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c) Income Statement for the six months period ending on 30 September, 2015
Particulars Amt (Rs.)
Revenues 0
Less: Expenses 0
Income / Loss 0
b) Income Statement for the six months period ending on 31 March, 2016
Particulars Amt (Rs.)
Sales Revenues 2009,000
Less: COGS
Materials consumed (150,000 + 350,000 – 110,000) 390,000
Manufacturing labor and other direct expenses 700,000
Depreciation on machinery 25,000
Production overheads 30,500 1145,000
Gross Margin 863,500
Less: Operating Expenses
Salaries 160,000
Add: Outstanding salary 40,000 200,000
Bad debts 9,000
Provision for doubtful debts 24,000
Advertisement and promotional expenses 45,000
Insurance premium 17,000
Less: Prepaid premium 8,500 8,500
Depreciation on Buildings 3,750
Depreciation on Furniture & Fittings 7,000
Amortization of Patents 50,000
Preliminary expenses written off 20,000 367,250
Operating Profit / EBIT 496,250
Interest on Loan 1,500
Profit before Tax (EBT) 494,750
Tax 98,950
Net Profit / Net Income (PAT) 395,800
c) Balance Sheet as on 31 March 2016
Owners’ Equity and Liabilities Amt (Rs.)
Owners’ Equity (150,000 Shares of Rs.10 each) 1500,000
Retained Earnings 395,800 1895,800
Current Liabilities
Accounts Payables 120,000
Outstanding Salaries 40,000
Outstanding Interest 1,500 161,500
Total 2057,300
Assets
Non-Current Assets
Land 200,000
Buildings 150,000
Less: Depreciation (3,750) 146,250
Furniture and Fittings 140,000
Less: Depreciation (7,000) 133,000
Machinery 500,000
Less: Depreciation (25,000) 475,000
Patent 250,000
Less: Amortization (50,000) 200,000
Current Assets
Accounts Receivable 809,000
Less: Bad Debts (9,000)
800,000
Less: Provision for Doubtful debts (24,000) 776,000
Materials 150,000
Prepaid insurance premium 8,500
Cash 8,550
Total 2057,300