ENGLISH CODE 1423 SOLVED ASSIGNMENT 2 AUTUMN 2017

ENGLISH CODE 1423 SOLVED ASSIGNMENT 2  AUTUMN 2017

Question No.1

Q.1 IN UNIT 5, YOU HAVE LEARN ABOUT TWO LANGUAGE FUNCTIONS I.E. EXPRESSING CERTAINTY, AND EXPRESSING OBLIGATION. WRITE 5 EXAMPLE SENTENCES FOR EACH CATEGORY OF FUNCTIONS. (10)

Ans:-
EXPRESSING CERTAINTY
i. Yes, I’m absolutely sure that he will pass the exam

ii. Definitely he will win the race.
iii. I’m sure he is not at home.
iv. Of course he is going with us.
v. Certainly he is a ‘liar.

EXPRESSING OBLIGATION

i. I must have to get up early because I start work at 8 a.m.

ii. I will have to leave work early if the snowstorm continues.
iii. You don’t have to pay for children. They can come in for free.
iv. You mustn’t smoke in the corridors.
v. You must respect the traffic rules when you are driving on the road.

Question No.2

Q.2 The following sentences are in Active Voice. Rewrite them into passive voice. (Unit 5, section B) (10)

1:- He caught the thief.
2:- He didn’t open the letter.
3:- We have bought the car.
4:- You have been writing letter.
5:- I am writing a letter.
6:- Does your mother pick you from school?
7:- The have been cleaning.
8:- The police was chasing the thief.
9:- They don’t help us.
10:- He will draw a circle.

Ans:-
1:- He caught the thief.
Passive: The thief was caught by him.

ii. He didn’t open the letter.
Passive: The letter was not opened by him.

iii. We have bought the car.
Passive: The car has been bought by us.

iv. You have been writing letter.
Passive: Letter has been being written by you.

v. I am writing a letter.
Passive: A letter is being written by me.

vi. Does your mother pick you from school?
Passive: Are you picked by your mother from school?

vii. They have been cleaning.
Passive: Cleaning has been being made by them.

viii. The police was chasing the thief.
Passive: The thief was being chased by the police.

ix. They don’t help us.
Passive: We are not helped by them

x. He will draw a circle.
Passive: A circle will be drawn by him.

Question No.3

AIOU SOLVED ASSIGNMENT 2 CODE 1423 AUTUMN 2017
Q.3 UNIT 5, SECTION D, IS ABOUT WRITING A JOB APPLICATION LETTER. HOW WOULD YOU WRITE A JOB APPLICATION LETTER FOR THE FOLLOWING ADVERTISEMENT: (10)
Accountant – Seeking an Experienced Accountant
Education Required: MA/MBA
Subject: Statistics, Economics or Mathematics
Experience: 7+years accounting experience in financial reporting, audits, regulatory
Reporting,
Please send us your C.Vs and other details at
Nizam NGO
F-1/ Markaz. Islamabad, or Contact us on 051

To,
The Manager HR
Nizam NGO
F-1/ Markaz. Islamabad

Subject: APPLICATION FOR THE POST OF ACCOUNTANT
Sir,
With reference to your advertisement published in The Daily “News” dated Dec 03, 2017 (Rawalpindi), I have come to know that some vacancies of the subject post are lying vacant under your kind command. I offer my services for one of the same. I am a gold medalist, young and energetic man ambitious to work for your organization.
I assure your honor if I selected for the job I will work hard to produce best results. My C.V is attached here with the application.
I hope that your honor keep a lenient view on my C.V and give me chance to serve under your kind control.
I shall be very thankful to you for your kind favor.
Yours Sincerely,
( Shahid Aziz )

AIOU SOLVED ASSIGNMENT 2 CODE 1423 AUTUMN 2017

Question No.4

Ans:- of Q # 4:-

EXPRESS PREFERENCE:- I prefer apples as compare to oranges.
EXPRESS INTENTION:- I want to buy a car.

