Abhinandan (student) (407 Points)
20 February 2011Some one pls tell about subscripttion it is very much confusing.........not able to understand how it will be adjusted in income and expenditure ac and receipt and payment ac.
what is the nature of
subscripttion outstanding ac
subscripttion received in advance
subscripttion ac
in case of income & exp ac just think that u are the non profit organisation,suppose u are a club and i am a member of ur club who pays monthly subscripttion ,now subscripttion is ur income,suppose i didnt pay january's subscripttion it is an outstanding subscripttion for me then(kiuki mere lie subscripttion tumhe dena baki hai)
this outstanding subscripttion is ur asset it is subscripttion recievable for u
now suppose i pay jan subscripttion in december ,i made an advance subscripttion but mind it i made an advance 2 u, u didnt make the advance,its not ur asset then, its ur liability(kiuki me tumhe jo paise jan me dena tha wo dec me de die)for this advance u will be liable 2 me for the month of december so u will write it as liability in bal sheet in the month of dec u cant write it in p/l cause its not accrud yet,in january the advance i gave for january becomes accrud and hence u write it in p/l and take it off the balance sheet.
any more problems? send me pm
Ankita Benegal
(CA Final)
(66 Points)
Replied 21 February 2011
the nature of
subscripttion outstanding ac -Personal Account
subscripttion received in advance-Personal Account
A subscripttion a/c looks like this:
SUB A/c
To Bal b/d By Bal b/d
(subscripttion outstanding-opening) (Subscripttion received in advance-opening)
To P/L(Amt.of this year)
By Cash(Subscripttions received this yr)
By Bal B/d By Bal B/d
(subscripttion received in advance-closing) (subscripttion outstanding-closing)
SUB Recd in Advance(liability nature)
By Bal b/d.-op
To cash-Received
To bal c/d.-clo
SUB Outstanding(asset nature)
To bal b/d By P/L
By bal c/d-clo
Ramanan Krishnamoorthy
(Chartered Accountant)
(158 Points)
Replied 21 February 2011
Subscripttion:
Subscripttion is an important source of Revenue for a Non Profit Organization. Subscripttion may be general or specific.
General Subscripttion - monthly subscripttion/yearly subscripttion received from members of non profit organization
specific subscripttion - It repreasents subscripttions received for some specific purpose say subscripttion received for conducting a function, for contributing to poor children eduction etc.
Subcription Received in advance - it is a personal account.. If you go out of station for long period say 4 years you can pay your subcription for 4 years. NPO will treat this subscripttion as advance and yearly charged to Profit and loss account
Subscripttion oustanding account. It is a personal account. If you go out of station for long period say 4 years and you are not in a position to pay your subscripttion dues on date. NPO wll charge yearly your dues of subscripttion by debiting suscripttion outstanding account and creditin subscripttion account.
Subscripttion account - nominal nature - it is similar to a sales account
Abhinandan
(student)
(407 Points)
Replied 21 February 2011
thanks very much to saura and moorthy sir........
Abhinandan
(student)
(407 Points)
Replied 21 February 2011
To Ankita,
a big thanks to u sis, yehi mere ko samajhna tha, u made it very easy, I was able to adjust subscripttion but not able to prepare accounts, but now it is clear so THANK U VERY MUCH, Keep helping me like that...........
Ankita Benegal
(CA Final)
(66 Points)
Replied 22 February 2011
ur welcome brother:)
i have always got great response from seniors to any of queries, so i like to reciprocate the same way to my juniors also:)
from ur query,i suppose u r appearing for 12th boards....CBSE or IPCE Group I
i remember facing the same dilemma during my boards too..
Abhinandan
(student)
(407 Points)
Replied 22 February 2011
thanks, yes u r right I m in ipce grp 1.... (failed once)....:)
Abhinandan
(student)
(407 Points)
Replied 23 February 2011
Hi
aapse ek aur baat phuchna hai sis if u have time,
I am an IPCC student, in my scheme 50 marks is for service tax& vat and 50 for direct tax, I know service tax &vat well but
IN DIRECT TAX I WANT TO KNOW WHAT SHOULD BE THE FLOW OF PREPARATION
Will it be ok...if I start directly from Total income problems as it includes all the heads of income, because as u know now no much time if I go through each head with elaborated study then I don think I will be able to complete.....so pls tell me what should I do..??
| Originally posted by : Ankita Benegal | ||
 |
ur welcome brother:) i have always got great response from seniors to any of queries, so i like to reciprocate the same way to my juniors also:) from ur query,i suppose u r appearing for 12th boards....CBSE or IPCE Group I i remember facing the same dilemma during my boards too.. |
 |
always keep this motive in urself all u r life ..
Ankita Benegal
(CA Final)
(66 Points)
Replied 23 February 2011
Ramsinghania ji: Thank you:)
Abhinandan: for IPCC TAX ,
as for DIRECT TAX,leaving heads of income would be risky coz if there is no TOTAL INCOME sum i the paper,u will be blank!!
so please dont make that mistake!
do at least a couple of heads of income thoroughly,
proceed the follwing way:
1.H.P
2.OTHER INCOME
3.C.G
4.Salaries
5.PGBP
its a good thing u are confident about SERVICE TAX VAT PART..you should strengthen this even more so that u can score maximum in that.being confident is good but make sure u r not overconfident...practise well.
Abhinandan
(student)
(407 Points)
Replied 23 February 2011
ya aap thik bol rahe ho, its good to go that way , I can cover maximum.......
no tution n guidance, no friends of ca course but caclubindia and people like u are really helping a lot so , its a great forum with superb people, THANKS A LOT........:)
Abhinandan
(student)
(407 Points)
Replied 25 February 2011
Hi sis,
some more questions, if u have time pls reply...
While calculating gratuity suppose if it is given total no of years of service is 38 yrs 8 months then approximately how much we should take 38 or 39 and what in case of 38 yrs 4 months... (bcoz in VKS book its a bit confusing they have given to take 39 in theory part but in problems thy hv taken 38 and vice versa) so pls clear this doubt..
Q2 FM
What is BETA
CAPM APPROACH
Market risk premium
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