Scribd Logo
Upload

Welcome to Scribd!

  • 11 views

    MM 2010-11

    Uploaded by

    shazi_soft5773

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd

    MM 2010-11

    Uploaded by

    shazi_soft5773
    11 views2 pages

    Original Title

    MM 2010-11 (1)

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    11 views2 pages

    MM 2010-11

    Uploaded by

    shazi_soft5773

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 2

    MINUTES OF THE MEETING

    ATIF IQBAL DIRECTOR ADMIN & FINANCE

    MAHMOOD IQBAL MANAGER SALES OFFICE

    FAISAL JAVAID CHIEF ACCOUNTANT

    SAAD RAHIM ACCOUNTS OFFICER

    SAQIB KHAN MANAGER WARE HOUSE

    1. ACCOUNTS RECEIVABLE

    To Be Written Off 3yrs Movement


    There are certain customer accounts showing zero movement over past three years. Recovery
    letters have been issued to them but gained no response. These accounts should be written off
    according to Accounting Policy. (Annex -I)

    Rounded Off
    Few accounts show rounding differences. These must be rounded off to zero and amount shall
    be charged to Other Income. (Annex -I)

    Adjustments of inappropriate accounts


    There are Five accounts namely; ”Cash Sale, Cash Sale Publication, Credit Sales, Damage Stock
    and Free Distribution” which should not appear in Accounts Receivable. Due to software
    limitation, these accounts have been used to fulfill the requirements. These should be adjusted
    this year and must be eliminated from accounts receivables. The amounts of Cash Sale, Cash
    Sale Publication and Credit Sale should be charged to the Other Income. Free Distribution
    Account must be transferred to Free Distribution Expense for the year 2009-10. Damage Stock
    a/c Balance shall be charged to Spoiled and Obsolete Expense for the year 2009-10. (Annex -I)

    Untraced Receipts
    Over the year – all untraced deposits shall be kept in “Untraced Receipts Account” for
    subsequent year only and at year end they shall be transferred to Other Income for the year.
    Untraced Receipts for the year 2008-09 for Rs.14’808/- shall be charged to Other Income of year
    2009-10. (Annex -II)

    2. ACCOUNTS PAYABLE

    Written Off
    There are 13 Accounts in Payables which appear for no reason other than posting mistakes over
    last couple of years. These accounts are to be written off and amount shall be charged to Other
    Income a/c. (Details Attached)

    Adjustments
    In vendor accounts, few accounts show wrong balances due to posting error in previous years.
    These differences have been verified from vendors and need to be cleared so as to show
    accurate vendors payable state. The differences shall be charged to Other Income a/c. (Details
    Attached)

    3. INVENTORY ADJUSTMENTS
    Thorough adjustment of Inventory issues is to be placed this year for Items in no. 15000 Approx.
    In Value Rs.211’052/- Approx. (Annex-IV)

    4. OBSOLETE AND SPOILED


    (Annex-V)

    5. LOST IN TRANSIT
    (Annex-VI)

    6. FREE DISTRIBUTION
    This year; Free Distribution reached to a sum of Rs.195’060/11, out of which, Rs.16’894/- pertain
    to year 2009-10 and Rs.178’166/11 relate to year 2008-09. (Annex-VII)

    7. DISPLAY CENTRE ADJUSTMENTS


    Display Centre is part of Al-Huda Equity and is currently treated as account receivable due to
    software limitation. This year, Closing Inventory of Display Centre shall be clubbed in by issuing a
    credit memo to Display Centre for the complete inventory as on 30 th June at Display Centre.
    (Annex-VIII)
    8. TAX ADJUSTMENTS
    There are three “Tax at Source - Vendors” adjustments this year. An amount of Rs.1337/- was to
    be shown as Other Current Liability which was mistakenly not posted last year. This year,
    amount shall be charged against equity as adjustment to tax.
    Two amounts were withheld against invoices of Trade Link and Instant Printer, Rs.5724/- and
    Rs.2800/- respectively, got overlooked and have not been deposited to bank. Both shall be
    deposited at earliest. (Annex-IX)

    You might also like