| 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 |
Thursday, December 29, 2011
Pass the Journal entry of the following transaction
Sunday, November 27, 2011
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
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.
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.
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.
Read more: http://www.investopedia.com/terms/f/fulldisclosure.asp#ixzz1aup6WhKN
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.
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.
Read more: http://www.investopedia.com/terms/b/business-segment-reporting.asp#ixzz1aulrjM8s
What Does Annual Report Mean?
1. An annual publication that public corporations must provide to
shareholders to describe their operations and financial conditions. The front
part of the report often contains an impressive combination of graphics,
photos and an accompanying narrative, all of which chronicle the company's
activities over the past year. The back part of the report contains
detailed financial and operational information.
2. In the case of mutual funds, an annual report is a required document that is made available to fund shareholders on a fiscal year basis. It discloses certain aspects of a fund's operations and financial condition. In contrast to corporate annual reports, mutual fund annual reports are best described as "plain vanilla" in terms of their presentation.
2. In the case of mutual funds, an annual report is a required document that is made available to fund shareholders on a fiscal year basis. It discloses certain aspects of a fund's operations and financial condition. In contrast to corporate annual reports, mutual fund annual reports are best described as "plain vanilla" in terms of their presentation.
Investopedia explains Annual Report
1. It was not until legislation was enacted after the stock market crash in 1929 that the annual report became a regular component of corporate financial reporting. Typically, an annual report will contain the following sections:
-Financial Highlights
-Letter to the Shareholders
-Narrative Text, Graphics and Photos
-Management's Discussion and Analysis
-Financial Statements
-Notes to Financial Statements
-Auditor's Report
-Summary Financial Data
-Corporate Information
2. A mutual fund annual report, along with a fund's prospectus and statement of additional information, is a source of multi-year fund data and performance, which is made available to fund shareholders as well as to prospective fund investors. Unfortunately, most of the information is quantitative rather than qualitative, which addresses the mandatory accounting disclosures required of mutual funds.
1. It was not until legislation was enacted after the stock market crash in 1929 that the annual report became a regular component of corporate financial reporting. Typically, an annual report will contain the following sections:
-Financial Highlights
-Letter to the Shareholders
-Narrative Text, Graphics and Photos
-Management's Discussion and Analysis
-Financial Statements
-Notes to Financial Statements
-Auditor's Report
-Summary Financial Data
-Corporate Information
2. A mutual fund annual report, along with a fund's prospectus and statement of additional information, is a source of multi-year fund data and performance, which is made available to fund shareholders as well as to prospective fund investors. Unfortunately, most of the information is quantitative rather than qualitative, which addresses the mandatory accounting disclosures required of mutual funds.
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