NAS For MEs Model Financials - Final Format

MICRO ENTITY PRIVATE LIMITED
Statement of Financial Position

As at 31 Ashad 2077 (15 July 2020)
Figures in NPR
Restated Restated
As at As at As at
Notes 31st Ashad 2077 31st Ashad 2076 1st Shrawan 2075
ASSETS
Non-Current Assets
Property, Plant and Equipment 3.1 - - -
Intangible Assets 3.2 - - -
Investments 3.3 - - -
Other Receivables 3.4 - - -
Total Non-Current Assets - - -
Current Assets
Investments 3.3 - - -
Inventories 3.5 - - -
Trade and other receivables 3.4 - - -
Cash and cash equivalents 3.6 - - -
Total Current Assets - - -
Total Asssets - - -
EQUITY AND LIABILITIES

Equity
Share Capital 3.7 - - -
Reserves 3.8 - - -
Total Equity - - -
Liabilities
Non-Current Liabilities
Loans and Borrowings 3.9 - - -
Provision for Employee Benefits 3.10 - - -
Provisions - - -
Total Non-Current Liabilities - - -
Current Liabilities
Loans and Borrowings 3.9 - - -
Trade and other payables 3.11 - - -
Income Tax Liabilities 3.12 - - -
Provision for Employee Benefits 3.10 - - -
Provisions - - -
Total Current Liabilities - - -
Total Liabilities - - -
Total Equity and Liabilities - - -
Statement of Income
For the Year Ended 31 Ashad 2077 (15 July 2020)
Figures in NPR
Particulars Notes FY 2076-77 FY 2075-76
Revenue from Operations 3.13 - -

Interest Income - -
Other Income 3.14 - -
Total Income - -
Material consumed expenses 3.15 - -
Employee Benefit Expenses 3.16 - -
Interest Expenses 3.17 - -
Deprecitaion and Amortization Expenses - -
Other Expenses 3.18 - -
Total Expenses - -
Profit Before Tax - -
Income Tax Expense 3.19 - -
Net Profit for the year - -
Notes to Financial Statements

Figures in NPR
First time adoption of NFRS

Reconciliation of equity as at 1st Shrawan 2075 (date of transition to NAS FOR MEs)
Note Local GAAP Adjustments Restated balance
ASSETS
Non-Current Assets
Property, Plant and Equipment 12,529,058 (12,529,058) -
Intangible Assets - - -
Investments - - -
Other Receivables - - -
Total Non-Current Assets 12,529,058 (12,529,058) -
Current assets
Investments 4,205,465 (4,205,465) -
Inventories 11,277,386 (11,277,386) -
Trade and other receivables 21,909,566 (21,909,566) -
Advances, Deposits and Receivables 16,181,500 (16,181,500) -
Cash and cash equivalents 1,134,509 ### -
Total current assets 54,708,426 (54,708,426) -
Total assets 67,237,484 (67,237,484) -
Equity
Share Capital 2,000,000 (2,000,000) -
Reserves 27,479,882 (27,479,882) -
Total Equity 29,479,882 (29,479,882) -
Liabilities
Loans and Borrowings 1,396,612 (1,396,612) -
Provision for Employee Benefits - - -
Provisions - - -
Total Non-Current Liabilities 1,396,612 (1,396,612) -
Current Liabilities
Trade and other payables 19,585,620 (19,585,620) -
Income Tax Liability - - -
Provision for Employee Benefits -
Provisions -
Total Current Liabilities 36,360,990 (36,360,990) -
Total Liabilities 37,757,602 (37,757,602) -
Total Equity and Liabilities 67,237,484 (67,237,484) -

