NPO LEC 02 Part 4_6 Joining Fee and Life Time Membership fee

HM RANA UMAR FAROOQ  The best teacher of CMA USA

Watch NPO LEC 02 Part 4_6 Joining Fee and Life Time Membership fee - HM RANA UMAR FAROOQ  The best teacher of CMA USA on Dailymotion

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00:00Let's move on to the next heading, which is Joining Fee.

00:08Joining Fee.

00:12And this is...

00:16Who is he?

00:19Who is he?

00:21Where is he?

00:23When will he come?

00:25100 Rupees.

00:26How much? 100 Rupees or not?

00:29Why are you slapping me? 100 Rupees or not?

00:33Don't slap me.

00:35How much? 100 Rupees.

00:38Okay.

00:40Joining Fee and Lifetime Membership Fee.

00:53You have to look at the question.

00:55What does he say?

00:57If he says, make it an income

01:02in the year of joining,

01:06then you can make an income that year.

01:09But if he says,

01:11Lifetime Membership Fee or

01:12Membership Fee,

01:14Joining Fee,

01:15you have to make it an income

01:16over 3 years,

01:17over 5 years,

01:18over 10 years,

01:19then make it on the same duration.

01:22If he tells you the question,

01:23that so many members come every year,

01:26who give Lifetime Membership,

01:28then they enjoy the benefit for about 10 years

01:31of Lifetime Membership Fee.

01:32Based on past experience,

01:34based on past experience,

01:36the expectation of the future is that

01:38they keep taking the benefit for about 10 years.

01:40Then you will make it an income

01:42over 10 years.

01:43What does the question say?

01:45If the question says,

01:47Joining Fee or Lifetime Membership Fee,

01:50you have to make it an income

01:51in the year of receipt.

01:52Then you will make it an income for 20 years.

01:53And if he says,

01:55it seems that we have 8-10 years,

01:57and we have to make it an income

01:58in 10 years.

01:59So whatever the Joining Fee will be,

02:01then we will divide it by 10,

02:03and every year,

02:04we will make it an income.

02:05So it is possible that

02:06you can make it an income

02:07in the year of joining,

02:09or

02:10over years mentioned

02:16in the question.

02:19Over the years mentioned

02:21in the question.

02:24Okay, friends.

02:25If in the year of joining,

02:27if you are making it an income,

02:28then what will be the entry?

02:29Debit Cash.

02:31And what will be the credit?

02:34Credit will be an income.

02:35Expenditure account.

02:36You will make it a foreign income.

02:38But if it is over the years,

02:40then what will be the entry at the time of receipt?

02:43Debit Cash will be the entry at the time of receipt.

02:46Credit Deferred Income.

02:48Because it is related to whom?

02:50Related to the future.

02:53And at the end of every year.

02:55At every year end.

02:59And when the year will end,

03:01then what will be the entry at the end of every year?

03:04Deferred Income Debit.

03:06And what will be the credit?

03:08Friends,

03:09Income and

03:10Expenditure account will be the credit.

03:14Understand.

03:17Understand.

03:25What will we do?

03:27If he says,

03:28Make it income in the year of receipt.

03:31Then what will be the entry at the time of receipt?

03:33Debit Cash.

03:34And what will be the credit?

03:36Expenditure account.

03:39But if he says,

03:40Make it income over 5 years,

03:41over 10 years.

03:42Then when the time will pass,

03:43we will make it income.

03:44But what will be the entry at the time of receipt?

03:46Debit.

03:47Debit Cash.

03:48Credit.

03:49Deferred Income.

03:50Deferred Income.

03:51And when the year will end,

03:52then what will be the entry at the time of receipt?

03:53For example,

03:55He mentioned 5 years.

03:58And you got the cash,

04:0010,000.

04:0110,000 Debit.

04:03Deferred Income.

04:0410,000 Credit.

04:05When the year will end,

04:06then what will we do?

04:0710,000.

04:08Divided by 5.

