CONSIGNMENT
JOURNAL ENTRIES TO BE THE BOOKS OF CONSIGNOR:
Consignor maintains a separate consignment account for goods sent to each agent. consignment account is profit or loss.
1. On sending goods to Consignment A/c ...Dr.
Consignee: Goods sent on consignment A/c
, (Being goods sent to agent for sale)
fiotct la e-ase- a consignor lias more t&aa one agent, separate consignment account is prepared J agent Each consignment account is identified with the name of place, for example 'Co to Karachi Ale or 'Consignment to Lahore A/c.
2. For expenses paid Consignment A/c
by consignor: Cash/Bank A/c
(Being expenses paid)
3. On receiving advance Cash/Bank A/c...
from consignee: Consignee A/c
(Being advance received from agent)
—
4. If consignee has accepted Bills Receivable A/c ...
a bill of exchange as an Consignee A/c
advance: (Being acceptance received from agent)
5. With the sale price of Consignee A/c
goods sold by consignee: Consignment A/c
(Being gpods sold by agent)
6. For goods taken over Consignee
by consignee for his Consignment A/c
personal use: (Being goods taken over by agent)
7. For expenses paid Consignment A/c .........
byAgent: Consignee
(Being expenses incurred by agent)
Note- If any of the expenses is borne by me agent personally, such expenses will not be consignment A/c. Consignor will not make anyentry for such expenses. These will be the Profit and Loss account in the books of Consignee.
Sunday, December 14, 2008
Tuesday, December 9, 2008
kind of Companies
The shareholders, who are the owncis ol the i (imp.my, an- laif.e over the country. Being absentee owners, they cannot manage the .ill.mi-, ol tin ...,.,, therefore, elect Board of Directors in the annual general meeting and enim.i n. company to them. The ownership and management of the company are thus m i
7. STATUTORY REGULATIONS:
A company right from its inception, has to comply with a number ol ::i.u> also to submit returns and report during its lifetime to the Government.
8. COMMON SEAL:
Since the company is an artificial person created by law, it therefore i-anuoi mum itself. The common seal with the name of the company engraved on it is, then-Ion its signature.
9. RIGIDITY OF OBJECTS:
In a company form of organization, the objects and powers of the com memorandum of association of the company. A change in the object and powers ol made after complying with the relevant provisions of the Companies Ordinance.
KINDS OF COMPANIES
There are four kinds of companies registered under companies ordinance, \')K-\ (1) COMPANY LIMITED BY SHARES:
This is the principal form of company which is registered with the registrat ot i..imi under the Companies Ordinance. In a company limited by shares, the capital is di shares. A person who buys one or more than one shares becomes a member of the i • <> Public company.
(a) Private Limited Company:
According to the' Companies Ordinance 1984 it can be formed (a) at le.i its total membership cannot exceed 50. (b) The company by its articles a I transfer its shares, (c) It also prohibits any invitation to the public to invest tin debentures of the company.
(b) Public Limited Company:
It can be formed by at least seven members and there is no limit to the maximum mi limited company invites applications from investors through advertisement in the ii details of the objects, share capital, method of applying for the procedure to be adopted i« the shares etc.
prepare and file a number of documents with the regisd the receipted challans in respect of payment of duty on share capital fee.
den submitted must be accompanied with requisite filing fee I In will scrutinize theni If he is satisfied that the requirements of law I
the company on the Register of Companies and issue a imi of incorporation is a proof of the fact that all the complied with.
7. STATUTORY REGULATIONS:
A company right from its inception, has to comply with a number ol ::i.u> also to submit returns and report during its lifetime to the Government.
8. COMMON SEAL:
Since the company is an artificial person created by law, it therefore i-anuoi mum itself. The common seal with the name of the company engraved on it is, then-Ion its signature.
9. RIGIDITY OF OBJECTS:
In a company form of organization, the objects and powers of the com memorandum of association of the company. A change in the object and powers ol made after complying with the relevant provisions of the Companies Ordinance.
