[QUOTE=Saleemulhaq;786244][B]Trading & Profit and loss Account[/B]
Gross Profit=152000
Net Profit=4450
[B]Profit and loss Appropriation Account[/B]
Balance Transferred to Balance Sheet=24950
[B]Balance Sheet[/B]
Balance=637950
Note
There is contingent liability of 50000 which will be included in the balance sheet we have to just write a footnote to mention the contingent liabilities.

Remember in your prayer.[/QUOTE]


How did you manage audit fee (9,000) trade expense (9,000) and bad debts ........... you have missed accurate format approach of these figures !!

[QUOTE=socrates;684373]ACCOUNTANCY & AUDITING, PAPER-I

SECTION-A
Q.2. The following information is available: (20)
[B]Trial Balance as at December 31, 2012. [/B]

[B]Particulars Debit Rs. Credit Rs. [/B]
Capital 6400000
Drawings 1813800
Goodwill 3618200
Land & Buildings 2400000
Plant & Machinery 1600000
Loose Tools 120000
Bills Receivable 145800
Bills Payable 1352000
Creditors 3068840
Purchase Returns 106000
Sales 8720000
Stock, 1st Jan 2011 1677800
Purchases 2050800
Wages 858000
Carriage Outward 22160
Carriage inward 55000
Coal & gases 234160
Salaries 1414560
Rent, Rates & Taxes 113000
Discount 60520
Cash at Bank 1016840
Cash in Hand 18600
Sundry Debtors 1800000
Repairs & maintenance 74600
Printing & Stationery 20600
Bad Debts 48520
Advertisements 140840
Sales Returns 85000
Furniture 48000
General Expenses 210040
[B] 19646840 19646840 [/B]
The following adjustments are to be made:
1. Closing Stock as on December 31, 2011 was Rs 1400000.
2. Depreciation is to be provided on the following assets:
― Plant & Machinery 10 %
― Loose Tools 10 %
― Furniture 10 %
― Land & Buildings 2.5 %
3. Provide for the following payables:
― Wages – Rs. 60000
― Advertisements – Rs. 20000
― Salaries – Rs.120000
― Repairs & Maintenance – Rs. 15000
4. Provide 5 % on the debtors against bad debts and 2 % against discounts.
[B]Required:- Prepare Trading, Profit & Loss Account and Balance Sheet as at December 31, 2011 from the above data.[/B][/QUOTE]


will some one show the debit side of P&L account ? please . i am solving these past papers for the upcoming attempt ... !! kindly participate in this thread !!

[QUOTE=liberation;789737]How did you manage audit fee (9,000) trade expense (9,000) and bad debts ........... you have missed accurate format approach of these figures !![/QUOTE]

I think you are talking about Director fees, that I considered as administrative expense.

[QUOTE=sfsk;789079]asddsa
in Q6 of paper 2 2013 the total income from business is 64900 or 85900 so tax liability cannot be calculated however on dividend and winning from lottery tax rates will be applicable also i am unable to understand how did you calculate the taxable income of 894000?[/QUOTE]

Actually, its Q7. Kindly compare your answer with that of mine to know whether I am right or wrong.

[QUOTE=asddsa;797342]Actually, its Q7. Kindly compare your answer with that of mine to know whether I am right or wrong.[/QUOTE]
ok
Q7 2013

Basic salary 312000
medical allowance 42000
10% of salary exempt[U] 31200[/U] 10800
bonus 8000
house rent all 192000
less:zakat (5200)

taxable income 517600

agricultural income totally exempt

kindly correct if wrong
ill be grateful

2013 Q#7
taxable income 517600

[QUOTE=sfsk;797409]ok
Q7 2013

Basic salary 312000
medical allowance 42000
10% of salary exempt[U] 31200[/U] 10800
bonus 8000
house rent all 192000
less:zakat (5200)

taxable income 517600

agricultural income totally exempt

kindly correct if wrong
ill be grateful[/QUOTE]

Yes, you are right its 517600.
Actually, i took medical allowance as 35,000 whereas it is 3,500
If you can look at question paper the comma is given after two digits thus at first look a person presumed it as 35,000. :)

if someone solved the paper I, 2010 kindly post the P & L account of the question.

past papers
 

Aslam o Alaikum please somebody attach the link of accounts past papers of last 10 to 15 years, I'm unable to find.

You did not adjust capitals of old partners