EXPRESS PREFERENCE:- I would like enjoy the theater than Cinema.

EXPRESS INTENTION:- I like to have Haircut from Kohinoor one.

EXPRESS PREFERENCE:- Travel by train is better than Car.

EXPRESS INTENTION:- I wish not to waste my time.

EXPRESS PREFERENCE:- We will meet at Lunch instead of Dinner.

EXPRESS INTENTION:- I intend to watch good movie on this weekend.

EXPRESS PREFERENCE:- I love to swim than skyee.

EXPRESS INTENTION:- I intend to go to conference on coming week.

Question No.5






Question No.6






Question No.7






Question No.8






Question No.9





Question No.10

Principles of Accounting 438 Solved Assignment No.2 BA B.Com Autumn 2017

Principles of Accounting       438-2nd      B.Com  Autumn 2017 



QUESTION #1  

Solution: 

QUESTION #2(i): Define Partnership and discuss the rights and duties of Partners. 

Ans: Definition: A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships. The two most common are general and limited partnerships. 

If your business will be owned and operated by several individuals, you'll want to take a look at structuring your business as a partnership. Partnerships come in two varieties: general partnerships and limited partnerships. In a general partnership, the partners manage the company and assume responsibility for the partnership's debts and other obligations. A limited partnership has both general and limited partners. The general partners own and operate the business and assume liability for the partnership, while the limited partners serve as investors only; they have no control over the company and are not subject to the same liabilities as the general partners. 

Unless you expect to have many passive investors, limited partnerships are generally not the best choice for a new business because of all the required filings and administrative complexities. If you have two or more partners who want to be actively involved, a general partnership would be much easier to form. 

One of the major advantages of a partnership is the tax treatment it enjoys. A partnership doesn't pay tax on its income but "passes through" any profits or losses to the individual partners. At tax time, the partnership must file a tax return (Form 1065) that reports its income and loss to the IRS. In addition, each partner reports his or her share of income and loss on Schedule K-1 of Form 1065. 

Personal liability is a major concern if you use a general partnership to structure your business. Like sole proprietors, general partners are personally liable for the partnership's obligations and debts. Each general partner can act on behalf of the partnership, take out loans and make decisions that will affect and be binding on all the partners (if the partnership agreement permits). Keep in mind that partnerships are also more expensive to establish than sole proprietorship because they require more legal and accounting services. 

If you decide to organize your business as a partnership, be sure you draft a partnership agreement that details how business decisions are made, how disputes are resolved and how to handle a buyout. You'll be glad you have this agreement if for some reason you run into difficulties with one of the partners or if someone wants out of the arrangement. 

The agreement should address the purpose of the business and the authority and responsibility of each partner. It's a good idea to consult an attorney experienced with small businesses for help in drafting the agreement. Here are some other issues you'll want the agreement to address: 

   

 How will the ownership interest be shared? It's not necessary, for example, for two owners to equally share ownership and authority. However, if you decide to do it, make sure the proportion is stated clearly in the agreement. 

 How will decisions be made? It's a good idea to establish voting rights in case a major disagreement arises. When just two partners own the business 50-50, there's the possibility of a deadlock. To avoid this, some businesses provide in advance for a third partner, a trusted associate who may own only 1 percent of the business but whose vote can break a tie.

 When one partner withdraws, how will the purchase price be determined? One possibility is to agree on a neutral third party, such as your banker or accountant, to find an appraiser to determine the price of the partnership interest. 

 If a partner withdraws from the partnership, when will the money be paid? Depending on the partnership agreement, you can agree that the money be paid over three, five or 10 years, with interest. You don't want to be hit with a cash-flow crisis if the entire price has to be paid on the spot on one lump sum. 

Types of Partners in a Partnership 

Depending on the type of partnership and the levels of partnership hierarchy, a partnership can have several different types of partners. This article on different types of partners explains the difference between: 

 General partners and limited partners. General partners participate in managing the partnership and have liability for partnership debts. Limited partners invest but do not participate in management. 

