please anyone tell me about the taxation year of the business taxation if we are going to attempt in CE-2013. (guess would be tax year 2011-12)
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Tax year 2012-13
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[QUOTE=decent baloch;516082]Tax year 2012-13[/QUOTE]
decent baloch yr BUSINESS ORGANISATION SECTION k liye kon c book parhay banda ? |
plz anybody tell me about the tax year of taxation if i will appear in css 2013 exams. what will be the taxation slab will we use tax year 2011-12 or something else
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[QUOTE=alicsp;504241]please anyone tell me about the taxation year of the business taxation if we are going to attempt in CE-2013. (guess would be tax year 2011-12)[/QUOTE]
[QUOTE=decent baloch;516082]Tax year 2012-13[/QUOTE] [QUOTE=atifdada;516094]decent baloch yr BUSINESS ORGANISATION SECTION k liye kon c book parhay banda ?[/QUOTE] [QUOTE=alicsp;516185]plz anybody tell me about the tax year of taxation if i will appear in css 2013 exams. what will be the taxation slab will we use tax year 2011-12 or something else[/QUOTE] the answer to tax related question is quite simple observe the past papers e.g if the exam is in 2008 tax question refers to tax year ending june 2007 that means for css 2008 he asked tax year 2007 Tax year is denoted by year in which the ending date falls so for css 2013 you have to study Tax year 2012 and to be on safe side study changes for Tax year 2013 too slabs will be available in any good tax book available |
Seniors, please solve my problem regarding adjusting entries...
i am expert in making adjusting entries, but i through out my academic career studied meigs and meigs. adjusting entries in meigs and meigs and that of M.A Ghani ( in final accounts is different). I am confused about the entries of both of these books. e.g... we have paid rent in advance(as per meigs and meigs) at the time of financial statments, our entries would be this: Rent expence(dr)................... Rs. 1000 Prepaid Rent(cr).................................Rs. 1000. However, as per M.A ghani( in final accouts) our entries would be this: Prepaid Rent A/c(dr)......................Rs. 1000 To Rent A/c(cr).............................Rs. 1000 Please guide in this regard. There are many other entries of the same kind. |
[QUOTE=seher bano;534875]Seniors, please solve my problem regarding adjusting entries...
i am expert in making adjusting entries, but i through out my academic career studied meigs and meigs. adjusting entries in meigs and meigs and that of M.A Ghani ( in final accounts is different). I am confused about the entries of both of these books. e.g... we have paid rent in advance(as per meigs and meigs) at the time of financial statments, our entries would be this: Rent expence(dr)................... Rs. 1000 Prepaid Rent(cr).................................Rs. 1000. However, as per M.A ghani( in final accouts) our entries would be this: Prepaid Rent A/c(dr)......................Rs. 1000 To Rent A/c(cr).............................Rs. 1000 Please guide in this regard. There are many other entries of the same kind.[/QUOTE] when prepaid rent was paid last year ..entry was Prepaid Rent ..............Rs 1000 ........Cash .........................Rs 1000 This Year adjustment entry would be Rent A/C ..................Rs 1000 .........Prepaid rent...................Rs 1000 Rent A/c is Rent expense for this year, which will go in income statement...and Prepaid rent was assets of last year, which would be Zero this year.... |
[QUOTE=mohsincima;536733]when prepaid rent was paid last year ..entry was[/QUOTE]
Can you solve this question??? (M.A Ghani, Chapter 12., Q. No. 5, P/243) On 1st January,1990, the Bad Debts Reserve appeared in the books of a firm at a figure of Rs.500. During the year Bad Debts amounted to Rs. 400 and Sundry Debtors to Rs. 15000. On 31st December 1990 a 5 per cent reserve for doubtful debts was maintained on sundry debtors. During the year 1991 Bad Debts amounted to Rs. 1000 and Sundry Debtors to Rs..20000.[B] On 31st December, 1991, the Reserve for Doubtful Debts on Sundry Debtors was increased by 5 per cent and a 2.5 per cent reserve was maintained for discount on Debtors. [/B] [B]Required: Give necessary Journal Entries.[/B] I am just confused about the bold statement and its entry. |
Year 1990
the Bad Debts Reserve appeared in the books of a firm at a figure of Rs.500 at the end the sundary debtors were 15000. So 5% of 15000 is 750. Means at the year end, dec 1990.. the bad debt reserve ko 500 se 750 tak leke aana hai. So entry ye bane gi Dr profit and loss a/c 250 Cr bad debt reserve a/c 250 Ab bad debt reserve year end balance 750 hogaya.. jo next yea ka opening balance hoga. Ab jan 1991 at the end the sundary debtors were 20000 so 5 % of 20000 is 1000 Means at the year end, dec 1991.. the bad debt reserve ko 750 se 1000 tak leke aana hai. So entry ye bane gi Dr profit and loss a/c 250 Cr bad debt reserve a/c 250 Aur ab is year me 2.5% ka discount b hai so discount jo hai wo debtors me se bad debt reserve minus kar k phr nikalna hoga .. Sundary debtors – bad debt reserve = amount * discount % = reserves for discount 20000 - 1000 = 19000 * 2.5% = 475 So entry is Dr profit and loss a/c 475 Cr reserves for discount a/c 475 Jo ap k bold letters me words hain un k lie ye kahonga k The bad debt reserves needed to be increased. This was because the provision was kept at 5%, but debtors had risen to 20000 (in year 1991) from 15000 (in year 1990). A provision of 1000( i.e. 5% of 20000). All that is now needed is a provision for extra 250. Summary of entries.. Year 1990 1. Dr profit and loss a/c 250 Cr bad debt reserve a/c 250 Year 1991 2. Dr profit and loss a/c 250 Cr bad debt reserve a/c 250 3. entry for discount reserve. Dr profit and loss a/c 475 Cr reserves for discount a/c 475. Aur jo har saal me bad debts incure horahi hain na wo sedha profit and loss account me jaingi. Agr entry banani ho tou wo ye bani gi. Dr. profit and loss a/c Cr. Bad dets A/c. agar koi galti ho tou seniors plz correct me. regards.. |
[QUOTE=Rohail Khan;537173]Year 1990
Summary of entries.. Year 1990 1. Dr profit and loss a/c 500 Cr bad debt reserve a/c 500 Year 1991 2. Dr profit and loss a/c 400 Cr bad debt reserve a/c 400 3. entry for discount reserve. Dr profit and loss a/c 650 Cr reserves for discount a/c 650. Provision for B/D A/c....1000 to Bad debt A/c........................1000 and final entry is... Profit and loss account........1250 Provision for bad debts.........................1250 [B](ye entry mein provision+ discount add kia gaya hai. or yahi mujhe samaj nahi araha ku.[/B] regards..[/QUOTE] Now these are the right entries as per guide. |
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