Please reply to this querry - Page 2

Ali Ahmad Syed · #11 Sunday, August 07, 2011

Quote:

Originally Posted by afaq_hunts

plz tell me about any good quality book for IAS. From where I can study it.
Regards

IASs or International Accounting Standards issued by IASB, you could find these standards in print form from Accounting institutions libraries, from chartered accountants and from open market as well. As obvious from the name these are standards not a written work of an author, so these are standardized worldwide. From following link you could read and copy the summaries of IASs, very concise and helpful.

IAS Plus: Summaries of IFRSs and IASs

afaq_hunts · #12 Sunday, August 07, 2011

IN 2011 accounts paper they required the " the statement of changes in Owner equity". what is that statement. do they mean profit and loss account or profit and loss appropriation accounts. plz guide
Regards

afaq_hunts · #13 Sunday, August 07, 2011

Sir I have studied the Final Accounts chapter in Advanced Accounting by M.A. Ghani and in Modern Accountancy by Mukherjee and M. Hanif. But still when I want to attempt the Css past papers and try to solve the questions of Final accounts there is always some mistake. Is this the mistake of conceptual skills? Plz guide me and also tell me about some other good books on Final Accounts.
Regards

Ali Ahmad Syed · #14 Sunday, August 07, 2011

Quote:

Originally Posted by afaq_hunts

IN 2011 accounts paper they required the " the statement of changes in Owner equity". what is that statement. do they mean profit and loss account or profit and loss appropriation accounts. plz guide
Regards

I have replied your this query in the other thread, here is the link please:
CSS Forums - View Single Post - changed pattern of accounting.

Quote:

Originally Posted by afaq_hunts

Sir I have studied the Final Accounts chapter in Advanced Accounting by M.A. Ghani and in Modern Accountancy by Mukherjee and M. Hanif.

Advanced Accounting by M.A. Ghani and Modern Accountancy by Mukherjee and M. Hanif are more than enough. I studied both books in detail and these are enough for CSS.

Quote:

But still when I want to attempt the Css past papers and try to solve the questions of Final accounts there is always some mistake. Is this the mistake of conceptual skills? Plz guide me and also tell me about some other good books on Final Accounts.
Regards

Both lack of practice and conceptual skills contribute to mistakes. For conceptual clarity you may consult Accounting - The Basis for Business Decisions by Meigs and Meigs. For practice Modern Accountancy by Mukherjee and M. Hanif is good.

Best Regards,

afaq_hunts · #15 Sunday, August 07, 2011

I did not find my answer in the following link.

CSS Forums - View Single Post - changed pattern of accounting.

plz tell me about 'the statement of changes in Owner Equity". plz do tell me
Regards.

Ali Ahmad Syed · #16 Monday, August 08, 2011

Quote:

Originally Posted by afaq_hunts

I did not find my answer in the following link.

CSS Forums - View Single Post - changed pattern of accounting.

plz tell me about 'the statement of changes in Owner Equity". plz do tell me
Regards.

The Statement of Changes in owner Equity also known as Statement of owners equity or Statement of retained earning is and integral part of financial statements.

This accounting report shows all the changes to the owners equity that have occurred during the period. These changes comprise capital, drawings and the profit for the period.

This statement is relatively simple and easy as compared to Income Statement and comprised few items. Just like the income statement, this statement normally covers a twelve-month period.

Following is a simple format of the said statement:

game awan · #17 Tuesday, August 09, 2011

@ Ali Ahmad Syed
brother in my css 2011 attempt i made the statment of changes in equity according to the format mentioned in IAS 1
what do u think did i oversell it ??????in ur opinion which format is more appropriate simple format which u posted above or the one in IAS 1

Ali Ahmad Syed · #18 Wednesday, August 10, 2011

You did absolutely right. The standard format is IAS-1indeed. I posted this simple formate for just to defined this statement for very basic understanding. The IASs prevails over all formats and standards.

Venerated · #19 Wednesday, August 10, 2011

And which formats were to be used in 2011 for income statement and balance sheet? as per IAS or T format?

Another question:

Are IASs applicable to companies only?or Can these be used to prepare financial stats of a proprietor?

@Ali Ahmed syed.

Please reply brother to my above posts.

game awan · #20 Thursday, August 11, 2011

Quote:

Originally Posted by Venerated

@Ali Ahmed syed.

Please reply brother to my above posts.

formats should be according to the demand of question
ias are not applicable for css till now in css2011 they surprised everyone by giving a question from ias-18 revenue but income statement is not something from ias
when the income nd expense for a year is drawn in t a/c format its called profit & loss a/cdrawn in vertical format its called income statement

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afaq_hunts (Sunday, August 07, 2011)

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afaq_hunts (Monday, August 08, 2011)

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