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

[Syeda kazmi]

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[Ahmad Hassan Khan Kakar]

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[+ M.Tariq Malik]

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)

 

[+ M.Tariq Malik]

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.

 

[+ M.Tariq Malik]

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

[✿ ƊiyA Ⱬ@hra ✿]

thank u very much