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  1. K

    Economics, Accounting & Business: Post your doubts here!

    As the supply of female labour would increase so the female wages would decrease and female labour can substitute male labour, thus male wages would also decrease
  2. K

    Economics, Accounting & Business: Post your doubts here!

    Formula for calculation of dividend is No of fully paid up shares(which are 70 000 in this case) X price per share ($0.050) X Rate of dividend (6%) = $210 (Please check I doubt that u have typed $0.05 instead of $0.5. Only then it can be $2100)
  3. K

    Economics, Accounting & Business: Post your doubts here!

    Go to the link below and you'll find it all http://papers.xtremepapers.com/CIE/Miscellaneous%20Documents/A_AS_IAS_Booklet.pdf
  4. K

    Accounts Olevel Important topics and problem discussion

    loan from anyone be it the owner or outsiders is a LIABILITY Interest on loan is an EXPENSE The amount of interest expense for a period will depend upon the Interest and Time of loan during the year CALCULATION: If the loan is obatained in any previous year or at the start of the year; use...
  5. K

    Accounts Olevel Important topics and problem discussion

    Subscriptions account $ $ 2007 1 Nov Balance b/d (given in info 1) 130 Balance b/d (given in info 1) 210 2008 Bank (130+1490+90*) (given in info 2) 1710 31 Oct Income & expenditure account 1700 31 Oct Balance c/d 90* (as this is recd for next yr thus c/d) pl follow the marking scheme for the...
  6. K

    Accounts Olevel Important topics and problem discussion

    NIC has two parts : one which is deducted out of the employee's pay and the other which the employer contributes on behlaf of the employee to the NIC authorities. Lets look at the example Kya employs Rose as a receptionist. Rose works 35 hours per week at $7 per hour and 10 hours per week at...
  7. K

    Accounts Olevel Important topics and problem discussion

    In case of club accounts (Non Profit Organisations) although the whole organisation runs on a non profit basis but a part of it might be profit oriented for which we make a trading account as here its the cafe for which a trading account is needed. Although, we name it as a trading account but...
  8. K

    Accounts Olevel Important topics and problem discussion

    U shud note dat the beg value ov assets is 40000 , assets ov buk value 1000 has been sold and assets worth 8000 hav been bot , ds shud giv u a total ov 40000-1000+8000=47000. Whereas da ending buk value is 42000 hence da value btw 47000 and 42000 dat is 5000 is da dep fr da year wch vil b shown...
  9. K

    Economics, Accounting & Business: Post your doubts here!

    AS WAJIMAN HAS QUOTED IT IS ALSO GIVEN IN H RANDALL's BLACK BOOK IN THE CHAPTER FOR CAPITAL REDEMPTION, REDUCTION AND RECONSTRUCTION BUT WITH A LITTLE DIFFERENCE. PL CHK IT TOO
  10. K

    Accounts Olevel Important topics and problem discussion

    U r welcome!
  11. K

    Accounts Olevel Important topics and problem discussion

    There is no difference in the format of Income Statement (Trading and Profit and Loss Account) of a business as a whole and the departmental business. The only thing is that some of the expenses would be required to be divided over the departments on some basis given e.g Rent (Total) $ 15000 and...
  12. K

    Accounts Olevel Important topics and problem discussion

    U r right thats why I ve written it as given specific purpose
  13. K

    Accounts Olevel Important topics and problem discussion

    Yes, Departmental A/cs is there in the course Donation/ Legacy/Gift given in general without a given purpose is an income for the year and would appear in the Inc and Expd A/c whereas gift (for purchase of specific equipment) given in receipts would not appear in the Inc and Expd A/c but in the...
  14. K

    Accounts P12 discussions

    No. of shares x price per share x rate of dividend = dividend
  15. K

    Accounts Olevel Important topics and problem discussion

    In case the qs does not provide any space u can use blank pages and even the pages given for the final accounts qs, as those are now given in much more no. than needed. For anything which u cancel at the given space can also be done in those pages
  16. K

    Accounts Olevel Important topics and problem discussion

    Bad or irrecoverable subscriptions will be credited to subs a/c. Whatever amount u receive during the year shud be credited to the subs a/c
  17. K

    Economics, Accounting & Business: Post your doubts here!

    Patents at the beg were 28 k, 25 k was paid to buy more of those , which brings the total to 53 k ; whereas those were 38 k at the end which means that rest of 15 k is amortised during the yr and shud be treated as we treat depreciation in the cashflow i.e addback and 25 k paid shud be the outflow.
  18. K

    Accounts Olevel Important topics and problem discussion

    Remember, Subscription is an Income Account Any Subscription (Income) due but not received is an asset (Subscription in Arrears/ Subs Owing) Any Subscription (Income) received in advance is a liability (Subscription in Advance) Subscription (Income) Received during the year (period) will be...
  19. K

    Accounts Olevel Important topics and problem discussion

    All u need to remember are the formulae for the items u named: 1) CAPITAL EMPLOYED =All Assets (Current and Non Current) - Current Liabilities OR CAPITAL EMPLOYED = Capital + Non Current Liabilities 2) OWNER'S CAPITAL = Assets - Liabilities 3) WORKING CAPITAL = Current Assets - Current...
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