Accountacy and Auditing Paper 2013 - Page 5

MOMIN ALI · #41 Tuesday, October 08, 2013

Quote:

Originally Posted by seher bano

Koi bata sakta hai k finish good kese nikalna hai...or baki jo mey nay bold kia uski treatment kese hogi..?

1st to mention....question me REVENUE nahe dya hua which is starting figure in INCOME STATEMENT...
now how can u find finished goods closing inventory is simple....
just follow this ( Opening stock + purchases/manufactured - closing stock= cost of goods sold/consumed/manufactured)

now these are stages of GOODS:
follow above equation for 1. Raw material and the 2. WIP and finally 3. Finished goods.

there is short cut too but dnt bother solving this way.

Supertendence expenses 2000------> its factory overhead (FOH) less it from GROSS PROFIT

Raw material purchased 230000----> add it as mentoined in above equation

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------> Openig invtry ka rate 500 he so take it as rate of closing too. then multiply 550 X 500= 275000

nidasmily · #42 Sunday, October 13, 2013

Quote:

Originally Posted by KHANSHAHRUKH

Paragraph 30 of Accounting Standard (AS) 22, Accounting for Taxes
on Income, provides as follows:
“30. Deferred tax assets and liabilities should be distinguished
from assets and liabilities representing current tax for the period.
Deferred tax assets and liabilities should be disclosed under a
separate heading in the balance sheet of the enterprise, separately
from current assets and current liabilities.”
From the above, it may be noted that the deferred tax assets and deferred tax liabilities should be disclosed separately from current assets and current
liabilities.

So, in my opinion answer may be none of these

no bro ans is none of these. deferred tax needs disclosure under separate note

In qs 3 which schedules he is talking about?
I have the e version of COMPANIES ORDINANCE 1984 but I could not find these schedules.

Your interpretation is wrong. First line shows that deffered tax may be assets or liabilities. 2ndly, it is explained here that defered tax should not be merged with current assets or current liabilities. 3rdly disclosure concept

Gohershahroy · #43 Saturday, November 30, 2013

Can anybody tell me, is numerical question fetch good marks or theoretical is rewarding?

HelpingHand · #44 Saturday, November 30, 2013

Quote:

Originally Posted by Gohershahroy

Can anybody tell me, is numerical question fetch good marks or theoretical is rewarding?

numerical for paper A
&
theory for paper B (except cost & tax).

ikram farooqi · #45 Saturday, January 11, 2014

net profit 27000
add inadmissible expenses
reserve for doubtful debt 7000
cost of debenture issue 2500
loss of embezzlement 5000
provision of gratuity 10000
depreciation 15000
income tax 21000

less

depreciation 11800
dividend 15000 (26800)
total taxable income 60,700

tax liability 60700x 35% 21245
dividend 15000x10% 1500

total tax payable 22,745

PLEASE SOMEONE TELL ME IF IT IS RIGHT OR NOT.. IF NOT WHERE AM I WRONG.
QUICK REPLY IS MUCH APPRECIATED

The Following User Says Thank You to MOMIN ALI For This Useful Post:
seher bano (Wednesday, October 09, 2013)