Figures in NPR
First time adoption of NAS FOR ME

Reconciliation of equity as at 31st Ashadh 2076
ASSETS
Non-Current Assets
Property, Plant and Equipment 19,648,772 (19,648,772) -
Intangible Assets - -
Investments 4,205,465 (4,205,465) -
Other Receivables - - -
Total Non-Current Assets 23,854,237 (23,854,237) -
Current assets
Investments - - -
Inventories 10,245,365 (10,245,365) -
Trade and other receivables 20,760,648 (20,760,648) -
Pre-paid, Advance, Loans and Deposits 15,738,794 -
Cash and cash equivalents 1,282,567 (1,282,567) -
Total current assets 48,027,374 (32,288,580) -
Total assets 71,881,611 (56,142,817) -
Equity
Share Capital 2,000,000 (2,000,000) -
Reserves 28,642,857 (28,642,857) -
Total Equity 30,642,857 (30,642,857) -
Liabilities
Provisions - - -
Total Non-Current Liabilities 4,756,583 (4,756,583) -
Current Liabilities
Trade and other payables 19,831,683 (19,831,683) -
Income Tax Liability - - -
Provisions 387,658 (387,658) -
Total Current Liabilities 36,482,171 (36,482,171) -
Total Liabilities 41,238,754 (41,238,754) -
Total Equity and Liabilities 71,881,611 (71,881,611) -

Figures in NPR
First time adoption of NAS FOR ME (continued)
Reconciliation of net profit for the year ended 31st Ashad 2076

Revenue from operations 98,869,777 98,869,777 -
Interest Income - -
Other Income 413,446 413,446 -
Total Income 99,283,223 99,283,223 -
Material consumed expenses 67,244,756 67,244,756 -
Employee Benefit Expenses - - -
Interest Expenses 3,874,852 3,874,852 -
Deprecitaion and Amortization Expenses 4,544,835 4,544,835 -
Selling and Distribution Expenses 7,210,113 7,210,113 -
Other Expenses 14,858,033 14,858,033 -
Total Expenses 97,732,590 97,732,590 -
Profit/(Loss) Before Tax 1,550,633 1,550,633 -
Income Tax Expense (387,658) (387,658) -
Net Profit/(Loss) for the year 1,162,975 1,938,291 -
Statement of Changes in Equity

Figures in NPR
Particulars Notes Share Capital Share Premium Retained Earnings Other Reserves Total
Balance at 1 Shrawan 2075 - - - - -

Restatements on transition to NAS for MEs - - - - -
Balance at 1 Shrawan 2075 (restated) - - - - -
Profit for the year - - - - -
Issue of Shares - - - - -
Dividends to Shareholders - - - - -
Other Changes - - - - -
Balance at 32 Ashad 2076 - - - - -
Profit for the year - - - - -
Issue of Shares - - - - -
Dividends to Shareholders - - - - -
Other Changes - - - - -
Balance at 31 Ashad 2077 - - - - -
Statement of Cash Flows

Figures in NPR
Particulars FY 2076-77 FY 2075-76
CASH FLOWS FROM OPERATING ACTIVITIES

Net Profit for the year - -
Adjustment for:
Depreciation/Impairment on Property, Plant and Equipment - -
Interest Income - -
Interest Expense - -
Loss/(gain) on subsequent measurement of investments - -
Income Tax expense charged to statement of income - -
Working Capital Adjustments
Decrease/(Increase) in trade and other receivables - -
Decrease/(Increase) in Inventories - -
Increase/(Decrease) in trade and other payables - -
Increase/(Decrease) in provisions - -
Increase/(Decrease) in other liabilities
Cash Generated from Operations - -
Interest paid - -
Income tax paid - -
NET CASH FLOWS FROM OPERATING ACTIVITIES (A) - -
CASH FLOW FROM INVESTING ACTIVITIES

Proceeds from sale of PPE, Investments/Financial Assets - -
Interest/Dividend received - -
Acquisition of Property, Plant and Equipment - -
NET CASH FLOWS FROM INVESTING ACTIVITIES (B) - -
CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from the issue of Equity and Preference Share - -
Proceeds from other borrowings - -
Repayment of Borrowings - -
Dividend Paid - -
NET CASH FLOW FROM FINANCING ACTIVITIES (C) - -
Net Increase in Cash and Cash Equivalents - -

Cash and Cash Equivalents at the beginning - -
Exchange gains/(losses) in cash and cash equivalents - -
Cash and Cash Equivalents at the end - -
Figures in NPR
Significant Accounting Policies and Notes to Accounts
1. General information

Give brief information about the legal status, registered address and nature of the business of the company.
The financial statements were authorized to issue by …....... on …........
2. Significant Accounting Policies

