Road accident

A few days back I was going to Multan in a bus. The bus was packed
capacity - The driver was driving the bus recklessly
Some passengers tried to stop him from driving so dangerously
but he paid no heed to them .When we reached near Mian Channu
•
he saw an old man crossing the road. He was unaware of - the coming
just. The driver thought that the old man would cross the road before the bus
reached him. But the old man was too slow and the bus was running too fast.
the oldman reached the centre of the road, our driver applied the
. But now it was too late. The bus hit the oldman. In confusion^J^fl/r
J river lost the control of the bus. It turned towards right and then halted
. All the passengers were crying with fear The driver
-red out of the bus and fled from the spot .The old man was
•ihrd to death. Everybody was feeling sympathy for the old man and was.

Accounting

1. OFFICE AND ADMINISTRATION EXPENSES;-
These are the expenses connected with the management of the business e.g. Salaries of manage accountant and office clerks, office rent, office stationery, office electric charges, office telephone etc,
2. SELLING AND DISTRIBUTION EXPENSES:-
These are the expenses which are directly or indirectly connected with sale and delivery of good: These expenses vary with the sales i.e. they increase or decrease with the increase or decrease sale of good: e.g. Advertisement, Carriage outward, Salesmen's Salaries and Commission, Discount allowed, Travelin expenses, Bad debts, Packing expenses, warehouse rent etc.
3. FINANCIAL AND OTHER EXPENSES:-
All other expenses and losses excepting those mentioned above are considered under this class.
The following is given the specimen of Profit and Loss A/c:Dr. • Profit and Loss A/c for the year ended O
Details
Trading A/c
Gross Loss (transferred)
OFFICE & ADMINISTRATION
EXPENSES:
Salaries
Rent, rates, taxes
Postage &Telegrams
Office Electric Charges
Telephone Charges
Printing & Stationery
SELLING & DISTRIBUTION
EXPENSES:
Carriage Outward
Advertisement
Salesmen's Salaries
Commission
Insurance
Traveling Expenses
Bad Debts
Packing Expenses
FINANCIAL AND OTHER
EXPENSES:
Depreciation
Repairs
Audit fee
Interest paid
Commission paid
Bank charges
Legal charges
(Net profit transferred)
to Capital A/c.
Rs.
Details
Trading A/c
(Gross profit transferred) Interest Received Rent Received Discount Received Dividend Received Bad debts Recovered Provision for Discount
on Creditors Miscellaneous revenue (Net loss transferred)
to Capital A/c
Rs.

A Meena Bazar

Meena bazars are usually hold in girls' schools and colleges, The purpose of these bazars is not simply to provide girfs an opportunity to play their skills in cooking, stitching tj^fer and other arts related to, but also to collect money for some charity institution . A similar meena bazar was held in our school last Saturday. Girls came to school in bright and coloured clothes. They were in a jolly moodvir. Even teachers had no frown on their forehead that day. Many girls had set up stalls of different food items, handicrafts and garments. They were the sales girls that day. It was a new experience for them. So they were much excited Some naughty girls tried to cheat them and bought things without paying the price. But they were just kidding Later on, they raid the price. In the evening a variety show was held. In this show girls sang songs, A short play was also staged. At the end, the principal of the school made a short speech. She donated the whole earnings of the ~eena bazar to Shaukat Khanam Hospital. We came back home with a •enewed vigour.

My Neighbour

Islam lays great stress on the rights of neighbours. They share our joys and pains. So we must have cordial and ' congenial, relations with them. Mr. Anwar Iqbal is my neighbour. He is a book seller. He has a small family. His old father also resides with him. He takes care of him. His father is also a very loving person. He helps other people of the colony in doing their daily work. He also teaches the holy Quran to the children. Mr. Anwar has a fine. His house is always clean and well decorated. He takes care of the comfort and peace of bis neighbours. He is broad minded and tolerantfc . He never quarrels with any person whose religious or political views differ from his own. His wife is also well mannered and well-versed in housekeeping. She teaches her children regularly and keeps them clean and tidy. The whole family is kind hearted and sympathetic. They are always ready to help any person in distress.Such neighbours are, no doubt, a blessing of God.

An Industrial Exhibition

Every year in the month of March an industrial exhibition held in Lahore. It serves double pupose It helps promote locally manufactured products and at the same time it gives people an opportunity to roam about 'in a carefree mood. Thus this exhibition becomes a kind of fair where people shop A eat, drink and make merry. As I am fond of window shopping I never miss this exhibition. Scores of stalls are installed there. They are brightly lit. In these stalls almost everything including furniture, garments, carpets, machinery, crockery, flowers, handicrafts, water pumps, water coolers, heaters, electronic goods and even motor bikes are put for sale. These things are sold at reduced prices. So people take keen interest in buying them. Hotel industry also participates in this fair. So people have a chance to eat specific food items of different regions Z-ifc of Pakistan.

JOURNAL ENTRIES TO BE THE BOOKS OF CONSIGNOR

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.

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.