 Equity partners and salaried partners.  Some partners may be paid as employees, while others have only a share in ownership. 

 The different levels of partners in the partnership. For example, there may be junior and senior partners. These partnership types may have different duties, responsibilities, and levels of input and investment requirements. 

Types of Partnerships 

Before you start a partnership, you will need to decide what type of partnership you want. You may have heard the terms: 

 A general partnership is composed of partners who participate in the day-to-day operations of the partnership are who have liability as owners for debts and lawsuits. There may also be limited partners 

 A limited partnership has one general partner who manages the business and one or more limited partners who don't participate in the operations of the partnership and who don't have liability. 

 A limited liability partnership is similar to the limited partnership, but it may have several general partners. 

   

Forming a Partnership 

Partnerships are usually registered with the state in which they do business, but the requirement to register varies from state to state. Partnerships use a partnership agreement to clarify the relationship between the partners, roles and responsibilities of the partners, and their respective shares in the profits or losses of the partnership.

It is relatively easy to form a partnership, but, as noted above, the business must be registered with the state where the partners do business. Depending on the state, you may have the choice of one or more of the types of partnerships mentioned above. Once you have registered with your state, you can then proceed to the other typical tasks in starting a business. 

Requirements for Joining a Partnership 

An individual can join a partnership at the beginning or after the partnership has been operating. The incoming partner must invest in the partnership, bringing capital (usually money) into the business and creating a capital account. The amount of the investment and other factors determine the new partner's capital investment and share of the profits (and losses) of the business each year. 

The Importance of a Partnership Agreement 

When a partnership is formed, one of the first acts of the partners should be to prepare and sign a partnership agreement. This agreement describes all the responsibilities of the partners, sets out each partner's distributive share in profits and losses, and answers all the "what if" questions about what happens in a number of typical situations. 

The Essential Features of Partnership 

1. An association of two or more persons; 

2. An agreement entered into by all persons concerned; 

3. Business; 

4. The business being carried on by all or any of them acting for all; and 

5. Sharing of profits (including losses) of the business.

From the accounts point of view, the chief point to remember is that the relations among the partners will be governed by mutual agreement called Partnership Deed. 

It is usual, therefore, to find out, in the Partnership Deed, clauses covering the following: 

1. The name of the firm and the nature and location of the partnership business. 

2. The commencement and duration of the partnership. 

3. The amount of capital to be contributed by each partner. 

   

4. The rate of interest to be allowed to each partner on his capital and on his loan to the firm, and that to be charged on his drawings. 

5. The disposal of profits, particularly the ratio in which the profits are to be shared by the partners. 

6. The amount to be allowed to each partner as drawings and the timing of such drawings. 

7. Whether a partner will be allowed a salary. 

8. Any variations in the usual rights and duties of partners. 

9. The method by which goodwill is to be calculated on the retirement or death of a partner. 

10. The procedure by which a partner may retire and the method of payment of his dues to him. 

11. The basis of determination of the sums due to the executors of a deceased partner and the method of payment. 

12. The treatment of losses arising out of the insolvency of a partner. 

13. The procedure to be followed for settlement of disputes among partners. 

14. Preparation of accounts and their audit.

The Deed has to be properly stamped. 

Often there is no Partnership Deed or, even if there is one, it may be silent on a particular point. If on any point, the Partnership Deed contains a clause, it will hold good; otherwise the provisions of the Partnership Act relating to the question will apply. 

Rights of Partners: 

Broadly, the provisions of the Act regarding rights, duties and powers of partners are as under: 

(a) Every partner has a right to take part in the conduct and management of business. 

(b) Every partner has a right to be consulted and heard in all matters affecting the business of the partnership

. 

(c) Every partner has a right of free access to all records, books and accounts of the business, and also to examine and copy them.

