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  #21  
Old Tuesday, September 11, 2012
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Originally Posted by xepan View Post
Question # 8 of Paper 1 kahan sy aa gaya hy yaar. I mean I have a book for accounting named "Principles of Accounting" by M.A. Ghani and there is no chapter showing any kind of ratios like current ratio, liquidity ratio etc etc. Should I buy another book. If yes then which one. Also recommend any book for Paper II jis ki main ny abhi tayyari karni hy
"Principals of Advanced Accounting" by M.A Ghani. You need to prepare chapter of financial ratios from that book only.
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  #22  
Old Wednesday, September 19, 2012
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Default Ratios

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Originally Posted by xepan View Post
Question # 8 of Paper 1 kahan sy aa gaya hy yaar. I mean I have a book for accounting named "Principles of Accounting" by M.A. Ghani and there is no chapter showing any kind of ratios like current ratio, liquidity ratio etc etc. Should I buy another book. If yes then which one. Also recommend any book for Paper II jis ki main ny abhi tayyari karni hy
Dear ratios are the easiest topic. Here are the various types of ratios:

1 Profitability ratios
2 Liquidity ratios
3 Activity ratios (Efficiency Ratios)
4 Debt ratios (leveraging ratios)
5 Market ratios
6 Capital budgeting ratios
You can study its details at this link and if you still find some problem then we can discuss it here. Do read their interpretations also as they are very helpful for aspirants in their fledgling stage of preparation.
http://en.wikipedia.org/wiki/Financi...ability_ratios

Last edited by Abdul Q; Wednesday, September 19, 2012 at 10:49 AM. Reason: link missing
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  #23  
Old Wednesday, September 19, 2012
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Originally Posted by Abdul Q View Post
Dear ratios are the easiest topic. Here are the various types of ratios:

1 Profitability ratios
2 Liquidity ratios
3 Activity ratios (Efficiency Ratios)
4 Debt ratios (leveraging ratios)
5 Market ratios
6 Capital budgeting ratios
You can study its details at this link and if you still find some problem then we can discuss it here. Do read their interpretations also as they are very helpful for aspirants in their fledgling stage of preparation.
http://en.wikipedia.org/wiki/Financi...ability_ratios
That's very nice, but I recommend you to go through the book as well. Brcause there are lot of problems there which you can practice. Also formulas are bit different everywhere. It is better to follow Pakistan standards.
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  #24  
Old Saturday, September 29, 2012
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Originally Posted by sarfaraz shami View Post
how question no 2 was to be solved in paper 1 accounting assumptions and conventions ?
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  #25  
Old Saturday, September 29, 2012
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Originally Posted by atifdada View Post
how question no 2 was to be solved in paper 1 accounting assumptions and conventions ?
Conventions are the general accounting views to be taken into consideration while preparing Accounts.
If you are having accounting knowledge you must have studied the concepts like:
Prudence concept, separate entity concept, revenue recognition principles etc. they all fall into conventions and are the very basic concepts of accounting.

Let me solve the first 2 cases of Q No. 3 Paper I:
A) Supplies for personal use cannot be recorded as expense as Separate Business Entity Convention is applicable, So transaction should have been:
Drawings Dr
Cash/Bank Cr.
B) IAS 18 related to revenue provides guidline for the recording of service revenue. According to it Cash Basis should not be used rather one should record service revenue as the service has been rendered.

Hope you find the answer
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  #26  
Old Saturday, September 29, 2012
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Originally Posted by Abdul Q View Post
Conventions are the general accounting views to be taken into consideration while preparing Accounts.
If you are having accounting knowledge you must have studied the concepts like:
Prudence concept, separate entity concept, revenue recognition principles etc. they all fall into conventions and are the very basic concepts of accounting.

Let me solve the first 2 cases of Q No. 3 Paper I:
A) Supplies for personal use cannot be recorded as expense as Separate Business Entity Convention is applicable, So transaction should have been:
Drawings Dr
Cash/Bank Cr.
B) IAS 18 related to revenue provides guidline for the recording of service revenue. According to it Cash Basis should not be used rather one should record service revenue as the service has been rendered.

Hope you find the answer
Sorry for a mistake dear, In the double entry for A) instead of crediting Cash/Bank we will credit Supplies as they were used from out of business stock.

Thanks
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  #27  
Old Saturday, September 29, 2012
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Originally Posted by Abdul Q View Post
Sorry for a mistake dear, In the double entry for A) instead of crediting Cash/Bank we will credit Supplies as they were used from out of business stock.

Thanks
thanks dear question ki statement mai confusion thi .. aur aik cheez k yeh is type k questions ka answer kaha say milay ga like WHAT IS THE PURPOSE OF PREPARING FINANCIAL STATEMENTS ON TIMELY BASIS ??
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  #28  
Old Saturday, September 29, 2012
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thanks dear question ki statement mai confusion thi .. aur aik cheez k yeh is type k questions ka answer kaha say milay ga like WHAT IS THE PURPOSE OF PREPARING FINANCIAL STATEMENTS ON TIMELY BASIS ??
This is one of the easiest questions dear. It can be found through internet or any good book of B.Com under the head "Uses and Purposes of Financial Statements"
it's a some what lengthy question otherwise I could have posted it here, you can check it out for guidance at:
http://en.wikipedia.org/wiki/Financi...iness_entities

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Originally Posted by atifdada View Post
how question no 2 was to be solved in paper 1 accounting assumptions and conventions ?
Accounting Conventions and Concepts
Please read the above in detail at this link:
http://www.tutor2u.net/business/acco...s_concepts.htm
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  #29  
Old Saturday, June 08, 2013
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Originally Posted by sarfaraz shami View Post
no tax slabs required for calculation of taxable income and thats 100% sure. And taxable income is after deduction of all exemptions from the income. However tax credits required knowledge of slabs, and examiner normaly does not ask about that. Start your preparation you will get 16-20 even if you do not calculate the tax payable.
ok sir agreed that no tax slabs required...bt even in calculation of taxable income the treatment of different items as to taxable or exempt or rate of taxability changes from year to year..how to look upto this??
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  #30  
Old Saturday, August 31, 2013
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Originally Posted by Shooting Star View Post

Accountancy And Auditing Paper-I



can any senior help me to solve the question 2 of paper 1... i just dont get how to solve it... please help soon... thanx
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