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DHAKA
Report on
Prepared For
Prepared By
Md. Ahsanul Karim
ID: 51324053
Department of Banking and Insurance
EMBA Program
Faculty of Business Studies
University of Dhaka
Letter of Transmittal
1 | Page
January 9, 2014
Dear Sir,
With due respect it is my pleasure to present the term paper entitled Final
Account of Three Companies. While preparing the report I have tried my level
best to focus closely on the topic and present all the data that is required for the
assignment.
To prepare this term paper, I have given the best effort to accumulate needed
information. I will be available to answer any question for clarification. Thank you
for your sincere support.
Sincerely Yours
Md. Ahsanul Karim
ID: 51324053
2 | Page
Acknowledgement
First of all I would like to thank the Almighty Allah for giving me the
strength and the aptitude to complete this report within due time. I
am deeply indebted to my
teacher
and guidelines,
for
his
suggestions
3 | Page
which helped me in
Table of Contents
Acknowledgement.....................................................................3
1.1 Trial Balance of A. K Company Ltd.......................................5
1.2 Income Statement of A. K Company Ltd..............................7
1.3 Balance Sheet of A. K Company Ltd.....................................8
2.1 Trial Balance of Hossain Company Ltd.................................9
2.2 Income Statement of Hossain Company Ltd......................11
2.3 Balance Sheet of Hossain Company Ltd.............................12
3.1 Trial Balance of R & T Corporation.....................................13
3.2 Income Statement of R & T Corporation............................15
3.3 Balance Sheet of R & T Corporation...................................16
4 | Page
A. K Company Ltd.
1. Here given a trial balance of A.K Company Ltd. and some additional
data for adjusting the trial balance for the year ended on December 31,
2012.
Particulars
Cash
32,000
Accounts Receivable
67,200
64,800
Land
69,600
Buildings
72,000
12,600
Insurance Expense
Credit
(Tk)
1,440
19,800
Accounts Payable
44,000
15,000
Retained Earnings
14,020
Mortgage Payable
48,000
Capital
180,000
Drawing
14,400
Sales Revenue
246,000
8,760
Interest Revenue
660
Purchase
138,480
1,140
1,380
Freight in
3,600
Advertising Expense
4,800
Selling Expense
49,420
Supplies
4,200
Office Expense
16,080
Interest Expense
5 | P aDoubtful
ge
Accounts Expense
2,640
7,980
Total
570,000
570,000
Additional Data:
1. The building is to be depreciated annually at the rate of 10 percent
on cost.
2. The allowance for doubtful account is to be increased to tk. 3,000.
3. Interest on long term investment is earned but not yet been
received amounting to tk. 240.
4. Interest expense of tk. 480 has not yet been paid.
5. Selling expenses of tk. 3,840. remains unpaid.
6. Cost of merchandise inventory on December 31, 2012 estimated at
tk. 90,720.
7. Supplies consumed during the year amounting to tk. 3.420.
8. Insurance expense still un-expired amounting to tk.720.
Tk
Tk
246000
-8760
Net Sales Revenue
237240
Tk
64800
Add
Purchase
138480
-1140
3600
Net Purchase
140940
205740
-90720
115020
Gross Profit
122220
Operating Expense:
Insurance Expense
720
Advertising Expense
4800
Selling Expense
53260
Office Expense
16080
Doubtful Expense
9600
Depreciation Expense
7200
Supplies Expense
3420
95080
27140
900
-3120
-2220
Net Income
24920
Tk
Tk
Tk
Particulars
Asset
Liabilities
Current Asset:
Current Liabilities:
Cash
Accounts
Receivable
Supplies
7 | Page
32000
Accounts Payable
67200
780
Note Payable
Retained Earnings
Tk
4400
0
1500
0
1402
Tk
0
Inventory
Allowance for
Doubtful Accounts
90720
Interest Receivable
240
Prepaid Insurance
720
Interest Payable
1916
60
Less- Accumulated
Depreciation
Long Term
Investment
Total Long Term
Asset
7200
0
2700
0
Mortgage Payable
Total Long Term
Liability
45000
Owner's Equity:
12600
Capital
1272
00
Total Asset
480
3840
8034
0
Land
Building
Selling Payable
Total Current
Liabilities
3000
4800
0
4800
0
1800
00
2492
0
1440
0
1905
20
3188
60
8 | Page
Debit
(Tk)
18,600
41,250
20,800
5,000
107,800
3,750
Credit
(Tk)
28,950
25,000
75,090
1,100
22060
850
271,050
2,850
156,450
2,000
3,650
1,450
32,000
37,000
6,000
2,300
1,000
441,000
6000
10000
441,000
Additional Data:
1. The company has a 6 days worksheet from Saturday through
Thursday and weekly payroll is Tk. 3600. Employees are paid every
Thursday and December 31st is a Tuesday.
