Friday, March 29, 2024
05:18 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
  #1  
Old Saturday, December 13, 2014
Saleemulhaq's Avatar
Junior Member
 
Join Date: Oct 2012
Location: Unsafe world
Posts: 12
Thanks: 7
Thanked 12 Times in 3 Posts
Saleemulhaq is on a distinguished road
Default Please Solve this questions

Paper I 2014
Question number 4
Question number 7
I shall be thankful to you.
Reply With Quote
  #2  
Old Tuesday, December 16, 2014
Junior Member
 
Join Date: Sep 2013
Posts: 6
Thanks: 0
Thanked 2 Times in 2 Posts
sfsk is on a distinguished road
Default

2014 Q7

gross profit 36000
net profit 2000
B/S 202000

Q7 2014

You have to calculate credit sales and purchases in order to arrive at GP

for credit purchases=closing payables+ payment to payable
credit sales=closing debtors+ receipts from debtors

on commencement of business entry passed would be

cash 90000
capital 90000

to arrive at cash closing balance add all receipts and subtract all payments from cash book balance will be 24000
hope this solves your query. do pray for me

Last edited by Amna; Tuesday, December 16, 2014 at 01:28 AM. Reason: merged/chain posts
Reply With Quote
The Following User Says Thank You to sfsk For This Useful Post:
Fatima Saleem (Saturday, January 03, 2015)
  #3  
Old Tuesday, December 16, 2014
liberation's Avatar
Senior Member
 
Join Date: Jul 2014
Location: Lahore
Posts: 225
Thanks: 120
Thanked 43 Times in 32 Posts
liberation is on a distinguished road
Default

Quote:
Originally Posted by Saleemulhaq View Post
Paper I 2014
Question number 4
Question number 7
I shall be thankful to you.
Q#4 (CASH FLOW STATEMENT)

Cash flow from operating activities

PBIT = 3400
ADD
Depreciation = 10,000
Machinery = 6,000
Goodwill = 2000
Interest paid = (720)
Cash flow before working capital changes = 20680

Increase in Debtors = (8,000)
Increase in stock = (400)
Decrease in Liability = (3600)
interest = 720

Cash flow from operation activities = 9400

Cash flow from investing activities

purchase of assets = o/b 20,000 - Dep 10,000 c/f 16,000 = Addition=(6,000)
purchase of machine = (12,000)

cash flow from investing activities = (18,000)

cash flow from financing activities

issue of capital = 10,000
General reserve = 4,000
Debentures = (2,000)

Cash flow from financing activities = 12,000

Cash in hand = 9,400+12,000-18,000= [3400] thus balance is this
__________________
Rabbana zalamna anfusana wa in-lam taghfir lana wa-tarhamna la-naku-nanna mina-al-khasireen
Reply With Quote
  #4  
Old Tuesday, December 16, 2014
liberation's Avatar
Senior Member
 
Join Date: Jul 2014
Location: Lahore
Posts: 225
Thanks: 120
Thanked 43 Times in 32 Posts
liberation is on a distinguished road
Default

Quote:
Originally Posted by sfsk View Post
2014 Q7

gross profit 36000
net profit 2000
B/S 202000

Q7 2014

You have to calculate credit sales and purchases in order to arrive at GP

for credit purchases=closing payables+ payment to payable
credit sales=closing debtors+ receipts from debtors

on commencement of business entry passed would be

cash 90000
capital 90000

to arrive at cash closing balance add all receipts and subtract all payments from cash book balance will be 24000
hope this solves your query. do pray for me

Have you solved the tax portion ? if yes do help me in some matters
__________________
Rabbana zalamna anfusana wa in-lam taghfir lana wa-tarhamna la-naku-nanna mina-al-khasireen
Reply With Quote
  #5  
Old Tuesday, December 16, 2014
Junior Member
 
Join Date: Sep 2013
Posts: 6
Thanks: 0
Thanked 2 Times in 2 Posts
sfsk is on a distinguished road
Smile

yeah i am doing tax now a days sure you help me ill help you
Reply With Quote
  #6  
Old Wednesday, December 17, 2014
Junior Member
 
Join Date: Nov 2010
Posts: 6
Thanks: 0
Thanked 5 Times in 2 Posts
Tariq Haroon is on a distinguished road
Default Saleemulhaq

I have posted the solution of 2014 paper
pl check it out
Reply With Quote
  #7  
Old Saturday, December 20, 2014
liberation's Avatar
Senior Member
 
Join Date: Jul 2014
Location: Lahore
Posts: 225
Thanks: 120
Thanked 43 Times in 32 Posts
liberation is on a distinguished road
Default