2.1 Basis of preparation and accounting policies
2.1.1 Statement of Compliance
These financial statements have been prepared in accordance with Nepal Accounting Standard for Micro Entities (NAS for MEs).
2.2.2 Basis of Measurement
The financial statements have been prepared on the historical cost basis except investments held-for-trade is measured at fair value.
2.2.3 Critical Accounting Estimates
The preparation of the financial statemetns in conformity with Nepal Accounting Standards for Micro Entities (NAS fro MEs) requires the
use of certain critical accounting estimates and judgements. The company makes certain estimates and assumptions regarding the future
events. In the future, actual result may differ from these estimates and assumptions. The estimates and assumptions that have a significant
risk of causing a meterial adjustment to the carrying amounts of assets and liabilities within the next financial year are to be disclosed.
2.1.4. Functional and Presentation Currency

The financial statements are prepared in Nepalese Rupees, which is the Company's functional currency. All the financial information
presented in Nepalese Rupees has been rounded to the nearest rupee, except otherwise indicated.
2.2 Accounting Policies

The pricipal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been
consistently applied to all the years presente, unless otherwise stated.
2.2.1 Impairment of non-financial assets (excluding inventories)

Non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may
not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, the asset is written down accordingly.
Impairment charges are included in profit or loss.
2.2.2. Foreign currency

Transactions entered into by company entities in a currency other than the currency of the primary economic environment in which they
operate (the functional currency is NPR) are recorded at the rates ruiling when the transactions occur. Foreign currency monetary assets and
liablities are translated at the rates ruiling at the reporting date. Exchange differences arising on the retranslation of unsettled monetary
assets and liablities are recognized immdediately in profit or loss.
2.2.3. Property, plant and equipment

Items of property, plant and equipment are initially recognized at cost. Cost includes the purchase price and other directly attributable costs.
Subsequently, items of property, plant and equipment are measured at cost less depreciation less impairment.
2.2.4. Depreciation
Freehold land is not depreciated. Depreciation on assets under construction does not commence until they are complete and available for
use. Depreciation is provided on all other items of property, plant and equipment so as to write-off their carrying value over the expected
useful economic lives.
Figures in NPR
Depreciation has been computed on SLM/WDV method.
2.2.5. Leased Assets

When all the risks and rewards incidential to the ownership are not transferred to the company (an operating lease), the total rentals payable
under the lease are charged to the statement of income over the lease term.
2.2.6. Investments
Investments in listed shares
Investments in listed shares held for trading are classified as current assets and are stated at quoted market price as at the date of the
statement of financial position with any resultant gain or loss recognized in the statement of income.
Other investments
Other investments are initially measured at cost and subsequently at lower of cost or market price. The provision for impairment is
recognized in the statement of income.
2.2.7. Trade and other receivables

Trade and other receivables are stated at their cost less provision for impairment. The amount of the provision is recognized in the income
statement.
2.2.8. Inventories
Inventories are initially recognized at cost, and subsequently at the lower of cost and net realisable value.
The cost is determined on first-out-first (FIFO) method or weighted average method and included expenditure incurred in acquiring the
inventories and bringing them to their present location and condition. In the case of manufactured inventories and work-in-progress, cost
includes direct material and labour cost and it does not include overheads which is charged to the statemnt of income in the period in which
it is incurred.
2.2.9. Cash and cash equivalents

Cash and cash equivalents comprises cash balances, call deposits and other short term highly liquid investments. Bank overdrafts that are
repayble on demand and form and integral part of the company's cash management are included within borrowings in current liabilities on
the balance sheet.
2.2.10. Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial
liability or financial asset the company's equity shares are classified as equity instruments.
Preference share capital is classified as equity if it is non-redeemable and any dividends are discretionary at the option of the company.
Preference share capital is classified as a liability if it is readable on a specific date or at the option of the shareholders and dividends
thereon is recognised in the income statement as interest expense
2.2.11. Borrowing costs