(d) Every partner is entitled to share the profits equally. 

(e) A partner who has contributed more than the agreed share of capital is entitled to interest at the rate of 6 per cent per annum. But no interest can be claimed on capital. 

   

(f) A partner is entitled to be indemnified by the firm for all acts done by him in the course of the partnership business, for all payments made by him in respect of partnership debts or liabilities and for expenses and disbursements made in an emergency for protecting the firm from loss provided he acted as a person of ordinary prudence would have acted in similar circumstances for his own personal business. 

(g) Every partner is, as a rule, joint owner of the partnership property. He is entitled to have the partnership property used exclusively for the purposes of the partnership. 

(h) A partner has power to act in an emergency for protecting the firm from loss, but he must act reasonably.

(i) Every partner is entitled to prevent the introduction of a new partner into the firm without his consent. 

(J) Every partner has a right to retire according to the Deed or with the consent of the other partners. If the partnership is at will, he can retire by giving notice to other partners. 

(k) Every partner has a right to continue in the partnership.

(l) A retiring partner or the heirs of a deceased partner are entitled to have a share in the profits earned with the aid of the proportion of assets belonging to such outgoing partner or interest at six per cent per annul at the option of the outgoing partner (or his representative) until the accounts are finally settled. 

Duties of Partners: 

(a) Every partner is bound to diligently carry on the business of the firm to the greatest common advantage. Unless the agreement provides, there is no salary. 

(b) Every partner must be just and faithful to the other partners. 

(c) A partner is bound to keep and render true, proper, and correct accounts of the partnership and must permit other partners to inspect and copy such accounts. 

(d) Every partner is bound to indemnify the firm for any loss caused by his willful neglect or fraud in the conduct of the business. 

(e) A partner must not carry on competing business, nor use the property of the firm for his private purposes. In both cases, he must hand over to the firm any profit or gain made by him but he must himself suffer any loss that might have occurred. 

(f) Every partner is bound to share the losses equally with the others. 

(g) A partner is bound to act within the scope of his authority. 

(h) No partner can assign or transfer his partnership interest to any other person so as to make him a partner in the business. 

QUESTION #2(ii)

Solution: 

QUESTION # 3 

Solution: 

QUESTION # 4

Solution: 

QUESTION # 5
Solution: 

Principles of Accounting 438 Solved Assignment No.1 BA B.Com Autumn 2017

Principles of Accounting 438-1st B.Com Autumn 2017


 Q1(i). Define Accounting. Explain its objectives and branches.    (10) 
What is accounting? 

Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. Accounting is also a profession consisting of individuals having the formal education to carry out these tasks.
One part of accounting focuses on presenting the information in the form of general purpose financial statements (balance sheet, income statement, etc.) to people outside of the company.
Accounting also entails providing a company's management with the information it needs to keep the business financially healthy. These analyses and reports are not distributed outside of the company. Some of the information will originate from the recorded transactions but some of the information will be estimates and projections based on various assumptions. Three examples of internal analyses and reports are budgets, standards for controlling operations, and estimating selling prices for quoting new jobs. This area of accounting is known as management accounting.

Another part of accounting involves compliance with government regulations pertaining to income tax reporting.

Definition of Accounting 

Accounting operates within a broad socio-economic environment, and so, the knowledge required of the accountant cannot be sharply compartmentalized. It is therefore, difficult to discuss one area without relating to other areas of knowledge. We place a great emphasis on the conceptual knowledge. The accountant should not only know but he should understand.
From the above it is clear that to define accounting as such, is rather difficult. Many accountants have defined Accounting in very many languages. However, we can consider the following definitions: 
1.H.Chakravorty: “Accountancy is the science of recording, classifying and summarizing transactions so that relation with outsiders is exactly determined and result of operation during a particular period can be calculated, and the financial position as the end of the period may be shown.
2.A.I.C.P.A.: "Accountancy may be defined as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least of financial character, and interpreting the results thereof".
3.Taylor and Shearing: "Accounting may be defined as the art and science of recording business transactions in a methodological manner so as to show: (a) the true state of affairs of a business of a particular period of time and, (b) the surplus or deficiency which has accrued during a specific period."
 
