Al Jannat Academy

Al Jannat Academy

Al Jannat Academy

Al Jannat Academy

Al Jannat Academy

Al Jannat Academy

Al Jannat Academy

Al Jannat Academy

Admission Open

Admission Open

Accounting / Economics Classes

Accounting / Economics Classes

I. Com - B.Com - BBA

 

Legder Lite

This is  a Basic software of Accounts

Share and like our Page

Chart of Account

Chart of Account (Download)

Share and like our Page

Chart of Account

Chart of Account

Chart of Account

A chart of accounts is a list of all your company’s “accounts,” together in one place. It provides you with a bird’s eye view of every area of your business that spends or makes money. The main account types include Revenue, Expenses, Assets, Liabilities, and Equity.

Companies in different lines of business will have different looking charts of accounts. The chart of accounts for a major airline will have a lot more references to “aircraft parts” than your local cat cafe.

The chart of accounts should give anyone who is looking at it a rough idea of the nature of your business by listing all the accounts involved in your company’s day-to-day operations.

The chart makes it easy to understand the financial performance of the company at any given time.

There are four main type of Accounts,

  1. Assets
  2. Liability
  3.  Income
  4. Expense

Here is sample / Example Chart of Account 

Account Code   Accounts Description

 

Account Type Statement
0001 Cash Assets Balance Sheet
0002 Bank Assets Balance Sheet
0003 Accounts Receivable Assets Balance Sheet
0004 Stock Assets Balance Sheet
0005 Prepaid Income Assets Balance Sheet
0006 Account Payable Liability Balance Sheet
0007 Owner Equity /Capital Liability Balance Sheet
0008 Bank Loan Liability  Balance Sheet
0009 Outstanding exp. Liability Balance Sheet
0010 Unearned Income Liability Balance Sheet
0011 Sale Income Income Statement
0012 Interest Received Income Income Statement
0013 Dividend Income Income Statement
0014 Other Income, etc Income Income Statement
0015 Advertisement Expense Income Statement
0016 Salaries Expense Income Statement
0017 Utilities Bills Expense Income Statement
0018 Bank Charges Expense Income Statement

Setting Up the Chart of Accounts

When setting up a chart of accounts, typically, the accounts that are listed will depend on the nature of the business. For example, a transportation business will include certain accounts that are specific to the transportation business, in addition to the general accounts that are common to all businesses. For example, the transportation business will include a fuel expense account that is not common to all businesses, but it will leave out an inventory account since the taxi business is a service business that does not hold stock.

Typically, when listing accounts in the chart of accounts, you should use a numbering system for easy identification. Numbering also makes it easy to record a transaction. Small businesses commonly use three-digit numbers, while large businesses use four-digit numbers to allow room for additional numbers as the business grows.

Groups of numbers are assigned to each of the four main categories, while blank numbers are left at the end to allow for additional accounts to be added in the future. Also, the numbering should be consistent to make it easier for management to compare the performance of the company during one period to the next.

Importance of Chart of Account

Unless you have the name of every single account in your books memorized, you need to have all of them laid out in front of you, like a map. The chart of accounts is designed to be a map of your business and its various financial parts.

A well-designed chart of accounts should separate out all the company’s most important accounts, and make it easy to figure out which transactions get recorded in which account.

It should let you make better decisions, give you an accurate snapshot of your company’s financial health, and make it easier to follow financial reporting standards.       Download

Share and like our Page

Income Tax B.Com-2

Income tax B.Com -2

Share and like our Page

ITB.B.Com Part-1

IBT

Share and like our Page

MBF B.Com-1

Notes MBF

Share and like our Page

Banking I.Com Part-1

Banking (I.Com-I)

Share and like our Page

Corruption can be De-Rooted

Corruption Can be De-Rooted 

 

Corruption is a great evil that has spread its poison in almost every single country in the world. As expected, developing countries suffer more from corruption than developed countries. The governments of all these countries are corrupt in almost everything, ranging from policy issues to infrastructure and developmental issues.

