ART 'N' TEX

BALANCE SHEET
AS ON 30TH JUNE , 2008
2008
CAPITAL

NOTE

RUPEES

2007
RUPEES

Balance at Start

228,253

93,592

Add: Profit for the year

523,148
751,401
450,000
301,401

534,661
628,253
400,000
228,253

Less: Drawings
CURRENT LIABILITIES
Aaccounts Payable
Rent Payable
Accrued Expenses
Provision for Taxation

ASSETS

NOTE

2008

2007

RUPEES

RUPEES

FIXED ASSETS
At Cost Less Depreciation

01.

122,820

44,494

275,000
160,250
218,450
59,205
68,264
781,169

415,000
260,109
225,200
19,103
96,049
1,015,461

903,989
-

1,059,955
-

CURRENT ASSETS
304,116
15,000
72,000
211,472
602,588

533,332
15,000
60,000
223,370
831,702

903,989

1,059,955

Stock in Trade
Accounts Recievable
Advance Deposits & Prepayments
Cash at Bank
Cash in Hand

Note: The annexed notes form an integral part of these accounts

_______________
PROPRIETOR

__________________________
HAIDER SHAMSI & CO.,
Chartered Accountants.

ART 'N' TEX

PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 30TH JUNE, 2008
2008
NOTE

Sales
Export
Local

RUPEES

2007
RUPEES

19,214,500
1,233,005
20,447,505

20,914,000
1,423,004
22,337,004

19,169,599

21,007,342

1,277,906

1,329,662

543,286

571,631

Profit/(Loss) For The Year

734,620

758,031

Provision of Tax for the year

211,472

223,370

523,148

534,661

Less: Cost of Goods Sold

02.

Gross Profit
Less: Operating Expenses

03.

Note: The annexed notes form an integral part of these accounts

PROPRIETOR

6%

6%

1,217,185

29%

216,471.45

ART 'N' TEX

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30TH JUNE, 2008
01. FIXED ASSETS
PARTICULARS

C
O
S
AS AT
ADDITION
01-07-07 DELETION

T
AS AT
30-06-08

98,500

100,000

198,500

TOTAL -2008

98,500

100,000

TOTAL -2007

98,500

Machinery

RATE
%

15

D E P R E C I A T I O N
AS AT
FOR THE
01-07-07
YEAR

AS AT
30-06-08

W.D.V.
AS AT
30-06-08

54,006

21,674

75,680

122,820

198,500

54,006

21,674

75,680

122,820

98,500

46,154

7,852

54,006

44,494

2008
RUPEES

02. COST OF GOODS SOLD

Purchased goods (Export)
Purchased Chemical
Repair and maintenance
Salaries
Factory Rent
Fuel Expense
Gas Expense
Wages
Depreciation
Transportation
Electric Power
Cost of Goods Manufactured
Add: Opening Stock
Less: Closing Stock
Cost of Goods Sold

2007
RUPEES

17,929,000
80,500
33,910
190,250
180,000
15,240
8,670
425,315
21,674
20,540
124,500

20,014,000
81,600
32,840
170,360
180,000
12,100
7,680
419,210
7,852
18,000
108,700

19,029,599

21,052,342

415,000
275,000

370,000
415,000

19,169,599

21,007,342

1,850
92,854
72,140
178,242
20,000
3,625
250
174,325
543,286

1,790
93,723
70,810
198,148
20,000
2,620
180
184,360
571,631

03. OPERATING COSTS

PTCL
Mobile Expenses
Entertainment & misc
Bank charges
Legal & Professional Fee
Electric
Donation
Export Freight
04. FIGURES
Figures have been rounded off to the nearest rupees.

PROPRIETOR

RAFAQAT ALI
Personal Account
As on 30.06.2006
Balance at Start

Add: Profit for the year

Less: Drawings

RUPEES
228,253
523,148
751,401
100,000
651,401

tb

ART 'N' TAX

TRAIL BALANCE
AS ON JUNE 30,2005
ACCOUNT HEAD
MCB
CASH IN HAND
ADVANCES & DEPOSIT
PREPAID RENT
ACCOUNT RECEIVABLE
MIAN GUL
DEUTSCH
AL- ASIF
SALEEM TEXTILE
STOCK IN TRADE
MACHINERY
ACCMU. DEP - MACH
CAPITAL
DRAWING
ACCOUNT PAYABLE
UNIVERSAL
FABRICOLOR
LEGAL & PROFESSIONAL PAYABLE
RENT PAYABLE
ACCRUED EXPENSES
SALES TAX PAYABLE
INCOME TAX LIABILITY
DEPRECIATION
PURCHASE
SALES TAX - CONTROL
SALES
UTILITIES
RENT EXPENSE
CONTRACTOR- MUSHTAQ
ENTERTAIMENT
FACTORY MATERIAL
TRANSPORTATION
GAS
WATER
MOBILE
STAFF SALARIES
LEGAL & PROFESSIONAL FEE

OPENING
DR
CR
(213,454)
92,033
20,000
191,765

DURING THE PERIOD

DR
CR
98,122
337,964
199,450
245,462

116,371

367,520
71,806
317,213
59,500

59,500
418,898

8,000
25,200
11,275
4,076

44,350

7,979
191,210

658,992
8,820
84,000
159,529
6,095
7,952

72,000
43,180
13,500
14,580

55,200
-

1,054,755

784,662

716,253

270,093
(526,165)

Page 6

FINAL TRIAL BALANCE

DR
CR
Balance
(453,296)
46,021
116,371
317,213
59,500
418,898
8,000
29,200
11,275
3,700
44,350
658,992
72,000
43,180
13,500
14,580

55,200
-

1,242,418

11,406

1,447,278

Sheet6

ART 'n' TEX

Statement of Sales & Purchase
01-07-2003 to 30-06-2004
Month
JUL-2003
JUL-2003
AUG-2003
SEP-2003
OCT-2003
NOV-2003
DEC-2003
JAN-2004
FEB-2004
MAR-2004
APR-2004
MAY-2004
JUN-2004

Sales Inv Sales

040
041
042
-

Sales Tax Payable

Sales Tax Receivable
Net Sales Tax Payable

100,509
67,745
30,377
198,631

S.Tax
13,110
8,836
3,962
25,908

Net Sales
87,399
58,909
26,415
172,723

25,908
8,870
17,038

Page 7

Purch.Inv
7802/02-03
8241/03-04

Purchase

12034/20-04
12949/03-04

10,644
10,644
10,644
10,644
10,644
53,220

S.Tax Due
Sales
13,110
8,836
3,962
25,908

S.Tax Paid
Purchase
3,548
1,774
1,774
1,774
8,870

S.Tax
1,774
1,774
1,774
1,774
1,774
8,870

Refund

Net Purchase
8,870
8,870
8,870
8,870
8,870
44,350

Paid challan

(3,548)
13,110

7,062
(1,774)
414

(5,322)

20,586

ART 'n' TEX

COMPUTATION OF DEPRECIATION

AS PER III SCHEDULE I.TAX ORD. 1979

FOR THE YEAR ENDED 30TH JUNE, 2001

PARTICULARS

Machinery
TOTAL

C
O
S
T
RATE D E P R E C I A T I O N
AS AT
ADDITION AS AT
%
AS AT FOR THE INITIAL
01-07-00 DELETION 30-06-01
01-07-00
YEAR
25%
-

98,500

98,500

98,500

98,500

10

AS AT
30-06-01

W.D.V.
AS AT
30-06-01

9,850

24,625

34,475

64,025

9,850

24,625

34,475

64,025