IGCSE Accounting 0452

[Rahma Abdelrahman]

Because the members have paid the money for the next year or whatsoever, so it's like a liability to the club owners since it's like you owe the members a service, which they have not yet realized. They come under Current Liabilities in the Balance Sheet.
When you draw up a subscriptions account, any subscriptions paid in advance are carried down as a credit balance to the following period.

Hope you get it

Yes I know it is a current liability
I meant why not add there
You explained about the subscription account..
In income statement, the subscriptions prepaid at the end of the year are subtracted from subscriptions paid during the year (In expenses) , right?, So I guess when calculating correct net surplus, it should be subtracted.. I mean we subtract expenses from Gross profit, so (-)expenses (-)prepaid = (+) to Gross profit, so in the reverse(Calculating corrected net surplus) we add Is that right?
Thanks
Sorry I am having a struggle when it comes to accounting, I get confused for merely no reason..

 

[MnMz]

Yes I know it is a current liability
I meant why not add there
You explained about the subscription account..
In income statement, the subscriptions prepaid at the end of the year are subtracted from subscriptions paid during the year (In expenses) , right?, So I guess when calculating correct net surplus, it should be subtracted.. I mean we subtract expenses from Gross profit, so (-)expenses (-)prepaid = (+) to Gross profit, so in the reverse(Calculating corrected net surplus) we add Is that right?
Thanks
Sorry I am having a struggle when it comes to accounting, I get confused for merely no reason..

In the income statement, the subscriptions are only listed under income, and the amount under it is derived from opening a subscription account.

You are just confusing yourself.
The difference (the equaling factor) between both the debit and credit side of a subscription account goes to the income statement.
While the Subscriptions received in advance come under current liabilities, and subscriptions owing come under the current assets.

Did you still not get it?

 

[Rahma Abdelrahman]

In the income statement, the subscriptions are only listed under income, and the amount under it is derived from opening a subscription account.

You are just confusing yourself.
The difference (the equaling factor) between both the debit and credit side of a subscription account goes to the income statement.
While the Subscriptions received in advance come under current liabilities, and subscriptions owing come under the current assets.

Did you still not get it?

Oh.. got it .. it seems that I have forgot a lot
Thank you very much for reminding me
MashaAllah it looks like u understand accounting very well

 

[Sarah Ch]

whoever needs help in accounting message me.

I just have ppr 1 & ppr 2 (accounting) so uMm do I need to practice for ppr 3 too? :/

 

[uzair shahid]

I just have ppr 1 & ppr 2 (accounting) so uMm do I need to practice for ppr 3 too? :/

yea now paper 2 and 3 are combined.

 

[Timi Adeg]

Past questions, work them thoroughly and you should have no problem. Hoping this will be an A* for me

 

[Qtie Pie]

I have forgotten accounting since i haven't touched it for a month

 

[Rahma Abdelrahman]

I have forgotten accounting since i haven't touched it for a month

Same here.. but let me say at least 6 weeks was busy with the other subjects

 

[Amanasdf1]

Accounting is the worst subject anyone can take p in igcse
One mistake and bam 4 marks lost right there
I have been working very hard i hope the papers are easy

 

[Rahma Abdelrahman]

Accounting is the worst subject anyone can take p in igcse
One mistake and bam 4 marks lost right there
I have been working very hard i hope the papers are easy

If you have been working so hard then in shaa Allah it will be good for you
The problem with me is I am taking IGCSE accounting along with 3 AS subjects, so Time was short.. I gave more time to AS subjects and accounting took a back seat .. I know I didn't work that hard in it

 

[Rahma Abdelrahman]

If you have been working so hard then in shaa Allah it will be good for you
The problem with me is I am taking IGCSE accounting along with 3 AS subjects, so Time was short.. I gave more time to AS subjects and accounting took a back seat .. I know I didn't work that hard in it

And in one session (year)

 

[MnMz]

In a few hrs I will post some important theory questions. Stay tuned.

 

[Rahma Abdelrahman]

In a few hrs I will post some important theory questions. Stay tuned.

Thanks

 

[mak kings]

In a few hrs I will post some important theory questions. Stay tuned.

THNX!

 

[Timi Adeg]

This is my A* subject

 

[MnMz]

Sorry for the delay. I just got an exam tom. and then I will be free to post whatever you guys need.
Sorry for the inconvenience.

 

[Gehad Mohamed]

Hi ! What does factory overheads mean ?!

 

[ThisMeansWar]

The theory questions are always repeated. So just learn those definitions from the marking schemes.

please elaborate?

 

[mak kings]

Hi ! What does factory overheads mean ?!

the indirect cost for the manufacturing ... eg .indirect wages.. factory general expenses ... these are cost for the manufacturing. bt as they r not directly related in making of the goods .v consider them as factory overheads(indirect costs)

 

[umair1161]

Can someone please post formats of all the accounts please! i seem to be having a problem finding them! please help me!

thanks in advance!