Tuesday, February 21, 2017
05:40 AM (GMT +5)

Go Back   CSS Forums > CSS Optional subjects > Group I > Accounting & Auditing

Reply Share Thread: Submit Thread to Facebook Facebook     Submit Thread to Twitter Twitter     Submit Thread to Google+ Google+    
 
LinkBack Thread Tools Search this Thread
  #21  
Old Friday, November 02, 2012
Junior Member
 
Join Date: Oct 2010
Posts: 6
Thanks: 0
Thanked 0 Times in 0 Posts
alicsp is on a distinguished road
Default

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)
Reply With Quote
  #22  
Old Friday, November 23, 2012
decent baloch's Avatar
Member
 
Join Date: Aug 2012
Location: MULTAN
Posts: 96
Thanks: 18
Thanked 39 Times in 30 Posts
decent baloch will become famous soon enough
Default

Tax year 2012-13
Reply With Quote
  #23  
Old Friday, November 23, 2012
atifdada's Avatar
Member
 
Join Date: Sep 2012
Location: LAHORE
Posts: 92
Thanks: 3
Thanked 28 Times in 20 Posts
atifdada is on a distinguished road
Default

Quote:
Originally Posted by decent baloch View Post
Tax year 2012-13
decent baloch yr BUSINESS ORGANISATION SECTION k liye kon c book parhay banda ?
__________________
Victory belongs to ALLAH :)
Reply With Quote
  #24  
Old Friday, November 23, 2012
Junior Member
 
Join Date: Oct 2010
Posts: 6
Thanks: 0
Thanked 0 Times in 0 Posts
alicsp is on a distinguished road
Default

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
Reply With Quote
  #25  
Old Friday, November 23, 2012
game awan's Avatar
Senior Member
Qualifier: Awarded to those Members who cleared css written examination - Issue reason: CE 2011 - Roll no 12143
 
Join Date: Oct 2010
Posts: 135
Thanks: 163
Thanked 97 Times in 54 Posts
game awan will become famous soon enoughgame awan will become famous soon enough
Default

Quote:
Originally Posted by alicsp View Post
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:
Originally Posted by decent baloch View Post
Tax year 2012-13
Quote:
Originally Posted by atifdada View Post
decent baloch yr BUSINESS ORGANISATION SECTION k liye kon c book parhay banda ?
Quote:
Originally Posted by alicsp View Post
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
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
__________________
serve the people,die for your country & live like a legend
Reply With Quote
  #26  
Old Sunday, December 30, 2012
Senior Member
 
Join Date: Apr 2012
Location: Nowhere ...
Posts: 354
Thanks: 444
Thanked 145 Times in 92 Posts
seher bano will become famous soon enough
Default

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.
Reply With Quote
  #27  
Old Friday, January 04, 2013
mohsincima's Avatar
Junior Member
 
Join Date: Sep 2011
Location: Lahore
Posts: 18
Thanks: 10
Thanked 10 Times in 5 Posts
mohsincima is on a distinguished road
Default

Quote:
Originally Posted by seher bano View Post
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.

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....
Reply With Quote
The Following User Says Thank You to mohsincima For This Useful Post:
seher bano (Friday, January 04, 2013)
  #28  
Old Friday, January 04, 2013
Senior Member
 
Join Date: Apr 2012
Location: Nowhere ...
Posts: 354
Thanks: 444
Thanked 145 Times in 92 Posts
seher bano will become famous soon enough
Default

Quote:
Originally Posted by mohsincima View Post
when prepaid rent was paid last year ..entry was
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. 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.

Required: Give necessary Journal Entries.

I am just confused about the bold statement and its entry.
Reply With Quote
  #29  
Old Saturday, January 05, 2013
Junior Member
 
Join Date: Jan 2013
Posts: 16
Thanks: 4
Thanked 12 Times in 9 Posts
Rohail Khan is on a distinguished road
Default

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..
__________________
It is not sufficient that I succeed all others must fail. Genghis Khan
Reply With Quote
The Following User Says Thank You to Rohail Khan For This Useful Post:
seher bano (Saturday, January 05, 2013)
  #30  
Old Saturday, January 05, 2013
Senior Member
 
Join Date: Apr 2012
Location: Nowhere ...
Posts: 354
Thanks: 444
Thanked 145 Times in 92 Posts
seher bano will become famous soon enough
Default

Quote:
Originally Posted by Rohail Khan View Post
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
(ye entry mein provision+ discount add kia gaya hai. or yahi mujhe samaj nahi araha ku.


regards..
Now these are the right entries as per guide.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sentence reman_bari1455 English (Precis & Composition) 1 Tuesday, July 29, 2014 03:21 PM
The Types Of Accounting pakfame Accounting & Auditing 0 Saturday, February 23, 2008 03:41 PM


CSS Forum on Facebook Follow CSS Forum on Twitter

Disclaimer: All messages made available as part of this discussion group (including any bulletin boards and chat rooms) and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of CSSForum.com.pk (unless CSSForum.com.pk is specifically identified as the author of the message). The fact that a particular message is posted on or transmitted using this web site does not mean that CSSForum has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to the forum to report any objectionable message in site feedback. This forum is not monitored 24/7.

Sponsors: ArgusVision   vBulletin, Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.