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MGT101-Financil Accounting 1st GDB """Topic""Financial Statement""" opening date 2/12/2014 and closing date 5/12/2014

here share ur opinions guyzzz..........

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RE: MGT-101 iDEA SOLUTION
General Journal
Dated
Particulars
Ref
Debit
Credit
01-Sep
Cash
Bank
Capital
500000
250000
750000
02-Sep
Vehicles
Cash
250000
250000
05-Sep
Bank
Cash
10000
10000
09-Sep
Purchased
A/P (Hafeez & co.)
50000
50000
12-Sep
Drawings
Cash
Goods
7000
5000
2000

Need to identify the nature of each transaction like , fixed asset balance sheet item, or expense account profit & loss item.

for stock 

stock at the end was provided because it was not sold (or whatever) during that financial year, so the remaining stock was calculated and will be added to the next financial year

IDEA SOLUTION:

  1. Accounting Treatment of Terms in Trial Balance

 

  • Shop Fittings                                             Assets (Balance Sheet)
  • Value Added Tax:                                     Liability (Balance Sheet)                     
  • Shop Expenses                                         Expense  (Profit and Loss Account) 

 

    2.   Stock at the end is provided because it was not sold during that financial year 2012-13, so the Closing Stock calculated and will be added to the next financial year 2013-14.........

 

plz help me

plz send soluti.   noreenyousaf12@yahoo.com

plz send solution   noreenyousaf12@yahoo.com

Ans :

Req .1= For the purpose of financial reporting the stock at the end was provided which was not calculated because it was not sold during that financial year, so we calculated the remaining stock and this stock will be added to next financial year .
Req . 2= According to my point of view ,in accounting treatment the stock of trading account which mention above and the stock ta june 30 2013. Was valued at rs. 72000 is belong to the profit and loss account. So these two balances should be treated as a p/L Accountr.
What You Think Guyz About This Ans ????
M I Ri8 ???


Anyone can tell me that how to write the answer of question no.1?

i meant just in the boxes of given chart/table or to write separately? plz help me...

Its written clearly on gdb to write ans in same format/ table :)

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