Interest bearing borrowings are recognized initially at cost, net of attributable transaction costs. Subsequent to initial recognition, interest
bearing borrowings are stated at amortized cost. Borrowing costs are charged to the income statement in the period in which it is incurred.
Retirement Benefits
Defined contribution schemes
Benefits payable on contribution scheme is measured and recognized as expenses at the amount that needs to be contributed (whether or not
actually contributed; i.e. on accrual basis) by the company during the reporting period.
Defined benefit schemes
Figures in NPR
Benefits payable for defined benefit scheme is measured and recognized as a liablity at the amount that would be payable at the end of the
reporting period, if the employees leave on that date. Employees who have not completed the minimum period of services to be entitled to
the retirement benefit at the end of the reporting period are not considered in the masurement of the liability.
2.2.13. Taxation
Income tax is the expected tax payable on the taxable income for the year using tax rate at the balance sheet date and any adjustment to tax
payable in respect of previous years.
Additional income taxs that arise from the distribution of dividends are recognised at the same time as the liability to pay the related
dividend.
2.2.14. Government grant/deferred revenue
Government grants receipt for capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants
for revenue expenditure are netted against the cost incurred by the company. Where retention of the Government Grant is dependent on the
company satisfying certain criteria, it is initially recognised As deferred income. When the criteria for retention have been satisfied, the
different income balance is released to the statement of income or netted against the asset purchased.
2.2.15. Trade and other payables

Trade and other payables are stated at their cost.
2.2.16. Provisions
The provisions for liabilities of uncertain timing or amount include those for warranty claims, leasehold dilapidations and legal disputes.
The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date.
2.2.17. Income
Revenue
Renenue for the sale of goods or services is recognized when the company has transferred the significnat risks and rewards of ownership to
the buyer and it is probable that the company will receive the previously agreed upon payment.
Interest income
Interest income are recognized in the statement of income using the effective interest method.
Dividend income
Dividend income is recognized in the income statement when the right to receive payment is established.
2.2.18. Expenses
Operating lease payments
Payments made under operating lease are recognized in the income statement on a straight -line basis over the term of the lease.
Interest
Interest expenses are recognized in the statement of income using accrual method.
Figures in NPR
3.1 Property, Plant and Equipment
Office Equipment Plant and
Freehold Land Buildings Furniture and Fixture Vehicles CWIP Total
and Computers Machinery
Cost
Balance at 1 Shrawan 2075 - - - - - - - -
Additions - - - - - - - -
Disposals - - - - - - - -
Balance at 31 Ashadh 2076 - - - - - - - -
Additions - - - - - - - -
Disposals - - - - - - - -
Balance at 31 Ashad 2077 - - - - - - - -
Depreciation and Impairment losses
Balance at 1 Shrawan 2075 - - - - - - - -
Charge for the year - - - - - - - -

Disposals
Balance at 31 Ashadh 2076 - - - - - - - -
Charge for the year - - - - - - - -

Disposals - - - - - - - -
Balance at 31 Ashad 2077 - - - - - - - -
Net Book Value
As at 1st Shrawan 2075 - - - - - - - -
As at 31st Ashad 2076 - - - - - - - -
As at 31st Ashad 2077 - - - - - - - -
Security (if any)

Bank borrowings are secured on all property, plant and equipment of NPR…............ (20XX: NPR…..........)
Property, Plant and Equipment under construciton
The net book value of assets under construction includes an amount of NPR …........... (20X1: NIL) relating to the new head office, which is currently under construction. The cost the buildings will be depreciated once the
property in complete and available for use. The estimated additional cost to completion of the property, and to which the group is contractually committed is NPR ......... (20X1: NPR ..........)
Figures in NPR
3.2 Intangible Assets
Software Total
Cost
Balance at 1 Shrawan 2075 - -
Additions - -
Disposals - -
Balance at 31 Ashadh 2076 - -
Additions - -
Disposals - -
Balance at 31 Ashad 2077 - -
Depreciation and Impairment losses
Balance at 1 Shrawan 2075 - -
Charge for the year - -

Disposals - -
Balance at 31 Ashadh 2076 - -
Charge for the year - -

Disposals
Balance at 31 Ashad 2077 - -
Net Book Value
As at 1st Shrawan 2075 - -
As at 31st Ashad 2076 - -