From the above definition, we can say that accounting helps us to have some information regarding the following:

1.The nature and amount of incomes.
2.The nature and amounts of expenses.
3.The nature and amounts of possible losses.
4.The nature and amounts of actual losses.
5.The size and volume of capital employed.
6.The increase or decrease in the volume of capital employed.
7.The nature and values of assets owned.
8.The nature and values of liabilities outstanding.
9.The specific amounts due to the business and their nature.
10.The specific amounts due to the business and their nature.
11.The specific amounts due to be paid to the government and their nature.
12.The reports regarding the interpretations of the financial results.




OBJECTIVES OF ACCOUNTING 

1. Systematic Recording of Business Transactions: 
A systematic and complete record helps the management to receive any retrieve information easily and in time. However, in every business there are numerous business transactions and it is not possible for the management to keep in their mind all business transactions. Accounting records all business transactions in books of accounts in such a manner that intended users can use the information for different decision making purposes.

2. Ascertainment of Results:
The main purpose of any business is to earn profit. For the ascertainment of profit earned or loss sustained by the business enterprise, all incomes and expenses are to be worked out and presented in a separate statement which is called Manufacturing, Trading and Profit & Loss Account.
When total expenses are less than the total income of the business concerned, it results in ‘profit’ and when total expenses exceed total income, it leads to ‘loss’. This information can be used for taking effective measures for cost control.

3. Ascertainment of Financial Position:
The aim of showing financial position can be achieved by preparing Balance Sheet of the business enterprise. Balance Sheet is a statement of assets and liabilities. The resources owned by an enterprise (Assets) and claims against such resources (Liabilities) are shown in the Balance Sheet.

4. Communicating Information to Various Users: In addition to the management, there are a number of other users who may be interested in knowing the information about the financial soundness and the profitability of the enterprise. For example, shareholders are interested to know the amount of dividend declared by the enterprise or earning per share, lenders are interested in the safety of their loan and interest paying capacity of the business etc. Accounting information is also required by different types of users (internal or external), who may need the same for decision making.

In this connection, accounting helps to provide relevant information to all the interested users. Annual Reports, Cash Flow Statements, Graphs and Charts are the various means which can be used to communicate the relevant information to intended users.






BRANCHES OF ACCOUNTING 

Different Branches of Accounting: 
It may be very aptly pronounced now-a-days that due to the spectacular development in the research and analytical aspects, Accounting, in the present day, has not confirmed itself to only record-keeping but has spread its branches to the farthest corners of commercial activities. As such, accounting to-day may be divided as follows:

1.Book-Keeping: Primary recording of the day-to-day transactions of any business unit and their subsequent posting into the Ledger Accounts are the functions of this part of accounting. As this part of the job of the Accountant is only keeping the proper records, it is therefore termed as Book-Keeping.

2.Accounting: To prepare the Trial Balance and thereby to check the arithmetical accuracy of the books and records, to prepare the Revenue statements of Profit or Loss Accounts, to prepare the statement of Affairs or Balance Sheets, or , in other words, to prepare the Final Accounts and also to make plans and programmes for smooth running of this part of Accounting procedures and to act accordingly are, in short, the functions of the Accountant. This of his work is generally termed as accounting.

3.Cost Accounting: In any manufacturing concern, it is necessary to keep the records of daily stocks in hand, their issues and receipts, payment of wages, calculated regarding overhead charges, fixing the sale-price of the products, to prepare the budget and thereby to help in cost control etc. These functions are the functions of the Cost Accountant.

