query

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

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

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

thanks very much to saura and moorthy sir........

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...........

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..

thanks, yes u r right I m in ipce grp 1.... (failed once)....:)

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 ..

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.

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........:)

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..

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