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-   -   accounting questions to be done first (http://www.cssforum.com.pk/css-optional-subjects/group-i/accounting-auditing/43212-accounting-questions-done-first.html)

alicsp Friday, November 02, 2012 03:25 AM

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)

decent baloch Friday, November 23, 2012 04:25 PM

Tax year 2012-13

atifdada Friday, November 23, 2012 05:06 PM

[QUOTE=decent baloch;516082]Tax year 2012-13[/QUOTE]
decent baloch yr BUSINESS ORGANISATION SECTION k liye kon c book parhay banda ?

alicsp Friday, November 23, 2012 07:45 PM

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

game awan Friday, November 23, 2012 09:07 PM

[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

seher bano Sunday, December 30, 2012 10:57 PM

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.

mohsincima Friday, January 04, 2013 12:48 AM

[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....

seher bano Friday, January 04, 2013 04:03 AM

[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.

Rohail Khan Saturday, January 05, 2013 12:34 AM

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..

seher bano Saturday, January 05, 2013 02:44 AM

[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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