KINDS OF COMPANIES
There are four kinds of companies registered under companies ordinance, \')K-\ (1) COMPANY LIMITED BY SHARES:
This is the principal form of company which is registered with the registrat ot i..imi under the Companies Ordinance. In a company limited by shares, the capital is di shares. A person who buys one or more than one shares becomes a member of the i • <> Public company.
(a) Private Limited Company:
According to the' Companies Ordinance 1984 it can be formed (a) at le.i its total membership cannot exceed 50. (b) The company by its articles a I transfer its shares, (c) It also prohibits any invitation to the public to invest tin debentures of the company.
(b) Public Limited Company:
It can be formed by at least seven members and there is no limit to the maximum mi limited company invites applications from investors through advertisement in the ii details of the objects, share capital, method of applying for the procedure to be adopted i« the shares etc.
prepare and file a number of documents with the regisd the receipted challans in respect of payment of duty on share capital fee.
den submitted must be accompanied with requisite filing fee I In will scrutinize theni If he is satisfied that the requirements of law I
the company on the Register of Companies and issue a imi of incorporation is a proof of the fact that all the complied with.
Sunday, December 7, 2008
joint stock company
ACCOUNTS OF JOINT STOCK (
BOOK VALUE:
It is the value of the shares according to the books of accounts of the company. If a . issued only ordinary shares, the book value of an ordinary share is determined by dividing the equity by the number of shares issued (total owners' equity includes undistributed profits of ] the company has issued different classes of shares the owners' equity has to be determined ••: keeping in mind the rights and privileges of each class of shares.
MARKET VALUE:
This is the value of a share as quoted on the stock exchange. The market value suggeasl at which the buyer is willing to purchase and the seller is willing to sell a share. The market vate not the same as either the par value or the book value. Market value is influenced by anticipai profits and political and business conditions.
NOTE:
According to Companies Ordinance 1984, there is no classification of shares. There is i of shares which is called "Ordinary Shares" or "Equity Shares".
ISSUANCE OF SHARES
GENERAL PROCEDURE:
After completing the legal formalities described earlier, the company offers shares £ public. Persons desirous of becoming shareholders of the company apply to the company for of a certain number of shares. This application is to be given on the prescribed form. These apj given to banks approved by the company. Each application must be accompanied with the M the value of shares applied for. After the last date of application has expired, the company gea from all branches of approved banks about the total number of shares applied for and th along with applications. This amount may be called the application money.
If the amount thus collected is equal or more than the amount of rrrniimurn subscript* prospectus, the company proceeds to allot shares to the applicants. If share applications ha-.: in excess of the number of shares offered by the company, the issue is said to be over-subset oversubscribed amount is returned to the applicants.
The decision to allot shares is communicated to applicants by a letter known as allotment. These letters are signed by applicants 'and returned to the company on the basis company prepares share certificates and these share certificates are sent to the applicants. ' shareholders of the company,
ACCOUNTING FOR ISSUE OF SHARES - FIRST OR INITIAL ISSUE:
In the process of raising its minimum subscription, a company invites applicatio^ minimum subscription has beeri raised, the company proceeds to allot the shares. An applic is an offer and the allotment is an acceptance. The allotment of shares is an act of the i applicant for shares becomes the holder of the shares. Assume that Star Co. Ltd. has an of Rs. 10,00,000 divided into 1,00,000 ordinary shares of Rs. 10 each. And that the stated in the memorandum is Rs. 4,00,000. Further assume that the company invites applic shares of Rs. 10 each (Rs. 4,00,000), requiring full payment of Rs. 10 per share applied for i application. Now, persons desirous of becoming shareholders of the company will fillin forms and deposit money with banks (authorized by the company to collect). The money i equal to the number of shares applied for multiplied by the par value. A deadline is fixed : After the close of that date each bank informs the company about the total amount of mone> : on account of share applications.
BOOK VALUE:
It is the value of the shares according to the books of accounts of the company. If a . issued only ordinary shares, the book value of an ordinary share is determined by dividing the equity by the number of shares issued (total owners' equity includes undistributed profits of ] the company has issued different classes of shares the owners' equity has to be determined ••: keeping in mind the rights and privileges of each class of shares.
