what should be object of an Audit

Audit Object: Process of any reconciliation 0r checking  or calculation of independents judgment whether the amount of balance sheet or profit and loss account has true and fare reflection as per book of accountant company Ordinance and other Law enforce in Pakistan or in summary you can say that a purpose of calculation and the checking of accuracy called the object of Audit.


Voucher as Basic Documents in Bookkeeping cycle

VoucherAs it has been explained in our before published post as on 18-july 2018 that voucher is a documentary evidence  in support of transaction in the book of accounts.

Voucher has following particulars 

  1. Debit head of Accounts/ credit head Of Accounts
  2. Particulars of the Transaction  supplier name , shop name, purchase items detail or expense name and details 
  3. date and bill date
  4. amount in words and digit 
  5. particulars of person to whom cash or cheques has been delivered                                                                       photo is given below  

what is vouching in Audit planing and internal Audit

In internal Audit  planning the term vouching has basic importance, this is the basic action which has been taken during the audit or you can say audit start with the vouching,

vouching : as every body who is relating with accounts knows that voucher is  a documentary evidence is support of a transaction  in keeping the book of accounts . The act of establishing the accuracy and authenticity of entries in the accounts of books is called vouching it is a technical term which refers  inspection by the auditor of documentary evidence supporting and substantiating  a transaction.

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Tax on Builders

Tax on builders
Subject to this Ordinance, a tax shall be imposed on the profits and gains of a person deriving income from the business of construction and sale of residential, commercial or other buildings at the rates specified in Division VIIIA of Part I of the First Schedule.
it is also observed that The tax imposed under sub-section (1) shall be computed by applying the relevant rate of tax to the area of the residential, commercial or other building being constructed

Private Limited company Requirements to registered in Income tax with FBR

Dear Owners following are the requirements to register you company in the capacity of Private Limited company In Income tax with FBR Pakistan.

Directors CNIC
Directors NTN
Company Letter Head
Electricity Bill
Landlord CNIC
Company Bank Account
article and Memorandum
Annxure VI
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Tax on Profit on Debt

Tax on profit on debt.
as per our study and Subject to this Ordinance, a tax shall be imposed, at the rate specified in
Division IIIA of Part I of the First Schedule, on every person, other than a company, who receives a profit on debt from any person mentioned in clauses (a) to (d) of sub-section (1)of U/section 151.
on a person, other than a company, who receives a profit on debt shall be computed by applying the relevant rate of tax to the gross amount of the profit on debt.
This also study that section shall not apply to a profit on debt that is exempt from tax under this Ordinance.‖]

Includes: accounting and payroll administration. recruitment and training. legal services. transportation. catering and food services. cleaning and landscaping. Increasingly, these services are being outsourced.

what is Tax on Taxable Income

Subject to this ordinance income tax shall be imposed for each tax year at the rate or rates in First schedule as ta taxpayer for a year will be calculated as per given formate and schedule in First schedule 2nd schedule 3rd schedule 4th schedule 5the schedule …… call the taxable income of taxpayer

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An Accountant Responsibilities in any Organization

What are responsibilities of An Accountant in any Organization

if you are an accountant you are responsible to provide following information and prepare following task

make update recorde from voucher to supporting documents
Prepare voucher for each business transaction
attach supporting documents and calculation of each voucher
prepare General voucher if you need any adjustment without involving cash or bank transaction
prepare sales book and invoice file in serial wise
prepare purchase recorde very carefully and maintain purchase book
enter purchase entry with all supporting documents (Qoutation 3, bill, inspection note from technical department , store inward, store receiving, entry in creditors ledger etc
make sure all debit voucher posting in daily basis
make sure all credit vouchers entry on daily basis
make sure all banks and cash book entry on daily basis
make sure all purchase book and sales book entry on daily basis
check trail balance equality of debit credit side
prepare monthly trail balance
prepare monthly manufacturing account
prepare monthly trading account
prepare monthly profit and loss account
prepare monthly balance sheet
prepare monthly ratio accounts and information
prepare comparison account with last month
prepare daily reports of A/R , creditors, bank reconciliations, bank positions, fund availability , fund utilization details
fund schedule to required for company daily task
costing sheets as per product
prime cost of each product
manufacturing cost of each product
break even not on sales
break even expenses cost sheet
many more which need to prepare by accountant for management review so that management could move organization to the actual direction

Outsource Bookkeeping Benefits and issues

outsource Bookkeeping benifits and issues

as you can get information from lot of benifits relate with outsourcing services people are getting from expert service providers
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