What is the Bangladesh standard on Audit(BSA-300) ? Describes in details

Corporate Practice bd

Mastering Interview Tips and strategies (Part-01): 

Now a day’s interview is a crucial part of Employee requirement process, it is the circulation of your merit to publish before your interviewer Efficiently, if you are not perfect may lose your desire Jobs. So everyone should hardly prepare themselves before going to interview board.

Let’s here to discuss some Interview tips & strategies that help you to facing interview board perfectly.

01.Inter the interview Room:

May, I coming sir, yes coming, assallamo-allikum sir,Ullikum as salam hay Mr-X ,Rahman how are you? I am fine sir,

02.Tell us about yourself:

Thank you very much for giving me a chance to introduce myself before you. I,m Md.X ,Rahman,I have completed M.COM Hons & MBS in Accounting from Ananda Mohan college mymensigh.I also have a  professional background is 1200 marks completed out of 2000 marks from “ The institute of cost and management accountants of Bangladesh(ICMAB)”.Now I already services as a Asstt. Manager –Accounts at AB C group of company a unit of Partex Group, Head office Bannai-H-03. Road No.10 that’s it sir.

03.Tell us your jobs Responsibility:

I serve Import –Export:  transaction Includes-

< Prepare Imported Raw Material Landing Cost.

< Export bill Purchase & Final settlement bill Treatment in Tally ERP.

< All Banking Accounting Treatment like -Contra, JV, BV, RV, CV, CPV

< Cash sales Money receipts Journal entry in ERP.

< Prepare Monthly Receipts & payment /Found flow statement, & report to the GM (F&A)

< Prepare monthly Bank reconciliation statement.

< Found Transfer Entry to Sister concern & Posting to the ERP.

< LTR, RTR, BAIM Loan Liability Creation & Interest Adjustment within bank statement.

< To prepare overdue statements & Overdue Interest calculation.

< Prepare Yearly PRC (Profit realization certificate) statement & send to the bank for certification.

< Prepare Debit Note & send to the Sister concern

I do mention here, My have others soft skill like-

< Advance Excel & presentation Skill

< Able to create Banner pester, slid show making also.

<Basicweb-developer,skills –my Execution is www.corporatepracticebd.com

< SEO Content creator skill & Optimize them

< On page SEO Expert, Local & Technical SEO Expert also.

04.How do you calculate landing cost?  (Describe shortly)

Ans:

< Product price

< Inco terms Expense (load+ unload+ Carrying + Vassal rent)

< LC charge & commission

< Insurance charge

< TTI (Total Tax incident, (CD+SD+RD+AT+VAT)

< Port charge

<  Speed money

< Shipping freight

< Internal load +unload

< Inland transport cost

< C& F Charge

05. What is Accounting treatment for Export bill discounted:

SL NO.	Particulars	Debit(TK)	Credit(Tk.)
01	Bill discounting Journal 90% against bill value($10,000*90%*92) dt.30.04.2023
	CD A/C no.57948	8,28,000
	Bank charge(export)	600
	SIBL-IBP-23/2553L,LC-120506070		8,28,600
	(To record 90%  discounting the bill)
02.	Bank deduct  Tk.300 against LC advising charge
	Bank charge(Export)	300
	CD A/C no.57948		300
	(To record LC advising charge by bank)

 

06.What is Accounting treatment for Final settlement bill:

SL NO.	Particulars	Debit(TK)	Credit(Tk.)
01	Bill discounting Journal 90% against bill value($10,000*90%*92) dt.30.04.2023
	CD A/C no.57948	8,28,000
	Bank charge(export)	600
	SIBL-IBP-23/2566L,LC-120506070		8,28,600
	(To record 90%  discounting the bill)
02.	Bank deduct  Tk.300 against LC advising charge
	Bank charge(Export)	300
	CD A/C no.57948		300
	(To record LC advising charge by bank)
03.	After 120 day Final settlement the bill$(10000*10%)
	SIBL-IBP-23/2552L,LC-120506070	8,28,600
	CD A/C no.57948(SIBL)	51677
	Interest on LIB(SIBL)Tk{(.828600*10.10%/360)}*120 days	27896
	Export bill collection Charge($9*108.50)	977
	Advance income tax(AIT@1% of LC value)(SIBL)$10,000@1%*108.50	10850
	Party -XYZ Company ($10,000@92)		9,20,000
	To record Final settlement bill LC value $ 10,000received$ 476.2857@108.50 dt.28.08.2023

07.Import charge for Raw Materials (Import):

Criteria of Bank charges	Charges Amount (TK)	Remarks
Margin deposit for R/C LC	5% of LC Value
SWIFT charge,	TK.2,500
Adhesive stamp charge	Tk.500
Stationary Charge	TK.500
LC Commission	@0.20% of Total cost
Bank charge	@0.01% of Total cost
Insurance Premium	@0.22%of Total cost
LC Amendment	Charge (if)

08.What is IAS?

IAS stands for International Accounting Standards. The IAS was a set of standards that was developed by the International Accounting Standards Committee (IASC). They were originally launched in 1973 but have since been replaced by the IFRS.

09.Can you say some IAS?

IAS = 1 < Presentation of Financial Statements

IAS = 02 <Inventories

IAS = 16 <Property Plan & Equipment (PPE)

IAS = 7 < Statement of Cash flows

IAS = 37 <Provisions, Contingent liabilities, Contingent assets,

10.Individual Income Tax Rate Apply:

Under finance ACT-2024-2025, schedule (02-A) Income TAX is determined. (Latest)

SL NO.	Total Income	Income Tax  Rate(Individual)
01	First 3,50,000 of Total income	0%
02	Next 1,00,000 of Total income	5%
03	Next 4,00,000 of Total income	10%
04	Next 5,00,000 of Total income	15%
05	Next 5,00,000 of Total income	20%
06	Remaining of Total income	25%

Female taxpayers and taxpayers above the age of 65 years will enjoy tax exemption up to
Tk. 400,000.

Taxpayers of third gender and with disability will enjoy tax exemption up to Tk. 475,000.
Gazetted freedom fighters will enjoy tax exemption up to Tk. 500,000.