Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT LIABILITIES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010

RUPEES

Trade and other payables

25,840,533

30,000

Provision for taxation

210,360

26,050,893

30,000

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT LIABILITIES TRADE AND OTHER PAYABLES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Trade Creditor

24,407,464

Accured charges

475,680

30,000

Advances form customer

886,552

Workers profit participation fund

47,582

Workers welfare fund

18,081

Others

5,174

25,840,533

30,000

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT LIABILITIES ACCRUED CHARGES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Directors Remuneration Telephone Audit fee & professional charges Rent Spcial Execise duty

100,000 2,794 75,000 280,000 17,886

30,000 -

475,680

30,000

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 EQUITY & LIABILITIES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Share capital Authorised 100,000 ordinary shares of Rs. 100/- each 10,000,000 10,000,000

Issued, subscribed & paid up 100,000 ordinary shares of Rs. 100/- each fully paid in cash 10,000,000 10,000,000

Unappropriated profit/(loss)

437,745

(135,245)

10,437,745

9,864,755

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 NON CURRENT ASSETS

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Property, plant & equipment Operating assets 2,120,173 75,650

Capital Work in progress

1,562,906

3,683,079

75,650

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 NON CURRENT ASSETS CAPITAL WORK IN PROGRESS

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Capital Work in progress

1,562,906

1,562,906

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT ASSETS

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Stock in trade Advances Other receivables Cash & Bank balances

23,371,586 1,444,648 4,895,003 3,094,322

9,819,105

32,805,559

9,819,105

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT ASSETS STOCK IN TRADE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Raw material Finish goods

9,992,433 13,379,153

23,371,586

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT ASSETS Advances

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Letter of credit

1,444,648

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT ASSETS OTHER RECEIVABLES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Sales tax receivables

4,895,003

4,895,003

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 CURRENT ASSETS CASH & BANK BALANCES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Cash in hand

904,994

9,819,105

Cash at bank - in current accounts

2,189,328

3,094,322

9,819,105

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 SALES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Sales Local 29,985,196 -

29,985,196

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 COST OF SALE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Raw material consumed Salaries and wages Factory rent Electric power Other factory over head Cost of good manufactured Finished goods Opening stock Closing stock

34,548,376 1,796,358 280,000 1,770,367 1,244,701 39,639,802

(13379153) (13,379,153) -

26,260,649

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 COST OF SALE RAW MATERIAL CONSUMED

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Raw material consumed Opening stock Material available for consumption Closing stock Material Consumed

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 OPERATING EXPENSES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Administrative Expenses

2,766,739

135,245

2,766,739

135,245

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 OPERATING EXPENSES ADMINISTRATIVE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Directors' remuneration Staff salaries & benefits Telephone & mobile Vehicle running & maintenance Entertainment Travelling & conveyance Depreciation Printing & stationery Audit fee Fee & taxes Newspaper & periodicals Postage Repair & maintenance Computer & internet charges Miscellaneous

700,000 985,625 104,115 136,241 146,521 98,562 244,139 50,221 75,000 8,580 21,523 30,526 50,954 25,623 89,109

30,000 30,000 59,500 15,745

2,766,739

135,245

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES DIRECTORS' REMUNERATION

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Directors' remuneration

700,000

700,000

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES STAFF SALARIES & BENEFITS

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Staff salaries & benefits

985,625

30,000

985,625

30,000

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES TELEPHONE & MOBILE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Telephone & mobile

104,115

104,115

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES VEHICLE RUNNING & MAINTENANCE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Vehicle running & maintenance

136,241

136,241

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES ENTERTAINMENT

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Entertainment

146,521

146,521

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES TRAVELLING & CONVEYANCE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Travelling & conveyance

98,562

98,562

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES DEPRECIATION

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Depreciation

244,139

244,139

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES PRINTING & STATIONERY

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Printing & stationery

50,221

50,221

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES AUDIT FEE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Audit fee

75,000

30,000

75,000

30,000

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES FEE & TAXES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Fee & taxes

8,580

59,500

8,580

59,500

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES NEWSPAPER & PERIODICALS

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Newspaper & periodicals

21,523

21,523

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES POSTAGE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Postage

30,526

30,526

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES REPAIR & MAINTENANCE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Repair & maintenance

50,954

50,954

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES COMPUTER & INTERNET CHARGES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Computer & internet charges

25,623

25,623

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 ADMINISTRATIVE EXPENSES MISCELLANEOUS

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Miscellaneous

89,109

15,745

89,109

15,745

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 REVENUE

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Revenue

29,985,196

29,985,196

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 COST OF SALES

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Raw material consumed Direct expenses Salaries & Wages Rent Land, Building, Machinary Electricity Other Factory over head

34,555,196

1,704,168 280,000 1,770,367 1,244,701 4,999,236

Manufacturing cost Opening Finish goods stock Available for sale Closing Finish goods stock

39,554,432 39,554,432 (13,293,783)

26,260,649

Client Name: Assignment / Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011 OTHER CHARGES FINANCIAL

Prepared By: Checked By: Reviewed By:

HEAD OF ACCOUNT

A/C CODE

REF

2011 RUPEES

2010 RUPEES

Bank charges and commission

6,777

6,777

Client Name: Assignment Period Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE PERIOD ENDED JUNE 30, 2011

Prepared By: Checked By: Reviewed By:

Client Name:

MASTER PIPES INDUSTRIES (PVT) LTD

Prepared By: Checked By: Reviewed By:

Assignment / Period: AUDIT FOR THE YEAR ENDED JUNE 30, 2011 Grouping Head: Detailed Head: Account Code:

PARTICULARS

Stratum

Basis

Vouching Analysis

Amount

%Age

Amount vouched Amount unvouched

Total

Observations:-

Client Name: Period: Grouping Head: Detailed Head: Account Code:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT FOR THE YEAR ENDED JUNE 30, 2010

Prepared By: Checked By: Reviewed By:

REVIEW SCHEDULE
SR. # PARTICULARS HOW SETTELED

Client Name: Assignment / Period: Grouping Head:

MASTER PIPES INDUSTRIES (PVT) LTD AUDIT / YEAR ENDED JUNE 30, 2011

Prepared By: Checked By: Reviewed By:

ADJUSTING ENTRIES
Sr. No
1

PARTICULARS

A/C CODE

POSTED

DEBIT RUPEES

CREDIT RUPEES