Saturday, January 28, 2023
02:29 PM (GMT +5)

Go Back   CSS Forums > CSS Optional subjects > Group I > Accounting & Auditing

Reply Share Thread: Submit Thread to Facebook Facebook     Submit Thread to Twitter Twitter     Submit Thread to Google+ Google+    
 
LinkBack Thread Tools Search this Thread
  #61  
Old Tuesday, January 01, 2013
Senior Member
 
Join Date: Apr 2012
Location: Nowhere ...
Posts: 353
Thanks: 444
Thanked 148 Times in 95 Posts
seher bano will become famous soon enough
Default

Koi mujhey bata sakta hai k closing entries trading and profit & Loss account, Balance sheet sey pehley banai jaati hain ya phir baad mein??? Agar pehly to closing entries k balances adjusted honge ya jo question me given hon gey???please answers.
Reply With Quote
  #62  
Old Tuesday, January 01, 2013
Junior Member
 
Join Date: Jan 2013
Posts: 16
Thanks: 4
Thanked 12 Times in 9 Posts
Rohail Khan is on a distinguished road
Default

Quote:
Originally Posted by DDAY View Post
First entry is for the opening of new period while second was made during the closing of the period....
for example: when we close the period and we have some amount of rent is extra then it will be c/f for new period. so the entry will be

Prepaid rent account (dr)................xxx
rent expense/rent a/c (cr)..............xxx

in the same way for the new period the entries will be reverse as

Rent expense/rent a/c (dr)..............xxx
prepaid rent a/c (cr).......................xxx

If im wrong then plz correct it..............
dear in my view expense account kbhi Cr nh hota..
preepaid rent ki entries is trha hngi
Dr Prepaid rent account
Cr cash
aur jaise jaise rent utilize hota jaega hum usko prepaid se nika k expense me dalte jain just like below
Dr rent expense
Cr prepaid account
aur in the end agar hum ne rent advance more than year ka pay kia hai tou wo balance sheet me Dr side show hoga. ku k prepaid amount humara asset hai..
me jaldi is pe ek example post krnga ta k sab clear hojae..
Reply With Quote
The Following 2 Users Say Thank You to Rohail Khan For This Useful Post:
DDAY (Tuesday, January 01, 2013), seher bano (Tuesday, January 01, 2013)
  #63  
Old Tuesday, January 01, 2013
Junior Member
 
Join Date: Jan 2013
Posts: 16
Thanks: 4
Thanked 12 Times in 9 Posts
Rohail Khan is on a distinguished road
Default

Quote:
Originally Posted by seher bano View Post
Koi mujhey bata sakta hai k closing entries trading and profit & Loss account, Balance sheet sey pehley banai jaati hain ya phir baad mein??? Agar pehly to closing entries k balances adjusted honge ya jo question me given hon gey???please answers.
ji closing entries pehle hi banai jati hain tbi tou TPL aur B.S me year end balance aate hain.. aur second bat jo ap ne pochi hai wo Question dekh k hi pata chale ga k closing balance wohi aainge ya unko adjust krna hoga..
Reply With Quote
  #64  
Old Tuesday, January 01, 2013
Senior Member
 
Join Date: Apr 2012
Location: Nowhere ...
Posts: 353
Thanks: 444
Thanked 148 Times in 95 Posts
seher bano will become famous soon enough
Default

Quote:
Originally Posted by Rohail Khan View Post
dear in my view expense account kbhi Cr nh hota..
preepaid rent ki entries is trha hngi
Dr Prepaid rent account
Cr cash
aur jaise jaise rent utilize hota jaega hum usko prepaid se nika k expense me dalte jain just like below
Dr rent expense
Cr prepaid account
aur in the end agar hum ne rent advance more than year ka pay kia hai tou wo balance sheet me Dr side show hoga. ku k prepaid amount humara asset hai..
me jaldi is pe ek example post krnga ta k sab clear hojae..
Thanks for you consideration, but you are partly right in this case. you are talking about meigs and meigs adjusting entires. However, the case is most opposite in M.A Ghani adjusting entries. that is why i am very confused.
Reply With Quote
  #65  
Old Tuesday, January 01, 2013
Junior Member
 
Join Date: Jan 2013
Posts: 16
Thanks: 4
Thanked 12 Times in 9 Posts
Rohail Khan is on a distinguished road
Default

Quote:
Originally Posted by seher bano View Post
Thanks for you consideration, but you are partly right in this case. you are talking about meigs and meigs adjusting entires. However, the case is most opposite in M.A Ghani adjusting entries. that is why i am very confused.
dear sehar,
na mene meigs and meigs parha hai na M.a Ghani..
so mujhe dono ka nh pata.. ap M.a Ghani me jo entries hain wo detail me post karain ta k pata chala k kaise opposite hain.. aur meigs and meigs ki bhi..
Reply With Quote
The Following User Says Thank You to Rohail Khan For This Useful Post:
seher bano (Tuesday, January 01, 2013)
  #66  
Old Tuesday, January 01, 2013
Muhammad Usman 987's Avatar
Member
 
Join Date: Jan 2012
Location: Peshawar, Pakistan.
Posts: 62
Thanks: 18
Thanked 35 Times in 25 Posts
Muhammad Usman 987 is on a distinguished road
Default

Quote:
Originally Posted by green2 View Post
Dear All,

Anybody can plz tell me that
1.do v need to prepare process costing in full detAils including FIFO and WEIGHTED avg method..and all other things e.g ab.loss and normal loss simultaneously...etc
2.v same question is for STANDARD Costing..mean to say all variances including SALEz variance or only MAT,LAB,FOH variance will b sufficient
3.in advance ACC same question is for PARTNERSHIP acc..how much details we need to cover for the said topic????

