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    FS Q.1

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    bsaf2247195

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    © All Rights Reserved
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    FS Q.1

    Uploaded by

    bsaf2247195
    5 views4 pages

    Copyright

    © © All Rights Reserved

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    XLSX, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    5 views4 pages

    FS Q.1

    Uploaded by

    bsaf2247195

    Copyright:

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

    ADJUSTED TRIAL BALANCE

    ACCOUNT NO ACCOUNT TITLE DEBIT CREDIT


    1 Cash 60,000
    2 Accounts Receivable 100,000
    3 Stock (01/01/2024) 45,000
    4 Prepaid Office Rent 12,000
    5 Prepaid Salaries 8,000
    6 Sales Equiment 80,000
    7 Drawings 6,000
    8 Sales Returns 8,000
    9 Purchases 205,000
    10 Transportation In 20,000
    11 Office Salaries 55,000
    12 Misc. Expense 60,000
    13 Bad Debt Expense 5,000
    14 Office Rent 8,000
    15 Depreciation Expense 10,000
    16 Closing Stock (01/31/2024) 62,000
    17 Allowance for Bad Debts 20,000
    18 Allowance for Depreciation (Sales Equipment) 35,000
    19 Accounts Payable 65,000
    20 Salaries Payable 9,000
    21 Closing Stock (COGS) 62,000
    22 Capital 123,000
    23 Sales 400,000
    24 Purchase Returns 14,000
    25 Purchase Discount 16,000
    TOTAL 744,000 744,000
    STATEMENT OF FINANCIAL PERFORMANCE
    For the year ended Dec 31,2024
    Rupees Rupees
    Sales 400,000
    Sales Returns (8,000)
    Sales Discount - (8,000)
    Net Sales 392,000
    LESS: COST OF GOODS SOLD
    Stock (01/01/2024) 45,000
    Purchases 205,000
    Purchase Returns (14,000)
    Purchase Discount (16,000)
    Transportation In 20,000 195,000
    Goods available for sale 240,000
    Closing Stock (COGS) (62,000) (178,000)
    Gross Profit 214,000
    LESS: SELLING & ADMIN EXP
    Office Salaries 55,000
    Misc. Expense 60,000
    Bad Debt Expense 5,000
    Office Rent 8,000
    Depreciation Expense 10,000 (138,000)
    Operating Profit 76,000
    ADD: OTHER INCOME
    Interest Income - -
    Profit before Interest & Tax 76,000
    LESS: FINANCIAL CHARGES
    Interest Expense - -
    Profit before Tax 76,000
    LESS: TAXATION
    Tax Provison for the year -
    Prior Year Adjustments -
    Deffered Tax - -
    Net Profit after Tax 76,000
    STATEMENT OF FINANCIAL POSITION
    AS ON DEC 31, 2024
    ASSETS RUPEES
    NON-CURRENT ASSETS

    Sales Equiment 80,000


    Allowance for Depreciation (Sales Equipment) (35,000) 45,000

    CURRENT ASSETS

    Cash 60,000
    Accounts Receivable 100,000
    Allowance for Bad Debts (20,000) 80,000
    Prepaid Office Rent 12,000
    Prepaid Salaries 8,000
    Closing Stock (01/31/2024) 62,000

    TOTAL ASSETS 267,000


    FINANCIAL POSITION
    DEC 31, 2024
    EQUITIES + LIABILITIES RUPEES
    OWNER'S EQUITY

    Capital 123,000
    Net Profit after Tax 76,000
    Drawings (6,000) 193,000

    LIABILITIES

    Accounts Payable 65,000


    Salaries Payable 9,000

    TOTAL EQUITIES & LIABILITIES 267,000

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