vu fin623 Mid Term Subjective Solved Past Paper No.4
vu fin623 Taxation Management Solved Past Papers
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Profit and loss account:
It shows the performance of the business in a given period. It shows the profitability of business which shows the success or failure of the business.
Balance sheet:
Balance sheet shows the position of business at a given point. It shows the resources available by the business and the resources invested by the owner and other loans.
Cash flow statements: Cash flow statements show the generation of cash and its usage over a given period. IMPORTANCE OF FINANCIAL STATEMENTS FOR MANUFACTURING CONCERN: These financial statements are important for manufacturing concern organization as they provide information related to financial affairs of the organization. The profitability and liquidity, the resources available to the company and the generation of cash and its usage over a given period which provides reasonable information to the management to take decisions.
The best difference can be described as follows :
No business can run without money or resources being invested there in.
Whatever money or resources from ones' own pocket are put in a business is referred to as capital. Capital is the investment of the Owner in the business. This capital or investment must earn a return or profit on its use even if it is coming out of ones' pocket. This return is also known as profit. So no capital should be without a profit or a return. Also, no Capital even if coming from the business owner can be without cost. It is the day to day expenses whose benefit is drawn immediately. For example, salary of the employee, rent of the building.
Revenue Expenditure is the cost of resources consumed or used up in the process of generating revenue,generally referred to as expenses.
| 2007 | Transactions | Rs. |
| Jan. 1 | Mr. Jamil stared business with cash | 1000,000 |
| Jan. 3 | Bought goods for cash | 70,000 |
| Jan. 5 | Paid for stationary | 1,000 |
| Jan. 7 | Sold goods for cash | 40,000 |
| Jan. 10 | Paid for trade expenses | 1,000 |
| Jan. 11 | Sold goods for cash | 10,000 |
| Jan. 14 | Received cash from Mr. Asif | 5,000 |
| Jan. 15 | Paid cash to Mr. Qadir | 10,000 |
| Jan. 18 | Withdrew cash for personal use | 3,000 |
| Jan. 22 | Bought goods for cash | 20,000 |
| Jan. 25 | Sold goods for cash | 45,000 |
| Jan. 22 | Paid for electricity bill | 2,000 |
| Jan. 31 | Paid salary | 5,000 |
| Jan. 31 | Paid rent | 1,500 |