Figures in NPR
3.3 Investment
As at FY
A. In Listed Shares (Held for Trading) 31st Ashad 2077 31st Ashad 2076
Balance as at 1 Shrawan - -
Additions - -
Disposals - -
Gain/(loss on subsequent measurement trf to SOI - -
Balance as at 31 Ashadh - -
Non-current portion - -
Current portion - -
As at As at
B. Listed Shares (Available for Sale) 31st Ashad 2077 31st Ashad 2076
Balance as at 1 Shrawan - -
Additions - -
Disposals - -
Gain/(loss on subsequent measurement - -
Balance as at 31 Ashadh - -
Non-current portion - -
Current portion - -
As at As at As at
C. Total Investments 31st Ashad 2077 31st Ashad 2076 1st Shrawan 2075
Total Investments - - -
Non-current portion - - -
Current portion - - -
As at As at As at
D. Quoted Price of Listed Shares 31st Ashad 2076 31st Ashad 2075 1st Shrawan 2075
Held for Trading
NABIL Bank Limited 725 740 690
Nepal Investment Bank Limited 475 478 445
Sana Kisan Laghubitta Bittiya Sanstha Ltd 950 1012 925
Available for Sale

Butwal Power Company Limited 240 340 380
HIDCL 101 105 120
Figures in NPR
3.4 Trade and Other Receivables As at As at As at

31st Ashad 2077 31st Ashad 2076 1st Shrawan 2075
Trade receivables - - -
Less: Provision for impairment of trade receivables - - -
Trade receivables- net - - -
Receivables from related parties - - -
Provision margin for exim code - - -
Letter of Credit Margin - - -
Advance to Suppliers - - -
Staff advances - - -
Insurance Claim Receivables - - -
Sceurity Deposit (Rent) - - -
Security Deposit (Telephone) - - -
Advance Expenses - - -
- - -
Non-current portion - - -
Current portion - - -
Provision for impairment of trade receivables: FY FY

2076-77 2075-76
Balance at the beginning of the year - -
Provided during the year - -
Written off during the year - -
Unused provisions reversed - -
Balance at the end of the year - -
3.5 Inventories
As at As at As at
Finished goods and goods for resale - - -

- - -
3.6 Cash and Cash Equivalents

As at As at As at
Cash in hand - - -
Cash at Bank - - -
- - -
Figures in NPR
3.7 Share Capital

As at As at As at
Authorized
Ordinary shares of NPR 100 each - - -
Ordinary Shares Issued and Fully Paid

Ordinary shares of Rs. 100 each - - -
Ordinary Ordinary
share share capital
As at 1st Shrawan 2075 - -

Shares issue and paid up - -

Shares issue and paid up - -
3.8 Reserves
Retained earnings As at As at
31st Ashad 2077 31st Ashad 2076
As at 1st Shrawan - -
Profit for the year - -
Total - -
Appropriations/transfers - -
Dividend to Share Holders - -
As at 31st Ashad - -
Figures in NPR
3.9 Loans and Borrowings

As at As at As at
Total Loans and Borrowings
Trust Receipt Loan-Himalayan Bank Ltd - - -
Bank overdraft-Himalayan Bank Ltd - - -
Vehicle HP Loan-Himalayan Bank Ltd - - -
Vehicle HP Loan-Everest Bank Ltd - - -
- - -
As at As at As at
Non-current loans and borrowings
- - -
As at As at As at
Current loans and borrowings
- - -
Figures in NPR
3.10 Provision for Employee Benefits
As at As at As at
Total
Provision for Gratuity - - -
Provision for Leave benefits - - -
- - -
As at As at As at
Non-Current
- - -
As at As at As at
Current
- - -
3.11 Trade and other payables

As at As at As at
Trade payables - - -
Letter of Credit Payable - - -
Accrued Expenses - - -
Audit Fee Payable - - -
Other Payables - - -
- - -
3.12 Income Tax Liabilities

As at As at As at
Provision for Income tax - - -
Less: Advance Tax - - -
- - -
Figures in NPR
3.13 Revenue from Operations

FY 2076-77 FY 2075-76
Sale of goods - -
Rendering of services - -
- -
3.14 Other Income

FY 2076-77 FY 2075-76
Fair Value Changes in Held-for-Trading Investments -
Other Miscellaneous Income - -
- -
3.15 Material consumed expenses

FY 2076-77 FY 2075-76
Balance on 1 Shrawan (Opening stock) - -
Purchase during the period - -
Less: Balance on 31 Ashadh (Closing Stock) - -
- -
3.16 Employee Benefit Expenses