MARKET VALUE:
This is the value of a share as quoted on the stock exchange. The market value suggeasl at which the buyer is willing to purchase and the seller is willing to sell a share. The market vate not the same as either the par value or the book value. Market value is influenced by anticipai profits and political and business conditions.
NOTE:
According to Companies Ordinance 1984, there is no classification of shares. There is i of shares which is called "Ordinary Shares" or "Equity Shares".
ISSUANCE OF SHARES
GENERAL PROCEDURE:
After completing the legal formalities described earlier, the company offers shares £ public. Persons desirous of becoming shareholders of the company apply to the company for of a certain number of shares. This application is to be given on the prescribed form. These apj given to banks approved by the company. Each application must be accompanied with the M the value of shares applied for. After the last date of application has expired, the company gea from all branches of approved banks about the total number of shares applied for and th along with applications. This amount may be called the application money.
If the amount thus collected is equal or more than the amount of rrrniimurn subscript* prospectus, the company proceeds to allot shares to the applicants. If share applications ha-.: in excess of the number of shares offered by the company, the issue is said to be over-subset oversubscribed amount is returned to the applicants.
The decision to allot shares is communicated to applicants by a letter known as allotment. These letters are signed by applicants 'and returned to the company on the basis company prepares share certificates and these share certificates are sent to the applicants. ' shareholders of the company,
ACCOUNTING FOR ISSUE OF SHARES - FIRST OR INITIAL ISSUE:
In the process of raising its minimum subscription, a company invites applicatio^ minimum subscription has beeri raised, the company proceeds to allot the shares. An applic is an offer and the allotment is an acceptance. The allotment of shares is an act of the i applicant for shares becomes the holder of the shares. Assume that Star Co. Ltd. has an of Rs. 10,00,000 divided into 1,00,000 ordinary shares of Rs. 10 each. And that the stated in the memorandum is Rs. 4,00,000. Further assume that the company invites applic shares of Rs. 10 each (Rs. 4,00,000), requiring full payment of Rs. 10 per share applied for i application. Now, persons desirous of becoming shareholders of the company will fillin forms and deposit money with banks (authorized by the company to collect). The money i equal to the number of shares applied for multiplied by the par value. A deadline is fixed : After the close of that date each bank informs the company about the total amount of mone> : on account of share applications.
capital
AUTHORIZED CAPITAL:
It is the amount of capital with which the company is registered. This capital is mentioned in i memorandum of association. A mention is also made of the number of shares into which this total capia divided, and of the par value of shares. In later years, if the company wants to either increase or decra this capital, certain legal requirements must be met. This capital is also known as nominal capita registered capital.
ISSUED CAPITAL:
Shares offered to the general public for contribution are known as shares issued. The total par « of such shares is called issued capital. To begin with, a company seldom offers all of its sharal subscription. Therefore, the amount of issued capital is generally less than the authorized capital 1 company has an authorized capital of Rs. 10,00,000 divided into 10,000 shares of Rs. 100 each decide to offer 5,000 shares to the general public. In this case the issued capital is said to be Rs. 5.00m divided into 5,000 shares of Rs. 100 each.'The remainder, that is, the difference between the authorized issued capital is known as unissued capital.
SUBSCRIBED CAPITAL:
Out of the total number of shares offered (issued) by the company, that number of shares taken up by the public is known as shares subscribed. The total par value of such shares is called subs™ capital. For example, out of the 5,000 shares issued by the company, if the public takes up 4,500 sharsJ subscribed share capital is Rs. 4,50,000 (4,500 shares x Rs. 100 par value of each share).
