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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Accounting Treatment extracts of Trial balance of Star Corporation, as at 30 June 2013

Description

Dr.

Rs.

Cr.

Rs.

Treatment

 

Stock at 1 July 2012

 

100,000

 

 

Trading A/C (Cost of Goods Sold)

 

Shop Fittings

 

53,000

 

 

Fixed Assets (Furniture & Fixtures)

 

Value Added Tax

 

 

6,500

 

Current Liabilities (VAT Payable)

 

Shop Expenses

 

9500

 

 

P & L A/ c (Selling, Admin & General expenses)

 

by Ahmad Bhatti BS CS

1. Shop fittings will be written fixed assets accounts

2. Tax is for Government it is also known as GST tax. It is a Liability. Liability to pay the government.That is the Liability or provision Account.
 
3. Shop Expenses always treated as Profit & Expenses. So that is the Profit & Loss Acount (P&L) Account.

 

Extracts of Trial balance of Star Corporation, as at 30 June 2013

Description

Dr.

Rs.

Cr.

Rs.

Treatment

Stock at 1 July 2012

100,000

100000 

100000

Shop Fittings

53,000

 47000

47000

Value Added Tax

 

6,500

100000

Shop Expenses

9500

 

150000

thank u very much

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