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Few confusions
Is this necessary to categorized Balance sheet's Assets and Liabilities in Current and fixed?? If yes, then Provision for Tax, Proposed Dividend, Unclaimed Dividend, Reserve for depreciation are current or long term liabilities??
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[QUOTE=Palwashaa;658955]Q.no5. 2002. Trading p&l acc. 15,700,000. Balance sheet. 15,200,000
q.no5.2003. Trad. P&l acc. 149360. Balc. Sheet. 211495 q.no5.2005. Trad. P&l acc. 135000. Baln sheet. 348852 q. No.5.2004. Trad p&l. Acc. 35762. Bal sheet. 141017 q.no3.2007. Trad p&l. Acc. 149800. Bal sheet. 451910[/QUOTE] [QUOTE=KinzaShoaib;659895][U][B]Paper 2013[/B][/U] Gross Profit = 5205240 Net Profit = 2584400 Balance Sheet = 11806440 [B][U]Paper 2010[/U][/B] Gross Profit = 83530 Net Profit = 25305 Balance Sheet = 207180 [B][U]Paper 2009[/U][/B] Gross Profit = 6200 Net Profit = 1361 Balance Sheet = 16174 [B][U]Paper 2008[/U][/B] Gross Profit = 50334 Net Loss = 9365 Balance Sheet = 537365 [B][U]Paper 2007[/U][/B] Gross Profit = 153000 Net Profit = 65570 Balance Sheet = 451910 [B][U]Paper 2006[/U][/B] [I][COLOR="Blue"][SIZE="2"]I Do not find original paper on net[/SIZE][/COLOR][/I]:( ... [B][U]Paper 2005[/U][/B] Gross Profit = 133800 Net Profit = 65052 Balance Sheet = 347052 [B][U]Paper 2004[/U][/B] Gross Profit = 35212 Net Profit = 22735 Balance Sheet = 141167 [B][U]Paper 2003[/U][/B] Gross Profit = 144940 Net Profit = 34624 Balance Sheet = 221020 [B][U]Paper 2001[/U][/B] Gross Profit = 96400 Net Profit = 14910 Balance Sheet = 199710[/QUOTE] [B]I could solve only the following question. For rest of the questions I need you people help. [/B] [U][B]Paper 2013[/B][/U] Gross Profit = 5205240 Net Profit = 2584400 Balance Sheet = 11806440 [B][U]Paper 2009[/U][/B] Gross Profit = 6200 Net Profit = 2362 Balance Sheet = 16275 [B][U]Paper 2007[/U][/B] Gross Profit = 153000 Net Profit = 65570 Balance Sheet = 451910 [B][U]Paper 2005[/U][/B] Gross Profit = 133800 Net Profit = 66852 Balance Sheet = 348852 [B][U]Paper 2004[/U][/B] Gross Profit = 35212 Net Profit = 22085 Balance Sheet = 141017 |
[QUOTE=KinzaShoaib;660003]Is this necessary to categorized Balance sheet's Assets and Liabilities in Current and fixed?? If yes, then Provision for Tax, Proposed Dividend, Unclaimed Dividend, Reserve for depreciation are current or long term liabilities??[/QUOTE]
Kindza, I have been told that Assets and liabilities should be classified. Provision for tax is a profit and loss item if it is not a partnership. In case of partnership, Tax is deducted from Capital. All kinds of dividends are directly deducted from Capital a/c. Reserve for depreciation is long term liability. However, accumulated depreciation can be written as current liability. |
Q. 3. 2007
it is not loan . it is interest on loan. and plant & mach ki dep. mention ha 12840. actually mainy full terms nai likhi, i thought question ma mention han sb.
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[QUOTE=Palwashaa;660074]it is not loan . it is interest on loan. and plant & mach ki dep. mention ha 12840. actually mainy full terms nai likhi, i thought question ma mention han sb.[/QUOTE]
Palwasha I think your balance sheet figure needs revaluation, because kinza and mine answer is same in Q.3,2007 |
[QUOTE]Paper 2005
Gross Profit = 133800 Net Profit = 65052 Balance Sheet = 347052 [/QUOTE] I rechecked my above solution and Yes Ammara your solution is right. Now, we have same solutions for 2013, 2007 and 2005. Let discuss the others. [U][B][COLOR="Magenta"]2004[/COLOR][/B][/U] [B]Profit and Loss Debit side[/B] Carriage 800 Establishmnt 2635 Taxes 883 Audit fee 400 General 3950 Travelling 325 Discount 620 Reserve for bad debt 1000 Depreciation 2564 [B]Profit and Loss Credit side[/B] G.P. 35212 Interest 340 Interest Accrued 210 Rent 150 Please point out my mistakes. |
[QUOTE=KinzaShoaib;660228]I rechecked my above solution and Yes Ammara your solution is right.
