post all adv nd o/s and the balancing fig will b either I/E or R/P( if preparing through I/E a/c.)...
nd u'll never get confused whether 2 add or subtract
AKSHIT MALHOTRA
(C.A Final Student)
(1337 Points)
Replied 11 April 2012
THANKS A LOT PADMAKSHI FOR HELPING ME.
NOBODY COULD HAV EXPLAINED IT 2 ME LIKE U DID.
THNX A LOT FOR U R TIME.
rakesh
(STUDENT)
(31 Points)
Replied 24 April 2012
use this adjustment all question will solve
CAclubindia
