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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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Replies to This Discussion

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....

Shop fitting will be treated as fixed assets A/C in balance sheet
Value added tax will be treated as Liability or provision A/C
Shop Expenses will be treated as Expense or P & L account

Rs. 72,000/- treated as additional information because it has been identified after periodic audit (i.e. done once in a year) , in additional , it will use as a opening balance for next year recording of inventory .


kisi ke pas mgt ki gdb ka solution hy to plz help me 

pls send me correct gdb mgt101

time bht kaam rah gia ha / kia q mary es subject ma help kary ga . ......

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still need a hellp..

Description

Dr.

Rs.

Cr.

Rs.

Treatment

 

 

 

 

Stock at 1 July 2012

100,000

 

Trading A/C (Cost of Goods Sold)

Shop Fittings

53,000

53000 

fixed assets A/C in balance sheet

Value Added Tax

 6500

6,500

 Liability or provision A/C

Shop Expenses

9500

9500 

 Expense or  P & L account 

Q:1You are required to recognize the accounting treatment for each extracted trail balance item according to the given example highlighted with red color.

Ans:

Q:2Why value of stock at 30 June 2013 is reported as additional information rather than appearing in trial balance? Answer with logical reasoning.

Ans:

According to as  it is,in accounting treatment the stock of trading which mention
above and it calculated because it was not sold during that financial year.and the stock of june 30 2013 was valued at Rs.72000is belong to the profit and loss acco So these two balances should be treated as a p/L Accountr.

 

 

 

.

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 share complt solution

 Is main just yhi btana hy na k inka kia treatmnt hy jaisy shop expenses hn yh p&l a/c ki dr side py ayn gy

According to me, the reason is here that the trial balance is made up by all ledgers balances at a certain point of time. It includes those transactions which has two effects. 

There are two terms Opining stock and Closing stock closing stock shows the amount of goods which remain in the business at the end of the year.

 Stock at 30 June 2013 is 72000 which will be added in next year 2014. That’s why we reported value stock as additional Information rather than appearing in trial balance.

mgt 101 GDB solution by nomi khan

Shop fittings are fixed assets .Fixed assets these are also known as tangible assets and have physical eixtance for exmple

Plant machinery so in balanced sheet it will be treated as fixed assets A/C

Value added tax as an government tax which any business has to pay to government and it is liability to pay the government so we treat value added tax as liability A/C in balance sheet corner.

Shop expenses will be treated as profit and loss .we will note down expenses and it is because we want to know how many expenses we did in the year to run our business effectively so that we conclude profit and loss at the end of year. After knowing all the expenses we will know our profit and loss of the current year

So in balance sheet shop expenses will be treated as profit and loss A/C

Value of stock at 30 June 2013 Is reported as additional information because it was not sold during that year there for it is reported as additional information at the end of year of stock  30 June 2013 is 72000 because it was not sold during previous year so we will treat it as profit and loss account rather than write in trial balance

waht u say friendz about this?




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