Computer Project Companbility Mode Excel Insert Draw Page Layout Formuas Data Re

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Computer Project Companbility Mode Excel Insert Draw Page Layout Formuas Data Review View Help Tell me what you want to do Copy Corditional Fomat as Neutral ormatting Table - >( v' ?1 Sales Salaries Expense Adjusted Unadjusted Trial I U Accounts Recevable 7,000 22, 760 10 Inderes Receao Prepad Insurance 13 Prepaid Rent 14 Store Supples 3.200 20.050 Store Equipment 21 Accounts Payable 3,300 10,000 24 Uiios Payabke 3.300 Uneamed Consuting Reverue 26 Uneamed Rent Revenue 2T Note Payabke 28 Common Slock 29 Retained 30 Divdends 12.000 188, 820 12.000 970 000 970.000 33 Rent Rovee 4 Interest Revenue 12,000 Worksheet(1) ing Entries Statement of R14i | Balance Sheets) Type here to search acer

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Answer :

Date: 29.03.2018

Notes Forming part of the Financials

XXX COMPANY BALANCE SHEET AS AT YEAR END As at Note No Year End $ EQUITY AND LIABILITIES Shareholders' Funds Share Capital 2.01 3 00 000 Reserves and Surplus 2.02 2 13 068 5 13 068 Non-Current Liabilities Long-term borrowings    Current Liabilities Trade payables 2.03 90 200 Other current liabilities 2.04 25 267 1 15 467 Total 6 28 535 ASSETS Non-current assets Fixed assets      Tangible assets 79 600 79 600 Current assets Inventories 2.05 2 42 500 Trade receivables 2.06 2 64 240 Cash and Bank balance 2.07 36 000 Short-term loans and advances 2.08 3 675 Other current assets 2.09 2 520 5 48 935 Total 6 28 535 Significant Accounting Policies and Notes on Accounts The schedules referred to above and the notes thereon form an integral part of the Financial statements Place: Date: 29.03.2018 XXX COMPANY STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED Note No Year ended $ Incomes: Revenue from operations (Net) 2.10 9 51 700 Other Income 2.11 46 020 Total Revenue 9 97 720 Expenses: Cost of Goods Sold 2.12 4 00 000 Employee benefit expenses 2.13 4 30 050 Finance costs 2.14    917 Depreciation and amortization expense 36 400 Other expenses 2.15 94 105 Total Expenses 9 61 472 Profit before exceptional items and tax 36 248 Exceptional Items                               -   Profit before extraordinary items and tax 36 248 Extraordinary Items                               -   Profit before tax 36 248 Tax expense: Current tax                               -   Deferred tax                               -   Prior year tax adjustments                               -   Profit for the year from continuing operations 36 248 Profit for the Year 36 248 Earning per equity share:        (1) Basic           (2) Diluted    Significant Accounting Policies and Notes on Accounts The schedules referred to above and the notes thereon form an integral part of the Financial statements Place:

Date: 29.03.2018

Notes Forming part of the Financials

2.01     Share Capital As at year End               In $ Issued, Subscribed and Paid-up Common Stock 3 00 000 Total 3 00 000 2.02     Reserves and Surplus As at year End               In $ Retained Earnings 1 88 820 Less: Dividends ( 12 000) Add: Profit for the year 36 248 At the end of the year 2 13 068 2.03     Trade payables As at year End               In $ Store Supplies 20 050 Offfice Supplies ( 2 850) Accounts Payable 48 000 Notes Payable 25 000 Total 90 200 2.04     Other current liabilities As at year End               In $ Unearned Consulting Revenue 10 000 Unearned Rent Revenue 6 000 Salary Payable 5 050 Interest Payable    917 Utilities Payable 3 300 Total 25 267 2.05     Inventories As at year End               In $ Merchanise Inventory 2 42 500 Total 2 42 500 2.06     Trade receivables As at year End               In $ Debts outstanding for a period exceeding six months Unsecured Considered good                          -   Considered doubtful Sub total                          -   Less: Provision for doubtful debts Net Balance                          -   Other Debts Unsecured, Considered good 2 87 000 Less: Provision for doubtful debts 22 760 Net Balance 2 64 240 Grand Total 2 64 240 2.07     Cash and Bank balance As at year End               In $ Cash and Bank Balances Cash on hand 36 000 Total 36 000 2.08     Short-term loans and advances As at year End               In $ Prepaid Insurance 6 875 Prepaid Rent ( 3 200) Total 3 675 2.09     Other current assets As at year End               In $ Interest Receivbles    20 Notes Receivbles 2 500 Total 2 520 2.10     Revenue from operations (Net) Revenue from operations for the year consist of the following: Current Year               In $ Sale of Revenue 9 70 000 Less: Sales Returns and allowances ( 12 000) Less: Sales Discounts ( 6 300) Total Sales 9 51 700 2.11     Other Income Other income for the year consist of the following: Current Year               In $ Consulting Revenue 40 000 Rent Revenue 6 000 Interest Revenue    20 Total 46 020 2.12     Cost of Goods Sold Purchase and other direct expenses for the year consist of the following: Current Year               In $ Cost of Goods Sold 4 00 000 Total of Cost of Goods Sold 4 00 000 2.13     Employee benefit expenses Employee benefit expenses for the year consist of the following: Current Year               In $ Sales Salaries Expenses 2 78 030 Office Salaries Expenses 1 52 020 Total 4 30 050 2.14     Finance costs Finance costs for the year consist of the following: Current Year               In $ Interest Expense    917 Total    917 2.15     Other expenses Other expenses for the year consist of the following: Current Year               In $ Miscellaneous Administrative Expenses 4 500 Miscellaneous Selling Expenses 8 970 Stores Supplies Expense 44 350 Office Supplies Expense 3 700 Rent Expense 7 200 Insurance Expense 8 125 Bad Debt Expense 13 960 Utilities Expenses - Store 1 980 Utilities Expenses - Office 1 320 Total 94 105

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