FY 2076-77 FY 2075-76
Salaries and Wages - -
Staff Welfare Expenses - -
Dashain Expenses - -
Gratuity Expenses - -
Accrued Leave Expenses - -
- -
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, including the directors.
FY 2076-77 FY 2075-76
Salaries and Wages - -
Staff Welfare Expenses - -
Dashain Expenses - -
Gratuity Expenses - -
Accrued Leave Expenses - -
- -
Figures in NPR
3.17 Interest Expenses

FY 2076-77 FY 2075-76
Interest on Loans and Borrowings from Banks - -
Interest on Other Borrowings - -
- -
3.18 Other Expenses

FY 2076-77 FY 2075-76
Audit Fee - -
Bank Commission - -
Electricity and Water - -
Insurance - -
Office Expenses - -
Postage and Courier Expenses - -
Printing and stationery - -
Rates and Taxes - -
Rent Expenses - -
Telephone and Internet expenses - -
Advertisement - -
Business Promotion expenses - -
Sales commission and promotion - -
Freight outward - -
Guest Entertainment expenses - -
Loading and Unloading - -
Repacking Expenses - -
Travelling Expenses - -
Vehicle Running Expenses - -
Fines and Penalties - -
Loss on Subsequent Measurement of Investments - -
- -
3.19 Tax Expenses

FY 2076-77 FY 2075-76
Tax on profit for the year - -
Adjustment for under provision in prior periods - -
- -
Figures in NPR
3.20. Changes in Accounting Policies (If any)

In the current financial year the company changes in accounting policies. This change has been accounted for by restating comparatives and
adjusting the opening balance of retained earnings at 01 Shrawan 20XX. The changes in accounting policy, when applied consistently to 20X1
had the follwoing impact: On Opening Retained Earnings; On Net Profit.
3.21. Contingencies
The company has contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary course of business. It is
not anticipated that any material liablitites will arise from the contingent liabilities.
3.22. Related Party Transactions

Identity of related parties
The company is controlled by (name of the parent company) which owns xx percent of the company's shares. The remaining xx percent shares
are widely held. The ultimate parent company of the company is (name of the ultimate parent company) incorporated in (name of the country)
The following transactions were carried out with related parties (Give details)
Directors of the company and their immediate relatives control xx percent of the voting shares of the company. Loans to directors amounting to
NRs xx (20XX: NRs xx) are included in "other receivables". No interest is payable by the directors (for disclose if interest is payable)
In additiona to their salaries, the company also provides non-cash benefits to directors and executive officers, and contributes to a post-
employment defined benefit plan on their behalf.
During the year ended ...... Ashadh 20X2, associates purchased goods from the group in the amount of NRs......
NRs xx (20XX: NRs xx) and at ….... Ashadh 20XX associates owed the company NRs xx (20XX: NRs xx). Transactions with associates are
priced on an arm's length basis. During the year ended …..... Ashadh 20XX the company repaid a loan of NRs xx received from one of its
associates. No dividends were received from associates in 20XX or in 20XX.
3.23. Current/Non-current Assets and Liabilities

Current assets are expected to be realized within the normal operating cycle of the entity or within twelve months after the reporting period or
are intended for sale or consumption within the normal operating cycle of the entity or are held primarily for the prupose of trading or are cash
and cash equivalents. All other assets are classified as Non-current assets.
Current liabilities are expected to be settled in the entity's normal operating cycle or are primarily held for trading or are due to be settled
within a period of twelve months after the reporting period. All other liabilities are classified as non-current liabilities.
3.24. Prior period errors
Prior period errors are ommissions or misstatements in an entity's financial statements. Such ommissions may relate to one or more prior
periods. Correction of an error is done by calculating the cumulative effect of the change on the financial statements of the period as if new
method or estimate had always been used for all the affected prior years' financial statements. Sometimes, such changes may not be practicable,
in such cases it is applied to the latest period possible by making corresponding adjustment to the opening balance of the period.
Reconciliation of Retained Earnings as at 1 Shrawan 2075
Retained Earnings as per GAAP -

Add: Investment Revaluations -
Less: Provision for Gratuity -
Less: Provision for Leave Benefits -
Restated Retained Earnings -
Reconciliation of Net Profit for FY 2075-76
Net Profit as per GAAP 1,162,975

Add: Gratuity (payments) 125,000
Less: Gratuity (provision) -
Add: Leave (payments) 25,000

