Any one who find any difficulty in Accounting and Tax ..can post queries in this thread i will give answer.
I am teaching Business Taxation and accounting at graduate and Masters level.
I will feel pleasure to guide css forum members regarding these subjects .

Its good to found you here .BRo kindly teach how to calculate TAX according to Tax schedule?

Name xxx
Tax year xxx
Tax year ended on xxx
Residential status xxx
computation of tax payable
Income From Salary (sec. 12)
basic salary
+bonus
+commission
+cost of living allowance
+dearness allowance
____________________
Salary
Conveyance allowance
house rent allowance
entertainment allowance
special additional allowance
special exempt (exempt)
medial allowance (exempt up to 10% of basic salary)

Accomodation
1.45% of MTS or Basic salary
2. Annual rent
which ever 1 or 2 is higher will be taxable

Conveyance provided by employer
1> conveyance partly used for personal and partly for official then 5% of cost of vehicle will be taxable
2> conveyance used for personal then 10% of cost of vehicle will be taxable

__________________
<~Allah is great~>
Believe in Allah and then see what will happen

Q.2 Abbas manufacturing company submitted following information at 31st December 2011.

Inventories Opening Closing
Raw Material 100000 30000
Facrory Supplies 2000 1000
Work in Process 50000 15000
Finished goods 100000 _____?

Other data
Direct Labour 100000
Indirect labour 5000
Electric supply expenses 2000
Heating and lighting 4000
Workmen's compensation 3000
Factory insurance 1000
Supertendence expenses 2000
Wages and rent factory 8000
Misc. expenses 1000
Factory supplies purchases 3000
Raw material purchased 230000
Tool expenses 2000

Finished goods inventory 1st january 200 units, sold during the year 2011, 5500 units @ Rs. 300 per unit and the closing inventory of finished goods at 31st December 2011 was 550 units.

Required: (a) Cost of goods sold (b) An income statement for the year 2011

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@alibintahir, Hello
I need the value of Finished goods ending inventory and sales.???????

__________________
Beauty

@beauty
you need complete solution or only figures of these two items????

__________________
<~Allah is great~>
Believe in Allah and then see what will happen

I have solved the question but not sure about the finished goods closing inventory value and sales. i just need the figures

__________________
Beauty

@beauty
sale 5500 units *Rs. 300 per unit =Rs.1650000
Finished goods inventory ending Rs.43906

__________________
<~Allah is great~>
Believe in Allah and then see what will happen

Subsidized lunch facility (total exempt)
Lunch facility (total taxable )
Medical allowance
less:10%exempt

conveyance allowance (total taxable)
SPECIAL ALLOWANCE (total exempt )
efficiency honorarium(total taxable )

Loan provided by employer (bench mark rate 14%)
i. If no interes is charged then 14% of loan amount will be taxable
ii. If interest charge but rate is low then bench mark rate e.g 8% then you have to take difference of rate and bench mark rate 14%-8%=6% now you have to take 6% of loan amount and taxed
iii. If employer interest rate is higher than bench mark rate then nothing included

__________________
<~Allah is great~>
Believe in Allah and then see what will happen

@alibintahir
Here is the step where i was wrong. finished goods ending inventory.
i can't understand the value you have given please show me the formula or steps to find finished goods ending inventory..

__________________
Beauty

@beauty
Finished goods ending inventory
= units in ending inventory * per unit cost
PER UNIT COST
cost of goods manufactured
/units manufactured

UNITS MANUFACTURED
(units in ending inventory + units sold ) - units in opening finished goods inventory

__________________
<~Allah is great~>
Believe in Allah and then see what will happen