Accounts; Economics; Business; Post your doubts here!

[Waleed007]

hEy i am new To eco I am planning to give eco in may june 2012 is there enough time to prepare for eco from 1st jan to 8th maY!!!!! pls help wat should i do and how should i manage my time and ofcourse name a gud eco teacher in Karachi!!!!!!!!!! waiting for ur help..............

Sir Asif in Askari is a good teacher of Economics... you can take tutions from him

 

[pakiboy]

I onlY wanT to knOw thaT if I am Gud in mAths wiLl I be Able tO gEt guD gradE in Eco bY pRepRng OnlY iN 4 monThs!!! For Cie ExamS iS this Enough!!!!!!!!!!!!!!!!

 

[devegen fulen]

i would like to ask you a question concerning the oct/nov 2011 principles of accounts paper 22. for the question on final accounts.in that question what should we do with the loan?should interest on loan be passed or not?

 

[SalmanPakRocks]

i would like to ask you a question concerning the oct/nov 2011 principles of accounts paper 22. for the question on final accounts.in that question what should we do with the loan?should interest on loan be passed or not?

I appeared for the following paper! In the final account Interest on Loan is always treated as an expenditure! Thus this will come in the heading, Operating Expenses.

 

[devegen fulen]

???

ok.whats ur answer about my question?

 

[SalmanPakRocks]

ok.whats ur answer about my question?

what do u mean?
I already answered it and I know the answer is correct.

 

[devegen fulen]

what do u mean?
I already answered it and I know the answer is correct.

i don't know whether ur answer is correct. i'll know it only when the mark schemes will be published. am confirming it with other people.

 

[SalmanPakRocks]

I m 100% correct cuz my Balance sheet was balanced and I conformed it from my teachers. Anyways if u have more doubt then wait till monday for marking schemes to be released.

 

[devegen fulen]

I m 100% correct cuz my Balance sheet was balanced and I conformed it from my teachers. Anyways if u have more doubt then wait till monday for marking schemes to be released.

ok.but let me tell u when a balance sheet balances that does not necessarily mean ur answer is correct

 

[SalmanPakRocks]

ok.but let me tell u when a balance sheet balances that does not necessarily mean ur answer is correct

ur saying that interest on loan shouldn't be treated as operating expenses?
Well I presume ur balance sheet isn't getting balanced either because you aren't treating interest of loan correctly. Do this and it will balance!
and when the balance sheet balances there is 95% chances that the whole question is correctly treated.

 

[SalmanPakRocks]

And for the information
loan on interest is expense.

 

[devegen fulen]

ur saying that interest on loan shouldn't be treated as operating expenses?
Well I presume ur balance sheet isn't getting balanced either because you aren't treating interest of loan correctly. Do this and it will balance!
and when the balance sheet balances there is 95% chances that the whole question is correctly treated.

my balance sheet has balanced, am just asking about the interest on loan. let me bring to ur knowledge that even we don't take an adjustment that is an adjustment has been omitted completely from the financial accounts,the balance sheet is going to balance because the trial balance has balanced.

 

[SalmanPakRocks]

Just tell me one thing! Is loan on interest expense or not? If it is ommitted than you will lose 1 marks.

 

[SalmanPakRocks]

Try reading this! It will help you with ur so called "Query"

 

[devegen fulen]

Just tell me one thing! Is loan on interest expense or not? If it is ommitted than you will lose 1 marks.

obviously interest on loan is an expense. but in the adjustments it was stated that interest on loan is payable after each anniversary of the loan. that made me have a lot of confusions

 

[SalmanPakRocks]

check out the following document i have provided!

 

[Rookayya]

Hello everyone. I need your help, I wish to know if I can get mark scheme for economics o level starting from year 2002 to recent exams. To my dismay, though extremepapers is the best, some marking schemes are missing on the website, Can anyone help please??

 

[Waleed007]

Well,here's a Question of Nov...2002.I have tried A lot but the Balance Sheet Isn't balancing .Need your help guys!

A.Tree was a in business as an import merchant and the following balance were extracted from his books on 31 December 2002:
$
Purchases: 124,000
Sales: 236,000
Wages Expenses: 32,800
Motor Expenses: 10,700
Air Freight Charges on Purchases: 20,200
Sundry Exp: 600
Rent and Rates paid: 11,200
Interest on loan from Sure: 900
Loan from Sure at 1st January 2002: 10,000
Creditors: 10,280
Debtors: 25,200
Stock at 1st January 2002: 14,240
Equipment and Fittings: 9800
Motor Vehicles: 44,000
Cash at bank: 4,360
Capital: 61 720
Drawings: 20,000

Additional Information:
(1).Stock at 31st December 2001 was valued at $17920
(2).Motor Vehicles are to be Depreciated by 20%
(3).Interest on the loan by Sure is at the rate of 12% per annum and has been paid to 30th Sep 2002
(4)A provision for doubtful debts of 5% of debtors is to be made.
(5) One-quarter of the wages was for staff employed in re-packaging the goods for sale.
(6) Rates amounting $ 800 had been paid in advance for the year 2003...

Required:. Prepare a Trading Account and Profit and loss Account for the year ended 31 dec 2002
And Prepare a Balance Sheet as at 31 dec 2002.

 

[doctormani]

Bro i think u made a mistake in adj 3? As itx quit confusing!Did u wrote 1200 in loan interest in expenses in incomes statement? And then 300 as accrued interest in Current liabilities! in B.S? If u did this so tell me i'll prepare the whole income statement n balance sheet!!

 

[Waleed007]

Well, In I.S i wrote 1200.in expensess. but in BS I wrote 10000 in current liabilities, So how would it be accrued ?