Corruption also creates a bad image of the country in other countries. Rich countries often give aid in the form of money and goods to the poor countries.

Corruption can be de rooted with the help to following methods.

  1. Give better salary in Govt. jobs:

Many employees in government positions receive low salary like clerks, office staff etc. Hence they expect to make money by bribery. For this they try to delay the work for so long that the client is fed up and opts for bribery for progress in the work. So low salary is one of the reasons for corruption. To curb this their salaries should be raised periodically.

  1. Increase the number of workers:

In many offices of the government sector, the work load has gone up drastically but the recruitment of vacancies has declined this gives an option for delaying the work by officials and expect monetary or other benefits for faster completion.

  1. Law to dismiss from service if found to be involved in corruption.

This seems a better option. For instance if you see  cases where anti-corruption bureau rides an officers home and finds disproportionate assets, the officer is suspended from employment and taken for judicial trials. But after couple of years you will find them in employment at same or even better positions. So this creates no fear among the officials against corruption.

  1. Keep transactions online and provide bill for every purchase:

Many of them do not pay taxes and escape this involves corruption. Making payments online through bank accounts and provision of bills for every transaction involving money. This is a better corruption watch.

  1. Camera in most Govt. offices:

In every ATM there are camera to keep a watch on the public taking their money. Then why not government offices have cameras to have a watch on the employ performance. Even there are many employ’s who openly take bribe in presence of common men. This public bribery is due to confidence that public wants their work more than the amount they are paying to them as bribes.

  1. Speed up the work process in Govt. institutes:

Most corporate offices are in full fledged running by 8-9 am. But the government offices start by 10 to 11 am and wind up by 3.30 to 4 pm with a lunch break of one & half hour in between. This indicates how much of commitment lies in the work and how fast the work goes on. If there are mistakes in the work or delay in the work, civilians have to run behind those workers to rectify or complete the work.

  1. MakeMedia responsible and fix laws to be so:

There are many major scams and corruption events involving media. Though the media is well aware of the corruption happening they stay silent due to their support for some political parties or else their owners get some monetary benefits from the rulers. Even there are many reporters who though come across some

Share and like our Page

Causes of Unemployment

                Pakistan Population                                     Causes of Unemployment

Population of Pakistan is about 216.56 million whereas the growth rate of population is about 2.6 percent per year. The total labor force is 47.67 million, out of which 44.01 million is employed and 3.66 million is unemployed. The main cause of unemployment is as under:

  1. High Population Growth Rate.

Due to rapid increase in population unemployment rate is increasing very fast.

  1. Low Rate of Investment

In Pakistan, per capital income is very low, therefore savings are very low, hence investments are less. Due to low investment are employment opportunities are not coming up.

  1. Mechanization of Agriculture

Agriculture is under process of mechanization. Machines are replacing labor and creating unemployment. Migration from villages to cities is also a cause of increase in unemployment, as cities have already reached to the saturated level and could not absorb new job seekers.

  1. Sick Industries and Privatization

Industries are facing many problems. Many of them are at the verge of collapse due to lack of availability of imported raw material, short of demand in local market, reduction in their exports and competition with foreign imported goods. Number of sick industries is increasing day by day which is causing unemployment in the country. Moreover due to privatization policy of the government, state owned industries are being sold out to private sector, where labor is being reduced thus causing unemployment in the country.

  1. Decrease in Foreign Employment Opportunities

Due to war between Iraq and Kuwait, attack on Afghanistan and Iraq economic crises in Middle East and in other European countries, Pakistani workers have been removed from their jobs thus creating unemployment situation in the country.

      Effects of Unemployment 

Related image

 

 

 

 

 

 

 

 

 

 

In coming days the completion of CEPE Project unemployment ration will be reduce.

Image result for CPEC

Share and like our Page

Accounting Ration (B.Com -1)

Accounting Ration

Share and like our Page