Accounting Solutions Ltd.
(ASL) is a small firm located in Lahore and is working in the field of
accountancy, tax and audit. Mr. S.A. Butt (FCA) – a fellow of Institute
of Chartered Accountant of Pakistan is the owner of this firm. He set
up the firm in 2005 and owing to his untiring efforts and
professionalism; the firm is ranked amongst the top 10 firms in the
industry. The revenues of the firm have been doubled since its incorporation. For the Financial Year
2011, gross revenue has been recorded at Rs. 229,500 including credit
sales as well. The firm is registered through SECP (Securities &
Exchange Commission of Pakistan). Following is trial balance of ASL for financial year 2010-2011.
FINANCIAL ACCOUNTING (MGT101) FALL 2012
ASSIGNMENT NO.1
DUE DATE: NOVEMBER 12, 2012
MARKS: 20Accounting Solutions Ltd. (ASL)
Trial Balance
For the year ended June 30, 2011
Rs. Rs.
Opening stock 6,000 Capital 135,000
Purchases 124,995 Bills payable 3,000
Carriage inward 4,020 Sundry creditors 76,890
Wages 10,350 Purchases return 3,000
Sales return 600 Loan 24,000
Carriage outward 1,185 Discount received 450
General expenses 960 Sales 229,500
Printing charges 660
Interest paid 570
Cash in hand 45,000
Cash at bank 54,000
Sundry debtors 84,000
Machinery 33,000
Furniture 9,000
Building 84,000
Drawings 9,000
Closing stock 4,500
471,840 471,840
Requirement: From the above given trial balance, you are required to prepare
Profit and Loss Account (‘T’ account form) and balance sheet (report form) for
the year ended 31st
December, 2011. (10+08)
Note: 2 marks for formatting and presentation
FINANCIAL ACCOUNTING (MGT101) FALL 2012
ASSIGNMENT NO.1
DUE DATE: NOVEMBER 12, 2012
MARKS: 20Accounting Solutions Ltd. (ASL)
Trial Balance
For the year ended June 30, 2011
Rs. Rs.
Opening stock 6,000 Capital 135,000
Purchases 124,995 Bills payable 3,000
Carriage inward 4,020 Sundry creditors 76,890
Wages 10,350 Purchases return 3,000
Sales return 600 Loan 24,000
Carriage outward 1,185 Discount received 450
General expenses 960 Sales 229,500
Printing charges 660
Interest paid 570
Cash in hand 45,000
Cash at bank 54,000
Sundry debtors 84,000
Machinery 33,000
Furniture 9,000
Building 84,000
Drawings 9,000
Closing stock 4,500
471,840 471,840
Requirement: From the above given trial balance, you are required to prepare
Profit and Loss Account (‘T’ account form) and balance sheet (report form) for
the year ended 31st
December, 2011. (10+08)
Note: 2 marks for formatting and presentation
Solution:
ACCOUTING SOLUTIONS LTD. (ASL)
BALANCE SHEET
FOR THE PERIOD ENDED JUNE 30, 2011
|
Assets
|
NOTES
|
2011 (RUPEES)
|
| Fixed Assets |
|
|
|
Building
|
|
84,000
|
|
Furniture
|
|
9,000
|
|
Machinery
|
|
33,000
|
| Total Fixed Assets |
|
126,000
|
|
|
|
|
| Current Assets |
|
|
|
Closing Stock
|
|
4,500
|
|
Sundry Debtors
|
|
84,000
|
|
Cash In Hand
|
|
45,000
|
|
Cash At Bank
|
|
54,000
|
|
Total Current Assets
|
|
187,500
|
|
Total Assets
|
|
313,500
|
|
Liabilities
|
|
|
| Capital |
|
|
|
Capital
|
|
135000
|
|
Net Profit b./f.
|
|
83610
|
|
Drawings
|
|
(9000)
|
|
|
|
209,610
|
|
|
|
|
| Current Liabilities |
|
|
|
Loan
|
|
24000
|
|
Sundry Creditors
|
|
76890
|
|
Bills Payable
|
|
3000
|
|
|
|
103890
|
|
Total Liabilities
|
|
313500
|
ACCOUTING SOLUTIONS LTD. (ASL)
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED JUNE 30, 2011
Dr
Cr|
2011 (RUPEES)
|
2011 (RUPEES)
|
||
| Cost of Sales | Sales | ||
|
Opening Stock
|
6,000
|
Gross Sale
|
229,500
|
|
Purchases
|
124,995
|
Sales Return
|
(600)
|
|
Purchase Returns
|
(3,000)
|
Net Sales
|
228,900
|
|
Carriage Inward
|
4,020
|
|
|
|
Wages
|
10,350
|
||
| Gross Profit c/f |
86,535
|
||
|
228,900
|
|
228,900
|
|
|
Gross Profit b/f
|
86,535
|
||
|
Carriage outward
|
1,185
|
Discount Received
|
450
|
|
General Expenses
|
960
|
|
|
|
Printing Charges
|
660
|
|
|
|
Interest Paid
|
570
|
||
|
Net Profit c/f
|
83,610
|
|
|
|
|
86,985
|
|
86,985
|
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