1. Lectures
2. Practice Q&A
3. Past Exam Q&A
Query: Sir, in seaview club qs we took joining fee to income directly while in Oracle Family Club we are presenting it as a fund, why? In both qs there are no further details relating to joining fee.
Response: It all is based on question data:
1. In Oracle Family Club question, Joining fee was received but not included in income, so we naturally assumed that it is deferred (either as liability or as fund)[same as ICAP suggested answer].
2. In Seaview Club, question did not mention anything about deferring, so we included all in income [same as ICAP suggested answer].
Query: sir kion ke requirement bhi nahi thi sofp ki comparative fig ki to aisa ho sakta hai ke pehle total of funds and liabilities likh lain aur as a balancing figure acc funds find out kar lain
Response: The marking scheme included 0.5 separate marks for calculating accumulated fund properly. We suggest to determine accumulated fund through comparative because that ensures that answer is really tally (taking balancing figure from current year would not ensure that.)
Query: Sir, in seaview club qs we took joining fee to income directly while in Oracle Family Club we are presenting it as a fund, why? In both qs there are no further details relating to joining fee.
Response: It all is based on question data:
1. In Oracle Family Club question, Joining fee was received but not included in income, so we naturally assumed that it is deferred (either as liability or as fund)[same as ICAP suggested answer].
2. In Seaview Club, question did not mention anything about deferring, so we included all in income [same as ICAP suggested answer].
4. Objective Based Q&A