Now, we have same solutions for 2013, 2007 and 2005. Let discuss the others. [U][B][COLOR="Magenta"]2004[/COLOR][/B][/U] [B]Profit and Loss Debit side[/B] Carriage 800 Establishment 2635 Taxes 883 Audit fee 400 General 3950 Traveling 325 Discount 620 Reserve for bad debt 1000 Depreciation 2564 [B]Profit and Loss Credit side[/B] G.P. 35212 Interest 340 Interest Accrued 210 Rent 150 Please point out my mistakes.[/QUOTE] [B]Miss Kinza, here you go.[/B] [B][COLOR="Blue"]Profit and Loss Account (Cr)[/COLOR][/B] [B]G.P: Rs. 35212[/B] Insurance: Rs. 340 Interest: Rs. 210 [B][COLOR="Blue"]Profit and Loss Account (Dr.)[/COLOR][/B] Carriage on Sale................ 800 Provision for Bad debts........1000 Establishment + Salaries......2635 Tax & Insurance + Tax Expense -unexpired insurance.....1233 Audit fee.............400 General Charges.....3950 Discount......620 Travelling expense.....325 Depreciation Exp (Motor +Furniture).....2564 Rent Expense.....150 [B][COLOR="Blue"]N.Profit........22085[/COLOR][/B] |
[CODE]Ahmed Faisal[/CODE]
My two figures are different from you: 1. Taxes 2. Rent of Building I first charge Rent to debit side of Profit and Loss Account but then I find that this is the same question as Q#14 given in M.A. Ghani's Book and in Key Book rent is recorded as revenue in credit side of P&L Account. Moreover, if we logically examine the statement i.e. [QUOTE]Rent due for a portion of the Building[B][SIZE="4"] let[/SIZE][/B] Rs. 150[/QUOTE] then I think, It is justified to deal it as revenue. Building is also included in asset. Secondly, [QUOTE]The following balances appeared in the books of a merchant on 31st December, 2003. Building . . .70,000 Motor trucks . . .12,000 Furniture . . . ...1,640 Sundry debtors . .15,600 Sundry creditors . . .18,852 Stock . . . .15,040 Cash in hand . .. .. .988 Cash at bank . . .14,534 Bills receivable . .. .5,844 Bills payable . . .6,930 Purchases . . .. .85,522 Sales . . . ... .1,21,850 Capital . . .. .92,000 Carriage on purchase .. .1,291 Carriage on sales .. .. 800 Reserve for bad debts . .1,320 Establishment . . ....2,135 [COLOR="Purple"][SIZE="3"]Taxes & Insurance . .. .783[/SIZE][/COLOR] Interest (Cr.) . . .. .340 Bad Debts . . . .613 Audit fee . . .. .400 General charges . .... 3,950 Travelling expenses . .325 Discount (Dr.) . . . .620 Investments . ..8,922 Sales returns .. ... .285 Required: Prepare Trading and Profit and Loss account for the year ended 31st December 2003 and Balance Sheet as on that date. In doing so take the following matters into consideration. Stock on 31st December, 2003 amounted to Rs. 15,500. Depreciate Motor Trucks at 20 per cent and Furniture at 10 percent. Increase Bad Debts Reserve by Rs. 1000 Salaries Rs. 500 and [COLOR="Purple"][SIZE="3"][B]Taxes Rs. 150 are outstanding[/B][/SIZE][/COLOR] [COLOR="Purple"][B][SIZE="3"]Unexpired Insurance Rs. 50[/SIZE][/B][/COLOR] Interest accrued on Investments Rs. 210 Rent due for a portion of the Building let Rs. 150 A bill receivable for Rs. 500 was discounted in December 2003 but was not due till January next. [/QUOTE] I added outstanding taxes of Rs.150 and deducted unexpired Insurance of Rs.50 from Taxes and Insurance head amounted Rs. 783 ( 783+150-50=883) Now, correct me if I am wrong. |
[QUOTE=KinzaShoaib;660424][CODE]Ahmed Faisal[/CODE]
My two figures are different from you: 1. Taxes 2. Rent of Building I first charge Rent to debit side of Profit and Loss Account but then I find that this is the same question as Q#14 given in M.A. Ghani's Book and in Key Book rent is recorded as revenue in credit side of P&L Account. Moreover, if we logically examine the statement i.e. then I think, It is justified to deal it as revenue. Building is also included in asset. Secondly, I added outstanding taxes of Rs.150 and deducted unexpired Insurance of Rs.50 from Taxes and Insurance head amounted Rs. 783 ( 783+150-50=883) Now, correct me if I am wrong.[/QUOTE] Yes, you are absolutely right. Business has its own building in Assets, so paying rent seems unreasonable. It is, for sure, business revenue. Secondly, Yes Tax payable is Rs. 150. Now We have the following figures lets have a look... [B] Profit and Loss Account (Cr)[/B] G.P: Rs. 35212 Interest + Accrued Interest = Rs. 340 + Rs. 210 =550 Rent Revenue: Rs. 150 [B]Total: Rs. 35912[/B] [B]Profit and Loss Account (Dr.)[/B] Carriage on Sale................ 800 Provision for Bad debts........1000 Establishment + Salaries......2635 Tax & Insurance + Tax Expense -unexpired insurance : Rs. 783 + 150 -50= Rs. 883 Audit fee.............400 General Charges.....3950 Discount......620 Travelling expense.....325 Depreciation Exp (Motor +Furniture).....2564 [B]N.Profit........22585[/B] [B]B.S: Rs. 141167[/B] |
[B]Q.NO.1, Paper 2001 [/B]
G.Profit. 96400 N.Profit. 15010 P/L account bal. 98900 balance sheet. 199810 Kinza rechecked your question 2001. |
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