Less: Leave (provision) -
Add: Depreciation as per GAAP 4,544,834

Less: Revised Depreciation -
Fair Value Changes in HFT Investments -

Restated Net Profits 5,857,809
DEPRECIATION AS PER INCOME TAX ACT
FY 2076-77
Particulars Additions
Dep. Opening Depreciation for Closing
Additions Disposals Total
Rate Balance Upto Poush Upto Upto Ashadh the year Balance
Chaitra
Block 'B' 25%

Furniture & Fixtures 5,773,226 245,898 - - 245,898 - 6,019,124 1,504,781 4,514,343
Computer 2,402,150 - - - - - 2,402,150 600,538 1,801,613
Office Equipments 2,716,513 - 84,560 - 84,560 - 2,801,073 693,222 2,107,852
10,891,889 245,898 84,560 - 330,458 - 11,222,347 2,798,540 8,423,807
Block 'C' 20%
Motors & Vehicles 7,505,234 - - 2,456,894 2,456,894 - 9,962,128 1,664,840 8,297,288
Motorcycle & Scooter 293,875 - - 293,875 58,775 235,100
7,799,109 - - 2,456,894 2,456,894 - 10,256,003 1,723,615 8,532,388
Block 'D' 15%
Generator 571,661 - - - - - 571,661 85,749 485,911
Other Assets 208,833 - 208,833 31,325 177,508
780,494 - - - - - 780,494 117,074 663,420
Block 'E' 5 yrs
Software 177,280 100,000 - - 100,000 - 277,280 55,456 221,824
177,280 100,000 - - 100,000 - 277,280 55,456 221,824
Current Year 19,648,772 345,898 84,560 2,456,894 2,887,352 - 22,536,124 4,694,685 17,841,439
Previous Year 12,529,056 4,031,052 2,879,129 4,754,369 11,664,550 - 24,193,607 4,544,834 19,648,772
Statement of Calculation of Tax Liability F.Y. 2076/077
Particulars As per NAS As per I.T Remark

INCOME Disallowed expenses:
Sales Income - - As per PL Statement Fines and Penalties -
Other Income - - Fair Value Changes -
Add: Provision for Bonus - - Gratuity -
TOTAL INCOME - - Leave - -
Cost of Trading Stock u/s 15 - - As per PL Statement

Interest u/s 14 - - As per PL Statement Allowed
Repair & Maintenance u/s 16.2 - - Annexure 1 Gratuity paid 110,000
Depreciation & Amortization u/s 19 - 4,694,685 Annexure 2 leave paid 18,000 128,000
Other Deduction u/s 13 - 128,000 As per PL Statement
TOTAL EXPENSES - 4,822,685
Income from business - (4,822,685) Reconciliation:
Loss set off u/s 20.1.kha - - Profit as per NAS -
Assessable Income - (4,822,685) Add: Disallowed Expenses
Donation U/S 12 - - Fines and Penalties -
Taxable Income - (4,822,685) Fair Value Changes -
Loss carried forwarded to be set off from next year profit - - Gratuity -
Income Tax @ 25% - (1,205,671) Leave -
Add: Interest u/s Depreciation as per NAS -
117 - - Annexure 3 Less: Expenses Allowed
118 - - Annexure 3 Depreciation as per IT 4,694,685
119 - - Annexure 3 Gratuity paid 110,000
Total Tax (1,205,671) leave paid 18,000
Advance Tax (TDS plus Advance) - Annexure 3 Taxable Profit (4,822,685)
To Be Paid/(Claimed) (1,205,671)
Trial Balance as on 31st Ashad 2077
Addition Closing Balance

