profit and loss statement for the year ended

dr

PARTICULARS

op.stock
To purchase
Carriage on Purchase
office expence
Wages and Salary
Insurance
Audit fees
Printing
Interest on Loan
Unpaid Salary
depriciation
provisoin for tax
profit

AMT

PARTICULAR

72000 By sales
600000 By rent
25000 By commission
44000
120000
40000
24000
33000
24000
20000
88800
81960
191240
1172760

cr.

AMT

1200000
24000
20000
120000

Working note
1364000-1090800
provision for taxation =273200*30%

Balance sheet as

1090800

Liability
share capital
res
132000
Add:
191240
Long term Loan
Accounts Payable
Unpaid salary
Provision for taxation

1364000

amt.
500000
323240
240000
125000
20000
81960
1290200

273200

200*30%
81960

nce sheet as on --------Assets

Fixed Assets
Less: Depri

amt.
888000
88800

current Assets [ Inventory]

Accounts Receivables
Cash
bank

799200
120000
280000
36000
55000
1290200

From the following information Prepare P& L Accounts And Balance sheet For the year ended March
2015

Particulars
Purchase and sales
Carriage on Purchase
Wages and Salary
office expence
Rent
Insurance
Audit Fees
Accounts Receivable/ payable
Printing and Advertising
Commission
Opening Stock
Cash in hand
Cash at bank
Bank Loan
Interest On Loan
Share Capital
Reserves
Fixed Assets

Debit
600000
25000
120000
44000
40000
24000
280000
33000
72000
36000
55000
24000

888000
2241000

For the year ended March 31,

Credit
1200000

24000

125000
20000

240000
500000
132000
2241000

1 stock

at the end of the year 120 000

2 Depriciate Fixed Assets by 10%
3 Unpaid salary at the end of the year are
4 Tax rate is 30%

year 120 000

by 10%
d of the year are 20 000

Name of the Company

Profit and loss Statement for the year ended March 31, 2015
Amount
Rupees
Revenue From operation
1200000
Other Income
Rent
24000
Commission
20000
44000
Total Income [A]
1244000
Expenses
Cost of Materials Consumed[1]
wages and Salary
120000
Unpaid salary
20000
Audit Fees
Depreciation
Other Expenses
Office Expense
44000
Insurance
40000
Printing
33000
Interest on Loan
24000
Total Expenses[B]

141000
970800

Profit Before TAX [A - B]

Less: TAX @ 30%
Profit After Tax

273200
81960
191240

577000
140000
24000
88800

Working note
1. Cost of Materials Consumed
Op stock
Add: Purchase
Add: carriage on Purchase
Less: Closing Stock

72000
600000
25000
697000
120000
577000

Name of the Company

Balance sheet as on March 31, 2015
Rupees
I.EQUITY AND LIABILITIES
ShareHolders' Fund
Share Capital
500000
Reserves[2]
132000+ 191240
323240
Non- Current Liabilities
Bank Loan
240000
Current Liabilities
Trade Payable
125000
Unpaid Salary
20000
Provision for Tax
81960
TOTAL
1290200
II. ASSETS
Fixed Assets
Tangible assts
Less: Depri.
Current Assets
Inventories
Trade Receivable
Cash in Hand
Cash At Bank

888000
88800

TOTAL

799200
120000
280000
36000
55000
1290200