4. Management Accounting: The present-day Management is very much dependent on the Accountant in all the levels of managerial activities. By furnishing regular reports regarding various necessary information required daily by the management, the Accountant very ably helps in their work. Cost Control, Quality Control, Budgetary Control, Planning etc. are therefore, the functions of the Management Accountant.

5. Decision Accounting: This means that part of the functions of the Accountant by which he prepares and presents necessary information to the Management for making decisions. This function is one which has developed a great during the recent years. As and when there arises a particular problem in any business unit, the accounting personnel are thereupon called to present the necessary information in all possible details and in a most appropriate manner. Decision Accounting is thus, a part of the Managerial Accounting.

6.Household Accounting: With the development of the Socialistic Pattern of economy and the emergence of the Welfare States, the present-days Governments in all the countries in the World are becoming more and more interested in collecting taxes not only form the corporate bodies of form the employed persons but also from the self-employed men and professional personalities. These types of persons are now required to maintain their professional accounts Household Income and Expenditure Accounts separately.

7. Government Accounting: Government Accounting is quite different from Commercial Accounting. This is because in Welfare States is present day World, any Government has to collect taxes, compute National Income, fix the Gross National Product Target, ascertain the Balance of Payments position etc. governments, therefore have their own system of Accounting which is called Government Accounting.

8. Auditing: Whether the Books of Accounting have been maintained correctly or not has to be proved. For this purpose, the Accounts are to be checked by some qualified persons from the Book of Prime entry up to the Final Accounts every year. This is also necessary for the benefit of the share-holders as well as for the Government which will collect taxes on the basis of the Published Accounts.

Q1(ii) What do you mean by double entry system of accounting? 

What is the double entry system?

The double entry system of accounting or bookkeeping means that every business transaction will involve two accounts (or more). For example, when a company borrows money from its bank, the company's Cash account will increase and its liability account Loans Payable will increase. If a company pays $200 for an advertisement, its Cash account will decrease and its account Advertising Expense will increase.

Double entry also allows for the accounting equation (assets = liabilities + owner's equity) to always be in balance. In our example involving Advertising Expense, the accounting equation remained in balance because expenses cause owner's equity to decrease. In that example, the asset Cash decreased and the owner's capital account within owner's equity also decreased.

A third aspect of double entry is that the amounts entered into the general ledger accounts as debits must be equal to the amounts entered as credits
Every transaction has two effects. For example, if someone transacts a purchase of a drink from a local store, he pays cash to the shopkeeper and in return, he gets a bottle of dink. This simple transaction has two effects from the perspective of both, the buyer as well as the seller. The buyer's cash balance would decrease by the amount of the cost of purchase while on the other hand he will acquire a bottle of drink. Conversely, the seller will be one drink short though his cash balance would increase by the price of the drink.

Accounting attempts to record both effects of a transaction or event on the entity's financial statements. This is the application of double entry concept. Without applying double entry concept, accounting records would only reflect a partial view of the company's affairs. Imagine if an entity purchased a machine during a year, but the accounting records do not show whether the machine was purchased for cash or on credit. Perhaps the machine was bought in exchange of another machine. Such information can only be gained from accounting records if both effects of a transaction are accounted for.

Traditionally, the two effects of an accounting entry are known as Debit (Dr) and Credit (Cr). Accounting system is based on the principal that for every Debit entry, there will always be an equal Credit entry. This is known as the Duality Principal.

Debit entries are ones that account for the following effects:
 Increase in assets
 Increase in expense
 Decrease in liability
 Decrease in equity
 Decrease in income

Credit entries are ones that account for the following effects:
 Decrease in assets
 Decrease in expense
 Increase in liability  Increase in equity
 Increase in income

Double Entry is recorded in a manner that the Accounting Equation is always in balance.

Assets - Liabilities = Capital

Any increase in expense (Dr) will be offset by a decrease in assets (Cr) or increase in liability or equity (Cr) and vice-versa. Hence, the accounting equation will still be in equilibrium.

QUESTION #2 

Solution 

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Question No.3

Question No.4

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