CALLED-UP CAPITAL:
A company may require payment of the par value either in instalments or in one lump amount is known as the called-up capital. For example, for each of the 4,500 shares taken up by the a the company may require a payment of Rs. 70 per share (the remainder Rs. 30 per share to be asked for by the company. In this case the called-up capital of the company is Rs. 3,15,000 (4,500 > per share called-up). The difference between the subscribed capital and the called-up capital is txJ un-called capital. In this case the un-called capital is Rs. 1,35,000 (Rs. 4,50,000 subscribed capitals Rs, 3,15,000 called-up capital or 4,500 shares subscribed x Rs. 30 per share uncalled. AcccrrJ Companies Ordinance, 1984, shares are always issued at full price (full amount is called up on appfi^l Therefore, there is no difference between subscribed and called capital.
PAID-UP CAPITAL:
The total amount received by the company out of the total called-up amount is known as oeJ up capital. Assuming that of Rs. 3,15,000 called-up capital the company received Rs. 3,00,00t up capital is in the amount of Rs. 3,00,000. The remainder of Rs. 15,000 is known as calls unpaid o^H arears. Now-a-days the total par value is collected at the time of application and as such practical are no calls in arrears. Presently, therefore, the subscribed, called-up and paid-up capitals are ; i amount.
RESERVE CAPITAL:
It is the portion of the subscribed capital which the company, through a special resolutioa ^1 to call in the event of winding up. Assume that 4,500 shares Rs. 100 are subscribed, the compa^^H to a 11 Rs. 70 per share and passed a special resolution to the effect that Rs. 30 per share will be calfl the event of winding up. The company is said to have reserve capital of Rs. 1,35,000 (4,500 x Rj share). Reserve capital cannot be turned into ordinary capital without leave of the court, and it ~aM dealt with or charged by creditors.
It is the amount of capital with which the company is registered. This capital is mentioned in i memorandum of association. A mention is also made of the number of shares into which this total capia divided, and of the par value of shares. In later years, if the company wants to either increase or decra this capital, certain legal requirements must be met. This capital is also known as nominal capita registered capital.
ISSUED CAPITAL:
Shares offered to the general public for contribution are known as shares issued. The total par « of such shares is called issued capital. To begin with, a company seldom offers all of its sharal subscription. Therefore, the amount of issued capital is generally less than the authorized capital 1 company has an authorized capital of Rs. 10,00,000 divided into 10,000 shares of Rs. 100 each decide to offer 5,000 shares to the general public. In this case the issued capital is said to be Rs. 5.00m divided into 5,000 shares of Rs. 100 each.'The remainder, that is, the difference between the authorized issued capital is known as unissued capital.
SUBSCRIBED CAPITAL:
Out of the total number of shares offered (issued) by the company, that number of shares taken up by the public is known as shares subscribed. The total par value of such shares is called subs™ capital. For example, out of the 5,000 shares issued by the company, if the public takes up 4,500 sharsJ subscribed share capital is Rs. 4,50,000 (4,500 shares x Rs. 100 par value of each share).
CALLED-UP CAPITAL:
A company may require payment of the par value either in instalments or in one lump amount is known as the called-up capital. For example, for each of the 4,500 shares taken up by the a the company may require a payment of Rs. 70 per share (the remainder Rs. 30 per share to be asked for by the company. In this case the called-up capital of the company is Rs. 3,15,000 (4,500 > per share called-up). The difference between the subscribed capital and the called-up capital is txJ un-called capital. In this case the un-called capital is Rs. 1,35,000 (Rs. 4,50,000 subscribed capitals Rs, 3,15,000 called-up capital or 4,500 shares subscribed x Rs. 30 per share uncalled. AcccrrJ Companies Ordinance, 1984, shares are always issued at full price (full amount is called up on appfi^l Therefore, there is no difference between subscribed and called capital.
PAID-UP CAPITAL:
The total amount received by the company out of the total called-up amount is known as oeJ up capital. Assuming that of Rs. 3,15,000 called-up capital the company received Rs. 3,00,00t up capital is in the amount of Rs. 3,00,000. The remainder of Rs. 15,000 is known as calls unpaid o^H arears. Now-a-days the total par value is collected at the time of application and as such practical are no calls in arrears. Presently, therefore, the subscribed, called-up and paid-up capitals are ; i amount.