Quote:
Originally Posted by sfsk View Post
yeah i am doing tax now a days sure you help me ill help you
tell me the book , notes and the format please ... !! share your email id
__________________
Rabbana zalamna anfusana wa in-lam taghfir lana wa-tarhamna la-naku-nanna mina-al-khasireen
Reply With Quote
  #8  
Old Sunday, December 21, 2014
Junior Member
 
Join Date: Sep 2013
Posts: 6
Thanks: 0
Thanked 2 Times in 2 Posts
sfsk is on a distinguished road
Default

book tax by muazzam mughal and income ordinance 2001 i have a soft copy
i did salary income first and then income from other sources, property and business id is sarafatima200atgmailcom
Reply With Quote
The Following User Says Thank You to sfsk For This Useful Post:
liberation (Monday, December 22, 2014)
  #9  
Old Thursday, January 08, 2015
Saleemulhaq's Avatar
Junior Member
 
Join Date: Oct 2012
Location: Unsafe world
Posts: 12
Thanks: 7
Thanked 12 Times in 3 Posts
Saleemulhaq is on a distinguished road
Default

Quote:
Originally Posted by liberation View Post
Q#4 (CASH FLOW STATEMENT)

Cash flow from operating activities

PBIT = 3400
ADD
Depreciation = 10,000
Machinery = 6,000
Goodwill = 2000
Interest paid = (720)
Cash flow before working capital changes = 20680

Increase in Debtors = (8,000)
Increase in stock = (400)
Decrease in Liability = (3600)
interest = 720

Cash flow from operation activities = 9400

Cash flow from investing activities

purchase of assets = o/b 20,000 - Dep 10,000 c/f 16,000 = Addition=(6,000)
purchase of machine = (12,000)

cash flow from investing activities = (18,000)

cash flow from financing activities

issue of capital = 10,000
General reserve = 4,000
Debentures = (2,000)

Cash flow from financing activities = 12,000

Cash in hand = 9,400+12,000-18,000= [3400] thus balance is this
There is some mistake in your calculation of interest on longterm debt (debenture) and you added General reserve while calculating cash flow from financing activities which actually part of operating activities.
Correct form will soon...
Reply With Quote
  #10  
Old Thursday, January 08, 2015
Saleemulhaq's Avatar
Junior Member
 
Join Date: Oct 2012
Location: Unsafe world
Posts: 12
Thanks: 7
Thanked 12 Times in 3 Posts
Saleemulhaq is on a distinguished road
Default

Cash flow statement

1) Cash Flow From Operating Activities:
Closing Balance as per Profit and Loss (2013) A/C...............................3400
Closing Balance as per Profit and Loss (2012) A/C...............................3000
.................................................. .................................................. ............400
(A) Add:Appropriation of funds:
Transfer to Reserve 4000
Net profit before tax 4400
(B) Add:Non-Operating expenses
Depreciation on Building ................................10000
Depreciation on Machinery ..............................6000
Amortization of Goodwill .................................2000
Interest on long-term borrowing (Debenture).......900 ........................................18900

(C) Operating Profit before working capital Change .................................23300
(D) Add: Decrease in C/A and increase C/L:
NiL
(E) Less: Increase in C/A and decrease C/L:
Increase Stocks............................................ .400
Increase sundry Debtors ................................8000
Decrease sundry Creditors ..............................3600 (12000)
Cash generated by operating activities 11300
2) Cash flow from investing activities:
Purchase building................................... 6000
Purchase Machinery ..............................12000
Cash used in investing activities (18000)
3) Cash flow from financing activities:
Proceed from issue of share capital 10000
Redemption of debenture (2000)
Interest on debenture (900)
Cash generated by financing Activities 7100
Net Cash increased during the year 400
Add:Cash at the beginning 3000
Cash at the End of the year 2013 3400
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
Sentence reman_bari1455 English (Precis & Composition) 1 Tuesday, July 29, 2014 02:21 PM
Headmaster Test Preparation/ notes ASIF JAN PCS / PMS 18 Friday, June 28, 2013 11:29 AM
Practical Suggestions to Solve Composition Paper zuhaib ahmed English (Precis & Composition) 0 Saturday, September 01, 2012 08:15 PM
How to write/give good answer: khuhro Tips and Experience Sharing 0 Saturday, August 18, 2012 07:51 PM
Best Interview Answers To Interview Questions xaara~hussain Jobs Announcements 3 Sunday, September 04, 2011 10:41 AM


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 - 2024, Jelsoft Enterprises Ltd.