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  #21  
Old Thursday, August 11, 2011
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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
@game awan.

It means in 2011 vertical format was to be used for income statement?if yes,will one be awarded marks if one used T format?
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  #22  
Old Thursday, August 11, 2011
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And which formats were to be used in 2011 for income statement and balance sheet? as per IAS or T format?
Sorry for a belated reply, income statement is always in summary format. If examiner particularly ask in the question to follow IAS or specify the format then you are bound to follow otherwise both format are legitimate and acceptable. To follow IASs is a plus but it is not mentioned in the syllabus.

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Are IASs applicable to companies only?or Can these be used to prepare financial stats of a proprietor?
Yes, for sole proprietorship or partnership you have to use the respective procedures and formats.

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  #23  
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@Ali syed,
Dear I have used T-format in 2011. my question is will i be awarded marks?

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Yes, for sole proprietorship or partnership you have to use the respective procedures and formats.
It means sole proprietorships and partnerships are not bound to follow IASs?
Last edited by Rixwan; Friday, August 12, 2011 at 12:21 AM. Reason: Merged
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  #24  
Old Thursday, August 11, 2011
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@Ali syed,
Dear I have used T-format in 2011. my question is will i be awarded marks?
It means you prepared a Trading, Profit and Loss Account. You will be awarded marks for Balace Sheet and Change in equity Statement, I couldn't say anything with surety about Income Statement/T, P& L A/C, it depends upon examiner, in my opinion if technically you did right steps and ascertain the net income correctly, you will be awarded.

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It means sole proprietorships and partnerships are not bound to follow IASs?
Yes
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  #25  
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It means you prepared a Trading, Profit and Loss Account.
No dear i did not prepare trading,profit and loss account. Rather i prepared only profit and loss account because trading,profit and loss account is used only for a manufacturing concern. The following was my format.


Dr side Cr side
Various expenses **** Admission revenue *****
Net profit ****
Total **** Total ****
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  #26  
Old Thursday, August 11, 2011
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no dear i did not prepare trading,profit and loss account. rather i prepared only profit and loss account because trading,profit and loss account is used only for a manufacturing concern. the following was my format.


Dr side Cr side
Various expenses **** Admission revenue *****
Net profit ****
Total **** Total ****
Oh Yes, Profit and Loss A/C but Income Statement was asked by the examiner, anyhow best of luck.

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  #27  
Old Thursday, August 11, 2011
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Yes dear but i wrote the following headings on top of the page.


Cinepax Stage and theatre
Income statement
For the month of September,2004.
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  #28  
Old Friday, August 12, 2011
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@game awan.

It means in 2011 vertical format was to be used for income statement?if yes,will one be awarded marks if one used T format?
income statment is always in the vertical format that is statement form.........

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Originally Posted by Venerated View Post
Yes dear but i wrote the following headings on top of the page.


Cinepax Stage and theatre
Income statement
For the month of September,2004.
heading is correct but a t a/c below is not the proper format for income statement
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  #29  
Old Friday, August 12, 2011
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Hey dear,
The name of the company in the heading should always be in Capital letters.

CINEPAX STAGE AND THEATRE
Income Statement
For The Month of September,2004
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  #30  
Old Friday, August 12, 2011
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Thanks game awan and afaq.

But we have yet to get it confirmed whether marks ll be awarded on T-format.
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