#31
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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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#32
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Quote:
Quote:
I could solve only the following question. For rest of the questions I need you people help. Paper 2013 Gross Profit = 5205240 Net Profit = 2584400 Balance Sheet = 11806440 Paper 2009 Gross Profit = 6200 Net Profit = 2362 Balance Sheet = 16275 Paper 2007 Gross Profit = 153000 Net Profit = 65570 Balance Sheet = 451910 Paper 2005 Gross Profit = 133800 Net Profit = 66852 Balance Sheet = 348852 Paper 2004 Gross Profit = 35212 Net Profit = 22085 Balance Sheet = 141017 |
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raza786 (Sunday, October 20, 2013) |
#33
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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.
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KinzaShoaib (Saturday, October 19, 2013) |
#34
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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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#35
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Palwasha I think your balance sheet figure needs revaluation, because kinza and mine answer is same in Q.3,2007
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#36
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Quote:
Now, we have same solutions for 2013, 2007 and 2005. Let discuss the others. 2004 Profit and Loss Debit side Carriage 800 Establishmnt 2635 Taxes 883 Audit fee 400 General 3950 Travelling 325 Discount 620 Reserve for bad debt 1000 Depreciation 2564 Profit and Loss Credit side G.P. 35212 Interest 340 Interest Accrued 210 Rent 150 Please point out my mistakes. |
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Ammara Khan88 (Sunday, October 20, 2013) |
#37
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Quote:
Profit and Loss Account (Cr) G.P: Rs. 35212 Insurance: Rs. 340 Interest: Rs. 210 Profit and Loss Account (Dr.) 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 N.Profit........22085
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"Our Lord, give us the good in this world and the good in the hereafter." (Al-Qur'an, 2:201). |
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Ammara Khan88 (Sunday, October 20, 2013), raza786 (Sunday, October 20, 2013) |
#38
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Code:
Ahmed Faisal 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:
Secondly, Quote:
( 783+150-50=883) Now, correct me if I am wrong. |
The Following 2 Users Say Thank You to KinzaShoaib For This Useful Post: | ||
Ammara Khan88 (Sunday, October 20, 2013), mhz99 (Friday, November 01, 2013) |
#39
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Quote:
Profit and Loss Account (Cr) G.P: Rs. 35212 Interest + Accrued Interest = Rs. 340 + Rs. 210 =550 Rent Revenue: Rs. 150 Total: Rs. 35912 Profit and Loss Account (Dr.) 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 N.Profit........22585 B.S: Rs. 141167
__________________
"Our Lord, give us the good in this world and the good in the hereafter." (Al-Qur'an, 2:201). |
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Ammara Khan88 (Sunday, October 20, 2013) |
#40
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Q.NO.1, Paper 2001
G.Profit. 96400 N.Profit. 15010 P/L account bal. 98900 balance sheet. 199810 Kinza rechecked your question 2001. |
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