Kindly answer me if anybody have it.

Regards,

Saeed
Yes these topics are most important. So if you want to score high then you will have to cover these topics.
__________________
YA ALLAH KAREEM tera lakh lakh shukar.
Reply With Quote
  #67  
Old Tuesday, January 01, 2013
Member
 
Join Date: Oct 2012
Location: Islamabad
Posts: 96
Thanks: 12
Thanked 29 Times in 21 Posts
DDAY is on a distinguished road
Post

Quote:
Originally Posted by Rohail Khan View Post
dear in my view expense account kbhi Cr nh hota..
preepaid rent ki entries is trha hngi
Dr Prepaid rent account
Cr cash
aur jaise jaise rent utilize hota jaega hum usko prepaid se nika k expense me dalte jain just like below
Dr rent expense
Cr prepaid account
aur in the end agar hum ne rent advance more than year ka pay kia hai tou wo balance sheet me Dr side show hoga. ku k prepaid amount humara asset hai..
me jaldi is pe ek example post krnga ta k sab clear hojae..
Thank you so much for pointing out my mistake..... you are right...
All expenses are debits because they reduce owner’s equity
Reply With Quote
The Following User Says Thank You to DDAY For This Useful Post:
Rohail Khan (Wednesday, January 02, 2013)
  #68  
Old Wednesday, January 02, 2013
Senior Member
 
Join Date: Apr 2012
Location: Nowhere ...
Posts: 353
Thanks: 444
Thanked 148 Times in 95 Posts
seher bano will become famous soon enough
Default

Quote:
Originally Posted by Rohail Khan View Post
dear sehar,
na mene meigs and meigs parha hai na M.a Ghani..
so mujhe dono ka nh pata.. ap M.a Ghani me jo entries hain wo detail me post karain ta k pata chala k kaise opposite hain.. aur meigs and meigs ki bhi..
http://www.4shared.com/office/95FjoT...on_of_Fin.html

Please have a look to above mentioned link...there is every adjusting entry of P/L Account which is making me confused.
Reply With Quote
  #69  
Old Wednesday, January 02, 2013
Junior Member
 
Join Date: Jan 2013
Posts: 16
Thanks: 4
Thanked 12 Times in 9 Posts
Rohail Khan is on a distinguished road
Default

Quote:
Originally Posted by seher bano View Post
http://www.4shared.com/office/95FjoT...on_of_Fin.html

Please have a look to above mentioned link...there is every adjusting entry of P/L Account which is making me confused.
hmmm now i got your point. wo adjust is lie kr rha hai ku k TPL ko true and fair view dene k lie..
lets suppose ap ne 2 years ka rent pay kia hai advance me. agr wo at the year end adjust nh karainge tou usi ek year me 2 years ka rent exp include hojaega jo hamare profit ko kam kr dega.. let supose humara GP hai 50000. 60000 of 2 years respectively.
2 years ka rent hai suppose 24000.. means ek year ka 12000.
ab agr hum without adjusting year one me sara rent dal dain tou senario aisa hoga k
year 1
GP=50000
rent= 24000
NP=26000.
aur
year 2
GP=60000
rent exp=0
NP=60000.
adjustment na krne se hum year 1 k profit underestimate kr rhe hain aur year 2 k profits ovr estimate..
so adjustment k bad humara 2 years ka TPL kuch is tarha show hoga
year 1
GP=50000
rent= 12000
NP=38000.
aur
year 2
GP=60000
rent exp=12000
NP=48000.

hope mene apki problem ko sahi identify kia ho..
agr nh tou let me know.
regards,
Rohail
Reply With Quote
The Following User Says Thank You to Rohail Khan For This Useful Post:
seher bano (Thursday, January 03, 2013)
  #70  
Old Thursday, January 03, 2013
Senior Member
 
Join Date: Apr 2012
Location: Nowhere ...
Posts: 353
Thanks: 444
Thanked 148 Times in 95 Posts
seher bano will become famous soon enough
Default

Quote:
Originally Posted by Rohail Khan View Post
hmmm now i got your point. wo adjust is lie kr rha hai ku k TPL ko true and fair view dene k lie..
lets suppose ap ne 2 years ka rent pay kia hai advance me. agr wo at the year end adjust nh karainge tou usi ek year me 2 years ka rent exp include hojaega jo hamare profit ko kam kr dega.. let supose humara GP hai 50000. 60000 of 2 years respectively.
2 years ka rent hai suppose 24000.. means ek year ka 12000.
ab agr hum without adjusting year one me sara rent dal dain tou senario aisa hoga k
year 1
GP=50000
rent= 24000
NP=26000.
aur
year 2
GP=60000
rent exp=0
NP=60000.
adjustment na krne se hum year 1 k profit underestimate kr rhe hain aur year 2 k profits ovr estimate..
so adjustment k bad humara 2 years ka TPL kuch is tarha show hoga
year 1
GP=50000
rent= 12000
NP=38000.
aur
year 2
GP=60000
rent exp=12000
NP=48000.

hope mene apki problem ko sahi identify kia ho..
agr nh tou let me know.
regards,
Rohail
Ok Thank you...If I have got any problem, will let you know.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Accounting Terms simple_sa_jalal Accounting & Auditing 7 Saturday, September 27, 2008 10:28 PM


CSS Forum on Facebook Follow CSS Forum on Twitter

Disclaimer: All messages made available as part of this discussion group (including any bulletin boards and chat rooms) and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of CSSForum.com.pk (unless CSSForum.com.pk is specifically identified as the author of the message). The fact that a particular message is posted on or transmitted using this web site does not mean that CSSForum has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to the forum to report any objectionable message in site feedback. This forum is not monitored 24/7.

Sponsors: ArgusVision   vBulletin, Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.