9 | Page
Tk
0
-2,850
26820
0
20,800
156,45
0
-2000
3650
15810
0
17890
0
28000
Net Purchase
Cost of Goods Available for Sale
Less- Ending Inventory
15090
0
11730
0
250
34,400
37,000
2,300
3,275
4,500
8,085
4000
93810
23490
8000
8500
-1000
15500
38990
11 | P a g e
12 | P a g e
Particulars
Tk
Tk
Tk
Asset
Current Asset:
Cash
1860
0
Accounts Receivable
4125
0
Supplies
Inventory
1000
2800
0
Rent Receivable
2000
Prepaid Insurance
1200
Prepaid Advertising
1500
9355
0
3750
R & T Corporation
13 | P a g e
Tk
3697
5
2500
0
Owner's Equity:
107,8
00
30145
Particulars
Tk
Liabilities
Current Liabilities:
Accounts
289
Payable
50
Allowance for
Doubtful
412
Accounts
5
Salary
240
Payable
0
Unearned
150
Revenue
0
Total Current
Liabilities
Long Term
Liability:
250
Note Payable
00
Total Long
Term Liability
Capital
77,6
55
Add- Net
Profit
Less- Drawing
Total Owner's
Equity
Total Liability
1749 & Owner's
55 Equity
8140
5
750
90
389
90
110
0
1129
80
1749
55
Particulars
Cash
Accounts Receivable
Merchandise Inventory- January 2012
Land
Buildings
Long Term Investment
Insurance Expense
Accumulated Depreciation Buildings
Accounts Payable
Note Payable- short Term
Retained Earnings
Mortgage Payable
Capital
Drawing
Sales Revenue
Sales Return & Allowance
Interest Revenue
Purchase
Purchase Return & Allowance
Allowance for Doubtful Accounts
Freight in
Advertising Expense
Selling Expense
Supplies
Office Expense
Interest Expense
Doubtful Accounts Expense
19,800
28,000
23,000
14,020
48,800
180,000
50,400
284,000
8,760
660
138,480
1,140
1,380
Total
Additional Data:
14 | P a g e
Credit
(Tk)
5,600
4,800
49,420
4,200
16,080
2,640
7,980
600,800
600,800
1.
2.
3.
4.
5.
Tk
Tk
Tk
Sales Revenue
284000
-8760
Net Sales Revenue
275240
64800
Add
Purchase
138480
-1140
Add- Freight in
5600
Net Purchase
142940
207740
-90720
117020
Gross Profit
158220
Operating Expense:
Insurance Expense
720
Advertising Expense
4800
Selling Expense
53,260
Office Expense
16080
Doubtful Expense
9600
Depreciation Expense
7200
Supplies Expense
3420
95080
63140
900
-3120
-2220
Net Income
60920
Tk
Tk
Tk
Particulars
Asset
Liabilities
Current Asset:
Current Liabilities:
16 | P a g e
Tk
Tk
4200
0
5000
0
Cash
Accounts Receivable
Supplies
Accounts Payable
Note Payable
780
9072
0
Inventory
Interest Receivable
240
Prepaid Insurance
720
Retained Earnings
Allowance for Doubtful
Accounts
Interest Payable
1844
60
Less- Accumulated
Depreciation
Long Term
Investment
Total Long Term Asset
7200
0
2700
0
Mortgage Payable
Total Long Term
Liability
4500
0
1260
0
17 | P a g e
480
3840
7234
0
4880
0
4880
0
Owner's Equity:
Capital
1272
00
Total Asset
3000
Building
Selling Payable
Total Current
Liabilities
2800
0
2300
0
1402
0
3116
60
1800
00
6092
0
50,40
0
1905
20
3116
60