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The following Trial balance was extracted from the books of ABC Company on 30th June, 2011.

 

Particulars

Debit (Rs.)

Credit (Rs.)

Cash

45,000

Accounts receivable

192,495

Plant and machinery

72,000

Land and building

246,000

Furniture and fixtures

7,800

Capital

348,000

Accounts payable

11,400

Purchases

120,000

Purchases return

6,600

Sales

210,000

Prepaid insurance

10,200

Advertisement expenses

12,000

Interest expenses

5,300

Salaries expenses

36,000

Outstanding salaries

3,000

Creditors

200,000

Carriage on sales

8,730

Carriage inwards

23,475

Total

779,000

779,000

Requirement:
a) Prepare an Income statement for the year ended 30th June, 2011 from the given Trial Balance.
(Marks: 12)
b) Also prepare a Balance sheet as on 30th June, 2011 from the given Trial Balance. (Marks: 6)

2 Marks has been assigned for formatting/presentation.

Views: 2443

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Replies to This Discussion

page 27 and page 31 of handouts

can u tell me y insurance prepaid and outstaing salari is not ad in incomestamnet and what is carriage sale nd y we write in expense pllzzz guide me

check this income statment and blance sheet.i make a IASB.so this is best for u  

                ABC Statement of comprehensive income as at 30th June 2011

                                                 Working                                                        Rs. “000”    

Sale                                                                                                                                        210.000

Cost of sales                                                  (W-1)                                                            (136.875)

                                                                                                                                                _______

Gross Profit                                                                                                                            73.125

Admin and selling Expenses                        ( W-2)                                                           ( 56.730)

Interest Expenses                                                                                                                 (  5.300 )

                                                                                                                                           _________

Profit before tax                                                                                                                  11.095

   _______________________________________________________

                 ABC Statement of Financial Position as at 30Th  June 2011

                                                             Working                 Rs “000”                                  Rs “000”

Non- Current Assets:

    Land and building                                                                    246.000

    Plant and Machinery                                                                  72.000

   Furniture and fixture                                                                     7.800                                     _________

                                                                                                                                                        325.800

 Current Assets:

     Account Receivable                                                            192.495

     Prepaid Insurance                                                                 10.200

     Cash                                                                                      45.000

                                                                                                                                                ____________

                                                                                                                                                     247.695

Total                                                                                                                      573.495

 

Equity and Liability

Equity:

 Capital                                                                                                                       348.000

 Profit for the Year                                                                                                       11.095

               

Non- Current Liability

 

Current Liabilities

Liabilities and others                              (W-3)                                                          214.400

                                                                                                                       ______________

   Total                                                                           573.495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Workings:

W-1  Cost of good sold:                                      Rs.”000”

                     Purchases                                                                           120.000

                     Purchases Return                                                                (6.600)

                     Carriage inward                                                                   23.475

                                                                                                               ________

                                                                                                                136.875

W-2  Admin and Selling expenses:

                      Advertising expenses                                                        12.000

                      Salaries                                                                             36.000

                      Carriage on sale                                                                 8.730

                                                                                                              ________

                                                                                                                 56.730

W-3  Liabilities and Others

          Creditors                                                                                       200.000

          Outstanding salaries                                                                         3.000

          Account payables                                                                            11.400

                                                                                                                _______

                                                                                                                  314.400

sw8 grl cost of sale kaysa ay hai ..... by adding those amounts we get 150075 na ka 136875

PURCHASES-PURCHASES RETURN+CARRIGE IN WORD ASSAY NIKALAY GAY HASSEB ALAM SAB

                         Sales                                         210000        

                         Less: carriage on sales                8730

                         Net sales                                  201270

SALES ASSY NAI CALCULATE KARNI KAYA PLZ TELL ME FRIENDS

                                              

@muhammad bro aap ki net sales 201270 kesy aai hy?

its wrong

@haseeb  purchases - purchases return +carriage inward

              =120000-6600+23475

              = 136875

Sw8 Sis Here Is solution

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xami ap starting to equal he nai aya.

@imran kahan ki baat ker rhy ho ap?

swt grl sis ap ny baqi process ka pocha tha main thori dair tak upload kr dn ga.

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