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    01 Khan & Sons Exhibits

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    md1sabeel1ansari
    The balance sheet as of December 31, 1997 shows total assets of Rs. 2,040 thousand including current assets of Rs. 350 thousand and fixed assets of Rs. 670 thousand. Total liabilities and owners' equity include sundry creditors of Rs. 150 thousand, short-term loan of Rs. 200 thousand, long-term liability of Rs. 1,020 thousand, and capital and retained earnings of Rs. 670 thousand. The list of transactions during 1997-98 includes purchasing inventory on credit for Rs. 2,200 thousand, collecting Rs. 1,700 thousand from customers, and paying accounts payable of Rs. 2,100 thousand. Equipment was sold for Rs. 200 thousand.

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    01 Khan & Sons Exhibits

    Uploaded by

    md1sabeel1ansari
    22 views4 pages
    The balance sheet as of December 31, 1997 shows total assets of Rs. 2,040 thousand including current assets of Rs. 350 thousand and fixed assets of Rs. 670 thousand. Total liabilities and owners' equity include sundry creditors of Rs. 150 thousand, short-term loan of Rs. 200 thousand, long-term liability of Rs. 1,020 thousand, and capital and retained earnings of Rs. 670 thousand. The list of transactions during 1997-98 includes purchasing inventory on credit for Rs. 2,200 thousand, collecting Rs. 1,700 thousand from customers, and paying accounts payable of Rs. 2,100 thousand. Equipment was sold for Rs. 200 thousand.

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    The balance sheet as of December 31, 1997 shows total assets of Rs. 2,040 thousand including current assets of Rs. 350 thousand and fixed assets of Rs. 670 thousand. Total liabilities and owners' equity include sundry creditors of Rs. 150 thousand, short-term loan of Rs. 200 thousand, long-term liability of Rs. 1,020 thousand, and capital and retained earnings of Rs. 670 thousand. The list of transactions during 1997-98 includes purchasing inventory on credit for Rs. 2,200 thousand, collecting Rs. 1,700 thousand from customers, and paying accounts payable of Rs. 2,100 thousand. Equipment was sold for Rs. 200 thousand.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    22 views4 pages

    01 Khan & Sons Exhibits

    Uploaded by

    md1sabeel1ansari
    The balance sheet as of December 31, 1997 shows total assets of Rs. 2,040 thousand including current assets of Rs. 350 thousand and fixed assets of Rs. 670 thousand. Total liabilities and owners' equity include sundry creditors of Rs. 150 thousand, short-term loan of Rs. 200 thousand, long-term liability of Rs. 1,020 thousand, and capital and retained earnings of Rs. 670 thousand. The list of transactions during 1997-98 includes purchasing inventory on credit for Rs. 2,200 thousand, collecting Rs. 1,700 thousand from customers, and paying accounts payable of Rs. 2,100 thousand. Equipment was sold for Rs. 200 thousand.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 4

    Exhibit 1

    Khan & Sons


    Balance Sheet as at Dec 31, 1997
    (Rupees in thousand)
    Rs.
    Rs.
    ASSETS
    Current Assets
    Cash
    Sundry debtors
    Inventory
    Total current Assets
    Fixed Assets
    Equipment, at cost
    Less: Accumulated depreciation
    Net fixed Assets
    Goodwill
    Total assets
    LIABILITIES
    Sundry creditors
    Short-term loan
    Acrrued interest
    Long-term liability
    Capital
    Retained earnings
    Total liabilities and owners equity

    85
    115
    150
    350
    835
    165
    670
    1,020
    150
    200
    500
    170
    1,020

    Exhibit II
    List of transactions
    The following transactions were recorded in books during the year 1997-'98
    CA
    Openng balance
    350
    1 Purchased inventory for Rs.2,200 on credit
    Sold goods on account for Rs. 2,000; COGS was
    2 Rs.1,500.
    3 Sold chains for cash Rs.600; COGS was Rs.450.
    Bought new eqpt for Rs.600. Cash paid Rs.150 and the
    4 balance is to be paid in two years.
    5 Collected Rs.1700 of the amount owed by customers.
    6 Paid accounts payable Rs.2,100
    7 Borrowed short-term loan of Rs.200 from his friend.
    8 Contributed additional capital worth Rs. 300.
    Sold equipment for Rs 200. Its original cost is Rs.180 and
    9 so far Rs.45 has been provided as dep.
    10 Paid interest Rs.50
    Paid paghri (goodwill) Rs 300 for the use of new works
    office, out of which Rs.60 had been written off during the
    11 year.

    NCA
    670

    CL
    150

    12 Interest accrued but not paid on loans was Rs 30.


    Salaries and other admin expenses during the year were
    13 Rs 260.
    14 Depreciation provided on the equipment was Rs 120.
    15 Withdrawals by Mr. Khan was Rs 55.

    NCL
    CAPITAL
    200
    670

    85
    CASH
    85

    WC
    200

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