#21
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so far as marks are concerned, i think marks are awarded on pro rata basis; only a few marks would be deducted. |
#22
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Just like rent, coal and gases are indirect expenses and they will be treated in profit and loss account.
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#23
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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?
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#24
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Quote:
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. |
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rubab farooq (Saturday, March 23, 2013) |
#25
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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 |
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seher bano (Sunday, March 24, 2013) |
#26
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Paper pattern!!!
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.
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Kisi Sar Nagoon See Shakh Per Rakhain Gay Char Tinkey, Na Buland Shakh Ho Gee, Na Girrey Ga Ashiyana, |
#27
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solution!!!
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
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Kisi Sar Nagoon See Shakh Per Rakhain Gay Char Tinkey, Na Buland Shakh Ho Gee, Na Girrey Ga Ashiyana, |
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rubab farooq (Monday, March 25, 2013) |
#28
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Quote:
Medical allowance is exempt upto 10% of basic salary. Remaining amount will b included in taxable income. |
#29
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house allowance
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)
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<~Allah is great~> Believe in Allah and then see what will happen |
#30
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zakat treatment
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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<~Allah is great~> Believe in Allah and then see what will happen |
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