Saturday, December 31, 2011

Happy New Year 24021 - New Year Wallpaper

Thursday, December 29, 2011

Pass the Journal entry of the following transaction

NO.	Particulars	Taka
1	Mr. Robin opens an account with MTB, Shanir Akhra Branch by depositing cash TK. 5000 and a cheque for TK. 45000 only. (The cheque belongs to the account of Mr. Karim, A/C No. 0310009337 with MTB, Shanir Akhra Branch)	50,000
2	Mr. Karim’s also given us a cheque to transfer an amount from his account to Mr. Gias Account.	35,000
3	Mr. Robin deposits a cheque of DBBL for TK. 25000 only.	25,000
4	A cheque has drowned on MTB, Shanir Akhra branch from Bank Asia through clearing house on account of Md. Mobarak Hossain.	10,000
5	Mr. Robin gives a cheque of his account to Mr. Ali who has also an account in MTB, Shanir Akhra Branch.	20,000
6	Mr. Robin sends us a cheque of his account for issuing a Pay Order (PO) favoring Bank Asia Ltd. On account of Job Application.	500
7	Today we receive a computer from our Head Office.	1,00,000
8	Depreciation charges on computer @20% on straight line method.
9	Expenses incurred for entertaining valued client of the branch.	500
10	Hanif was paid TK. 50 for going to head office for official purpose.	50
11	Branch send 05 cheques of different accounts to clearing house totaling TK. 340000 for collection (Through the account name is not mentioned here; please treat the name of account as Sundry Party’s account.)	3,40,000
12	A cheque for TK. 50000 has been returned from clearing house.	50,000
13	Expense incurred for purchasing papers, pen, files etc.	1,000
14	Computer paper and ribbon purchased for branch.	3,000
15	5 litter Petrol purchased for the bank’s generator @ TK. 78
16	A DD for TK. 50000 issued on our Agrabad Branch favoring M/S. Alam & Brothers.	50,000
17	Mr. Robin withdraws TK. 5000 from ATM Booth.	5,000
18	Our head office sends us a few refund warrants for onward crediting to sundry party’s account through online. (In absence of account name, please write the account name as Sundry Party’s account)
19	FDR interest due in 3 accounts.	12,000
20	Transfer FDR interest to Nahid’s savings account.	5,200
21	Encashment of 1 FDR and issued a Pay Order (PO) there against.	2,00,000
22	Mr. Alamgir send a cheque of his account for TK. 100000 and cash TK. 50000 to make an FDR of her wife’s name i.e. Mrs. Nargis Akter
23	Mrs. Mahmuda submits an application for closing her account and she is not interested to receive the balance of her account in cash. Closing charge of the account is TK. 200, 15% vat will be applicable on closing charge.	10,000
24	The PO which Mr. Robin issued earlier needs to be cancelled.	500

Sunday, November 27, 2011

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Thursday, November 24, 2011

What is true and fair view for auditor?

The concept of the 'true and fair view' remained a cornerstone of financial reporting and auditing in the UK; that there had been 'no substantive change in the objectives of an audit and the nature of auditors' responsibilities'; and that the need for professional judgement 'remained central to the work of preparers of accounts and auditors in the UK'.

Saturday, November 5, 2011

EID MUBARAK

Sunday, October 16, 2011

What Does Full Disclosure Mean?

1. The U.S. Securities and Exchange Commission's (SEC) requirement that publicly-traded companies release and provide for the free exchange of all material facts that are relevant to their ongoing business operations.

2. The general need in business transactions for both parties to tell the whole truth about any material issue pertaining to the transaction.

Investopedia explains Full Disclosure
1. The SEC requires full disclosure from companies that wish to be publicly traded on the major U.S. exchanges. By enforcing this rule, the SEC attempts to instill confidence in investors that the financial marketplace is efficient and transparent so that individual investors can take part in it for material profit.

2. For example, in real estate transactions, there can often be a disclosure form that is signed by the seller. Signing this form can result in legal penalties if it is later discovered that the seller knowingly lied about or concealed significant facts.

What is segment reporting?

A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four segments: transportation, oil and gas, mining, and land. Segment reporting is required by the SEC in an attempt to provide stockholders and the public with better financial data. Also called line-of-business reporting. See also industry segment

Business Segment Reporting

What Does Business Segment Reporting Mean?
Giving separate accounts of a company's individual divisions, subsidiaries or other segments. In an annual report, the purpose of business segment reporting is to provide an accurate picture of a public company's performance to its shareholders. For upper management, business segment reporting is used to evaluate each segment's income, expenses, assets, liabilities and so on in order to assess profitability and riskiness.

Investopedia explains Business Segment Reporting

A bank, for example, might use business segment reporting to separately account for its banking, credit card and financial services segments. If the bank had operations in both North America and Latin America, it might report on those separately as well.