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  #41  
Old Thursday, October 31, 2013
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Quote:
Q.NO.1, Paper 2001

G.Profit. 96400
N.Profit. 15010
P/L account bal. 98900
balance sheet. 199810

Kinza rechecked your question 2
I rechecked and yes your answer is correct.
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  #42  
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Quote:
Originally Posted by mhz99 View Post
Q1 2001 please post debit side of p&l account
advertising 4500
Mark up+ outstanding 2030
Taxes+ outstanding taxes - Prepaid insurance 12700
General exp. 7820
Salaries+ outstanding 36000
Provision for debtors 3950
Depreciation 16890


Net profit 15010
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  #43  
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Q5 2004
Gp 33,792
Np 21,352
Bs 140,144
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  #44  
Old Friday, November 01, 2013
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Kinza, ammara and ahmad in 2004 q5 the bad debt of 613 will be deducted in net profit or not
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  #45  
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Quote:
Originally Posted by mhz99 View Post
Kinza, ammara and ahmad in 2004 q5 the bad debt of 613 will be deducted in net profit or not
No, Reserve for bad debts will be debited to profit and loss with amount of Rs.1000 (new provision=1707+ bad debt=613- old provision=1320)

You can see post#58 of this thread for solution of this question.
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  #46  
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Quote:
Originally Posted by mhz99 View Post
Q5 2003 please post the answers
Provision for depreciation is confusing me in this question. I am not sure about my solution. I recorded Assets at their cost value in balance sheet and provision for assets recorded in liabilities side with addition of current year's provision.

G.P. 144940
N.p. 34624
Balance sheet 221020

whats are your figures?
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  #47  
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New provision should be 2320 because question asks to increase provision by 1000
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  #48  
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I am unable to solve the following questions from Profit and loss accounts, if anyone can, come forward please.


Q. 5
Paper, 2002

Q.5
Paper, 2003

Q.6
Paper, 2010
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  #49  
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This is the solution I could solve. You people are requested to pinpoint mistakes, because neither my p/l accounts is correct nor Balance sheet.

Q. 5
Paper, 2002


Trading and p/l account (Dr.)
Opening Stock........Nil

Purchases..................nil
Less Returns.............nil
Wages Rs. 1000
Add Accrued wages Rs. 150 1150
Gross Profit......... Rs. 13250

Advertisement Expense...100
Supplies Expense ..........1700
Rent and other Expense(5500+500)..............6000
Depreciation...................................... ....1200
Net Profit............................................ 4650

Trading and p/l account (Cr.)

Sales(Service fee)..........14000
Closing Stock............nil
Service Fee Earned......... 400


Balance Sheet Assets

Cash Rs. 200
Service Fee Receivable 400
Accounts R/A 1500
Prepaid Advertisement 400
Less expired 100 300
Supplies 1300
Equipment 9600
Less Depreciation 1200 8400
Total 11700


Liabilities


Accounts Payable 800
Rent Payable 500
Capital 10000
Add N.I 4650
Less Drawing 3600 11050



Total Capital and Liabilities 12350
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  #50  
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Quote:
Originally Posted by mhz99 View Post
New provision should be 2320 because question asks to increase provision by 1000
Calculation of new provision:

old provision- Bad debts= Excess old provision (1320 -613= 707)
Excess old provision + Provision increase by = new provision (707+1000+1707)

Quote:
Ammara Khan88 I am unable to solve the following questions from Profit and loss accounts, if anyone can, come forward please.


Q. 5
Paper, 2002

Q.5
Paper, 2003

Q.6
Paper, 2010
I also have problem in these questions. Though my balance sheet is equal of Question of 2003 and 2010 but I know their are mistakes in treatment of items.
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