Particulars Debit Credit
Property, Plant and Equipment
Furniture and Fixtures 245,898 8,697,930
Office Equipments 84,560 7,061,010
Plant and Machinery - 1,023,125
Vehicles 2,456,894 13,005,505
Accumulated Depreciation
Furniture and Fixtures 2,084,526
Office Equipments 1,809,549
Plant and Machinery 303,197
Vehicles 2,750,366
Intangible Assets 100,000 338,000
Accumulated Depreciation of Intangible Assets 70,000
Opening Inventory 10,245,365
Trade Receivables 26,166,253
Provision margin for exim code 300,000
Letter of Credit Margin 6,569,286
Investments 5,119,965
Advances to Staff 897,540
Advance to Suppliers 2,458,970
Advance Expenses 654,898
Rent Security 566,000
Security Deposit (Telephone) 4,500
Cash in hand 213,422
Cash at Bank 1,508,861
Share Capital 2,000,000
Retained Earning 27,876,278
Trust Receipt Loan 6,546,580
Vehicle Loan 3,985,670
Provision for Gratuity 2,022,956
Provision for Leave benefits 628,894
Trade Payables 11,121,222
Letter of Credit Payable 7,245,684
Overdraft 6,045,750
Accrued Expenses 2,056,879
Audit Fee Payable 223,125
Advance Income Tax 355,384
Revenue from Operations 98,469,592
Purchase 62,581,767
Audit Fee 265,801
Bank Charge 135,540
Salary & Allowances 8,576,917
Electricity & Water 334,397
Fine & Penalty 65,840
Insurance 1,603,441
Telephone and Internet 850,450
Guest Entertainment Expenses 392,560
Loading and Unloading 55,600
Repacking expenses 105,870
Travelling expenses 721,560
Vehicle Running Expenses 745,890
Postage and Courier Expenses 116,021
Office Expenses 436,663
Printing & Stationary 848,540
Rates & Taxes 28,794
Rent Expenses 1,481,940
Staff Welfare 789,540
Advertisement 639,095
Sales Commission 819,691
Freight Outward 3,888,381
Finance Cost 4,042,992
Gratuity Expense 372,302
Leave Expenses 154,661
TOTAL 175,240,268 175,240,268
0
Closing Stock 12,456,895

NAS For MEs Model Financials - Final Format

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NAS For MEs Model Financials - Final Format

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MICRO ENTITY PRIVATE LIMITED

Statement of Financial Position

EQUITY AND LIABILITIES

Particulars Notes FY 2076-77 FY 2075-76

Revenue from Operations 3.13 - -

Notes to Financial Statements

First time adoption of NFRS

Notes to Financial Statements

First time adoption of NAS FOR ME

Notes to Financial Statements

Note Local GAAP Adjustments Restated balance

Statement of Changes in Equity

Balance at 1 Shrawan 2075 - - - - -

Statement of Cash Flows

Particulars FY 2076-77 FY 2075-76

CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOW FROM INVESTING ACTIVITIES

CASH FLOW FROM FINANCING ACTIVITIES

Net Increase in Cash and Cash Equivalents - -

Notes to Financial Statements

Significant Accounting Policies and Notes to Accounts

1. General information

2. Significant Accounting Policies

2.1.4. Functional and Presentation Currency

2.2 Accounting Policies

2.2.1 Impairment of non-financial assets (excluding inventories)

2.2.2. Foreign currency

2.2.3. Property, plant and equipment

Notes to Financial Statements

2.2.5. Leased Assets

2.2.7. Trade and other receivables

2.2.9. Cash and cash equivalents

2.2.10. Share capital

2.2.11. Borrowing costs

Notes to Financial Statements

2.2.14. Government grant/deferred revenue

2.2.15. Trade and other payables

Notes to Financial Statements

Balance at 1 Shrawan 2075 - - - - - - - -

Balance at 31 Ashadh 2076 - - - - - - - -

Balance at 31 Ashad 2077 - - - - - - - -

Depreciation and Impairment losses

Balance at 1 Shrawan 2075 - - - - - - - -

Charge for the year - - - - - - - -

Balance at 31 Ashadh 2076 - - - - - - - -

Charge for the year - - - - - - - -

Balance at 31 Ashad 2077 - - - - - - - -

Net Book Value

As at 1st Shrawan 2075 - - - - - - - -

As at 31st Ashad 2076 - - - - - - - -

As at 31st Ashad 2077 - - - - - - - -

Security (if any)

Notes to Financial Statements

Balance at 1 Shrawan 2075 - -

Balance at 31 Ashadh 2076 - -

Balance at 31 Ashad 2077 - -

Depreciation and Impairment losses

Balance at 1 Shrawan 2075 - -

Charge for the year - -

Balance at 31 Ashadh 2076 - -

Charge for the year - -

Balance at 31 Ashad 2077 - -

Net Book Value