All u need to remember are the formulae for the items u named:
Remember, Subscription is an Income Accountproblem with subscripition a/c
include bad debts i ur explanation thats my doubtnd do we put da whole receipts in sub a/c for da yearRemember, Subscription is an Income Account
Any Subscription (Income) due but not received is an asset (Subscription in Arrears/ Subs Owing)
Any Subscription (Income) received in advance is a liability (Subscription in Advance)
Subscription (Income) Received during the year (period) will be credited to Subscription (Income) A/c
Hence the account would appear as follows:
Subs in Arrears b/d** XXX Subs in Advance b/d** XXX
INCOME & EXPD A/c XXX Subscription Recd* XXX
Subs in Advance c/d** XXX Subs in Arrears c/d** XXX
*Subs Recd can be found in Receipt and Payments Account.
**These are NOT compulsorily be given in the question. If given just put on the respective sides else ignore.
Questions can be asked in other ways also but I thnk u shud practice Jun 94 Q.4, Jun 96 Q.4, May02 Q.4, Nov 04 Q.3 this first and the I can snd u more variety
Where did u get these important points from ??? Just asking no need to be mad !Important topics for may june 2012
Fixed assets accounting
Non profit organizations
company accounts definations
Any queries related accounts can be solved in here
In case the qs does not provide any space u can use blank pages and even the pages given for the final accounts qs, as those are now given in much more no. than needed. For anything which u cancel at the given space can also be done in those pagesHi,where can we do working in paper 2 like for calculating current a/c balance,etc.
Yes, Departmental A/cs is there in the courseIn non profit organization question,gift (for purchase of specific equipment) given in receipts so plzzz tell wt will b it's accounting treatment in balance sheet & income & expenditure.
One more question, does department account include in our syllabus??
Thnk you very much,Yes, Departmental A/cs is there in the course
Donation/ Legacy/Gift given in general without a given purpose is an income for the year and would appear in the Inc and Expd A/c whereas gift (for purchase of specific equipment) given in receipts would not appear in the Inc and Expd A/c but in the Balance Sheet After the calculation of Accumulated Fund at the end as follows'
Accumulated Fund (Opening) XXX
Add Surplus of Income over Expenditure XXX
Accumulated Fund (Closing) XXX
Add: Gift or Donation given specific purpose XXX