B.com Part 2 – Auditing 2004 Private Paper

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AUDITING 2004 (PRIVATE)

 

Time : 3 Hours                Max. Marks:100

 

Instructions: Attempt three questions from section A, including Question No. 1 which is compulsory. Both questions from section- B.

 

SECTION A

1. a) Define Auditing and its scope & distinguish it from Investigation

b) Draft a clean Audit Report for the Shareholders of Dilawar Paper Mills Ltd.Karachias on 30.6.2004 (10+10)

2. Define Audit Programme. Explain different types of Audit Programme. (20)

 

3. Distinguish between any Two of the following: (20)

(i) Interim Audit and Continuous Audit.

(ii) Management Audit and Private Audit.

(iii) Government Audit and Annual Audit.

 

4. What are the preliminaries to the commencement of a Company Audit? Discuss in details. (20)

 

5. What do you mean by Audit Techniques? List various types of Audit Techniques. Discuss any three of them. (20)

 

6. Write short notes on any Three of the following: (20)

(i) Audit working Paper. (ii) Internal Audit

(iii) Clean and qualified audit report. (iv) Cost Audit.

(v) Internal Control & Internal Check.

 

SECTION B

 

7. What is the basis of Income Tax Law and Practice in Pakistan. OR

Write short notes on any Three of the following:

(i) Income Tax Officer (ii) Registered firm.

(iii) Recovery Officer (iv) Assessment year. (15)

 

8. Mr. Shahid Naseem is working in a Private Company. His particulars of Income for the year ended June 30th 2004 are

As under (25)

 

1. Salary Rs,15,000 per month in the pay scale of Rs.10,000 — 1000 — 20,000.

2. House rent allowance Rs.6,000 per month.

3. Commission Rs.20000 for the year.

4. Conveyance allowance Rs.6,600 per year.

5. He spent Rs.2,000 on entertainment which was reimbursed to him.

6. Cost of living allowance 10% of basic pay per month.

7. Medical allowance Rs.1,000 per month (Actual Expense Rs.20,000)

8. Received gift worth Rs.10,000

9. Traveling allowance Rs.5000

10. Income from agriculture Rs.30,000

11. Utility allowance Rs.600 per month.

Required: Compute total and taxable income of Shahid Naseem.

ix) Shai�fp #�H��m registered firm Rs.15,000.

 

(x) Received a Sum of Rs.20000 for delivering lecture.

(xi) Agricultural income Rs,50,000.

(xii) He received cash award of Rs.20,J00 to boost up the sales of his firm.

(xiii) Zakat was deducted Rs.10,000. (25)

Required: Compute total and taxable income of Arif Raza.

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