Accountacy and Auditing Paper 2013 - Page 3

TheUniter · #21 Friday, March 22, 2013

Quote:

Originally Posted by seher bano

per mein ne to coal and gases reserves samja or asset mein daal dia...meri balance sheet bhi thik aii...ab mera question pura galat hogaya kiya??koi marks ni miley gay kiya?

balance sheet can be tallied if each of the items of trading/rofit & loss a/c are omiited and inserted in to balance sheet. however, you will get different total.

so far as marks are concerned, i think marks are awarded on pro rata basis; only a few marks would be deducted.

JhooTa · #22 Saturday, March 23, 2013

Just like rent, coal and gases are indirect expenses and they will be treated in profit and loss account.

rubab farooq · #23 Saturday, March 23, 2013

actualy i hv jst completed my ll.b so dont know itny tym bad acounting ho gi ya ni..............what u think? is it easy 4 me to opt?

nombeang · #24 Saturday, March 23, 2013

Quote:

Originally Posted by rubab farooq

actualy i hv jst completed my ll.b so dont know itny tym bad acounting ho gi ya ni..............what u think? is it easy 4 me to opt?

Well, it depends upon the liking and disliking of a particular subject. If u have interest in accounting then it shouldn't b a problem for u. As u have done B.com so i would recommend u to go for it. Prepare it well n have faith in ALLAH. INSHAALLAH everything will b fine.

Quote:

Originally Posted by JhooTa

Just like rent, coal and gases are indirect expenses and they will be treated in profit and loss account.

Bro, may b u r right. But according to my knowledge and according to the book of B.com part I by Arif Ch. n Sohail Afzal page# 286, coal, oil n gas r direct expense which r related to production of goods and r debited to the trading A/c.

nazii · #25 Saturday, March 23, 2013

I do not think so examiner' ll not give u any reward for commiting a minor mistake.. you will get some thing out of it if remaing portion of question is unquestionble.normaly we study the final accounts of Trading concerns only.Thats why we don't see iteams like fuel and gas,wages and alike in the trial balance.But when a concern is manifacturing and trading,these iteams are present there.fuel and gas is a manifacturing expese and will be debited to trading account..
As for as your question of tallied balance sheet is concerned,it will b telly always even if u treat all expeses as assets.treating expense as asset will affect your profits that are altimatly added to capital in balance sheet..

Regards

aloneaz · #26 Sunday, March 24, 2013

although I did not appear in the exam but in this accounting paper the most of the question of paper 1 have been taken from the book M ARIF SOHAIL AFZAL ADVANCED ACCOUNTING and in the paper II the cost accounting portion has been taken from COST ACCOUNTING BCOM M ARIF SOHAIL AFZAL. The tax portion in which the tax of the sallaried person is given the person who has typed this paper I think might have omitted some data. If the same data was given in the paper for calculation of tax then it was a joke question.

aloneaz · #27 Sunday, March 24, 2013

1. Basic salary Rs. 26000 p.m
2. Medical allowance Rs. 3500 p.m
3. House rent allowance Rs. 16000 p.m
4. Bonus Rs. 8000
5. Zakat deduction Rs. 5200
6. Agriculture income Rs. 50000

Basic salary 26000 pm (26000*12)= 312000
medical allowance(3500*12)=42000
house rent allowance 16000*12=192000 or
312000*45/100 140400 which ever is higher so 192000 will be taken
bonus 8000

agricultural income 50000 - (not taxable)

Total income 554000

CALCULATION OF TAX:

554000*4.5% =24930

or tax as per marginal relief

550000*3.5% PLUS 4000*20% 19250+800=20050 which ever is less from above so the tax pay able will be 20050

nombeang · #28 Sunday, March 24, 2013

Quote:

Originally Posted by aloneaz

1. Basic salary Rs. 26000 p.m
2. Medical allowance Rs. 3500 p.m
3. House rent allowance Rs. 16000 p.m
4. Bonus Rs. 8000
5. Zakat deduction Rs. 5200
6. Agriculture income Rs. 50000

Basic salary 26000 pm (26000*12)= 312000
medical allowance(3500*12)=42000
house rent allowance 16000*12=192000 or
312000*45/100 140400 which ever is higher so 192000 will be taken
bonus 8000

agricultural income 50000 - (not taxable)

Total income 554000

CALCULATION OF TAX:

554000*4.5% =24930

or tax as per marginal relief

550000*3.5% PLUS 4000*20% 19250+800=20050 which ever is less from above so the tax pay able will be 20050

What about zakat deduction? Shall we not deduct the amount of zakat from total taxable income?
Medical allowance is exempt upto 10% of basic salary. Remaining amount will b included in taxable income.

alibintahir · #29 Sunday, March 24, 2013

1.house allaowance is converted into annual amount . Then added the whole amount into taxable income .
2.In case of accomodation then you have to take 45% of MTS or Basic salary and compare it with annual rent and then add the higher amount among these two (45% of basic salary and annual rent)

alibintahir · #30 Sunday, March 24, 2013

1. Zakat paid
2. Contribution to workers welfare fund
these two are deducted from total income. After this we find taxable income

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