RESERVE CAPITAL:
It is the portion of the subscribed capital which the company, through a special resolutioa ^1 to call in the event of winding up. Assume that 4,500 shares Rs. 100 are subscribed, the compa^^H to a 11 Rs. 70 per share and passed a special resolution to the effect that Rs. 30 per share will be calfl the event of winding up. The company is said to have reserve capital of Rs. 1,35,000 (4,500 x Rj share). Reserve capital cannot be turned into ordinary capital without leave of the court, and it ~aM dealt with or charged by creditors.
computer tips
Importance
of Computer Education
(Infromation Technology)
Outline:
1. Introduction
2. Uses and benefits of computer
3. Internet- our companion and teacher
4. A comprehensive means of acquiring knowledge
5. Combines knowledge with pleasure
6. Situation in Pakistan and other developing countries
7. Conclusion
Computers are slowly but steadily creeping into our lives. They have completely changed the complexion of our work and leisure. Now architects design our houses with the help of computers. Our pay bills and utiity bills are prepared by computers. Today scientists,, doctors, engineers, musicians, accountants, soldiers, businessmen, bankers and almost everbody belonging to any field of life are using them in their day to day work. Even the book we are reading now has been typeset by a computer. We can easily predict that within a few years we will come into contact with this fast and intelligent electronic "brain" in every office, on the way to and from work and in the home.
Computers are now considered the most effective, accurate &*» and comprehensive means of acquiring knowledge any topic. From our computer we can take an aerial tour of Disneyland. We can get information from the British Museum Library or from the Library of Congress in America. With the proper equipment ijll- we can sit at our computer and communicate with someone any where in the world. We can
also use the internet to access vast amount of information including text,
graphics, sound and video in any part of the world. With the help of our computers we can send e-mail, receive electronic newsletters and even chat with others on line.
Computer combines knowledge with pleasure. Play is a natural method of learning about something. Most of the computer programmes are such tuch childrens.
of Computer Education
(Infromation Technology)
Outline:
1. Introduction
2. Uses and benefits of computer
3. Internet- our companion and teacher
4. A comprehensive means of acquiring knowledge
5. Combines knowledge with pleasure
6. Situation in Pakistan and other developing countries
7. Conclusion
Computers are slowly but steadily creeping into our lives. They have completely changed the complexion of our work and leisure. Now architects design our houses with the help of computers. Our pay bills and utiity bills are prepared by computers. Today scientists,, doctors, engineers, musicians, accountants, soldiers, businessmen, bankers and almost everbody belonging to any field of life are using them in their day to day work. Even the book we are reading now has been typeset by a computer. We can easily predict that within a few years we will come into contact with this fast and intelligent electronic "brain" in every office, on the way to and from work and in the home.
Computers are now considered the most effective, accurate &*» and comprehensive means of acquiring knowledge any topic. From our computer we can take an aerial tour of Disneyland. We can get information from the British Museum Library or from the Library of Congress in America. With the proper equipment ijll- we can sit at our computer and communicate with someone any where in the world. We can
also use the internet to access vast amount of information including text,
graphics, sound and video in any part of the world. With the help of our computers we can send e-mail, receive electronic newsletters and even chat with others on line.
Computer combines knowledge with pleasure. Play is a natural method of learning about something. Most of the computer programmes are such tuch childrens.
Tuesday, December 2, 2008
PAKISTAN INTERNET SPEED
Pakistan internet speed.
internet speed in pakistan is so slow.pakistanies Are not using DSL internet.In these Days office and banks Are using DSL.
persons Using DIAL UP 56 KBspeed 50 % persons
Person using Vweireless 230 KBspeed 10 %
person using 512 kb Most are on networking 30%
person using Really high speed 1 mb or 2mb or 3 mb Speed 10%
internet speed in pakistan is so slow.pakistanies Are not using DSL internet.In these Days office and banks Are using DSL.
persons Using DIAL UP 56 KBspeed 50 % persons
Person using Vweireless 230 KBspeed 10 %
person using 512 kb Most are on networking 30%
person using Really high speed 1 mb or 2mb or 3 mb Speed 10%
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