Quote:
Originally Posted by aimtoachieve
Thanks very much for your reply sir. I saw and read Fourth and Fifth Schedule of Companies Ordinance, 1984. Plus, I also saw financial statement of a company. I got an idea. There are three more questions which I wanted to ask:
(a) What about Profit and Loss Appropriation Account? We have to adjust those entries in Income Statement? Or we can make T-account of Profit and Loss Appropriation and then take appropriated profit in Balance Sheet (which will be in statement format)?
(b) In Partnership Final Accounts, when we are making Capital Accounts of partners, there also those accounts need to be in statement format (Statement of Partner's Capital)?
(c) Is Bank Reconciliation Statement included in CSS syllabus?
Regards
|
a)Profit and Loss Appropriation Account is also known as Retained earnings or accumulated profit or loss account or statement of changes in equity.
b)Yes its just statement of changes in equity with different format to show equity, drawings and accumulated profit or loss of each partner separately
c)Bank reconciliation is not included as per New Syllabus and I don't think it should be examined also as far as I can remember it hasn't been examine in last five attempts but any thing is possible.