04:10How much?

04:112,000.

04:122,000 Debit.

04:13What will we do?

04:14Deferred Income.

04:152,000 Credit.

04:16What will we do?

04:17Income Expenditure.

04:18And how much Deferred Income is left?

04:208,000.

04:21Remaining Deferred Income.

04:23How much is left?

04:258,000.

04:26How much?

04:278,000.

04:29Out of this 8,000,

04:31next year,

04:32how much income will be made?

04:342,000.

04:352,000.

04:36And after one year,

04:37how much will be made?

04:396,000.

04:40After one year,

04:41how much will be left?

04:426,000.

04:43This means,

04:44this Deferred Income,

04:46we wrote it as Liability.

04:49The Liability which will be settled next year,

04:51what will that be?

04:52Current Liability.

04:53And what will be after one year?

04:55Non-Current Liability.

04:56You have forgotten, right?

04:58These small adjustments,

05:01with all these,

05:02the number is,

05:04what is it?

05:05Yes.

05:06If they tell you that

05:08it is related to 5 years,

05:10and you have to make it an income for 5 years,

05:13then whatever you get,

05:14all Deferred Income.

05:16One year is over,

05:172,000 income is made.

05:18How much is left?

05:198,000.

05:208,000 Deferred Income.

05:21Deferred Income is Liability.

05:23The portion of Liability

05:24which will be settled in one year,

05:26Current Liability,

05:27and what will be after one year,

05:29out of 8,000,

05:30which will be settled in one year,

05:312,000.

05:32So, from where will it go?

05:34Where will it go?

05:35Current Liability.

05:36And after one year?

05:37From where will it go?

05:38Current Liability.

05:39Hmm.

05:40Pakistan had a big mouth.

05:44Count the entries,

05:45count the countries.

05:46If there is any problem,

05:47count it.

05:55Why are you sad, son?

05:56The winters are over.

05:59This is how it is, son.

06:00This is how it is.

06:07Dance.

06:17Dance.

06:19Say it, boys and girls.

06:21Say it.

06:23Is it clear?

06:27Is it clear?

06:28Why are you sad, son?

06:33Okay, kids.

06:34Keep these things in mind.

06:37Let's do example number 8.

06:38Come on.

06:39IECAP Study Text,

06:40Example 8.

06:41And we have this

06:44example.

06:45There are no study text entries,

06:47but I have told you.

06:50These entries are in our book.

06:52Anyway.

06:54In our book,

06:55there is an example number,

06:56Multan Book Reading,

06:58Example 3, page number 535.

07:04We have made entries.

07:05If Lahore has not done it,

07:06we will be wrong.

07:07The people of Lahore and Karachi are wrong.

07:10We are wrong.

07:11I am sorry.

07:12But it is written in the paper

07:14that it is necessary to separate

07:16current and non-current.

07:18Okay.

07:19In our book,

07:20there is an example number 3, page number 535.

07:22And in the book of Lahore,

07:24there is an example number 8, page number Karesha.

07:28Multan Book Reading,

07:30which is also an example of our area.

07:36Okay.

08:06Example 9.

08:36Multan Book Reading,

08:37which is also an example of our area.

09:06Multan Book Reading,

09:07which is also an example of our area.

09:36Multan Book Reading,

09:37which is also an example of our area.

10:06Multan Book Reading,

10:07which is also an example of our area.

10:09Multan Book Reading,

10:10which is also an example of our area.

10:12Multan Book Reading,

10:13which is also an example of our area.

10:15Multan Book Reading,

10:16which is also an example of our area.

10:18Multan Book Reading,

10:19which is also an example of our area.

10:21Multan Book Reading,

10:22which is also an example of our area.

10:24Multan Book Reading,

10:25which is also an example of our area.

10:27Multan Book Reading,

10:28which is also an example of our area.

10:30Multan Book Reading,

10:31which is also an example of our area.

10:33Multan Book Reading,

10:34which is also an example of our area.

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