Ex. 28.

10A
J Wright
Income Statement for the year ended March 31, 2009
Details Tk. Tk. Tk.
Revenue
Sales 127,245
Less: Returns inwards (3,486)
Net Sales 123,759
Less: Cost of goods sold
Opening inventory 7,940
Add: Purchase 61,420
Less: Returns outwards (1,356)
Net Purchases 60,064
Goods available for sale 68,004
Less: Closing inventory (6,805)
Cost of sale (61,199)
Gross Profit 62,560
Other revenues:
Discount received 62
Adjusted gross profit 62,622
Less: Operating Expenses
Discount allowed 2,480
Cariage outwards 3,210
Rent and insurance 8,870
Less: Prepaid (600)
8,270
Increase in provision for doubtful debt 110
Wages and salaries 39,200
Add: Accrued 3,500
42,700
General office expenses 319
Add: Owing 16
335
Depreciation of fixtures and fittings 190
Depreciation of Van 1,400
Total Expenses (58,695)
Net Profit 3,927

J Wright
Statement of financial position as at March 31, 2009
Details Tk. Tk. Tk.
Non-current assets
Fixtures and fittings 1,900
Less: Depreciation (190)
1,710
Van 5,600
Less: Depreciation (1,400)
 4,200
Total Non-current Assets 5,910
Current Assets
Closing inventory 6,805
Accounts receivable/Debtor 12,418
Less: Provision for doubtful debt (630+110) (740)
11,678
Prepaid rent 600
Cash 140
Total Current Assets 19,223
Total Assets 25,133
Liabilities
Current Liabilities
Accounts Payable/Creditors 11,400
Accrued wages and salaries 3,500
Owing office expenses 16
Bank overdraft 2,490
Total Current liabilities 17,406
Financed by:
Capital 25,200
Add: Net profit 3,927
Less: Drawings (21,400)
Owner's Capital 7,727
Capital Employed 25,133

Ex. 28.12A
Mr. Yousef
Income Statement for the year ended May 31, 2006
Details Tk. Tk. Tk.
Sales 138,078
Less: Cost of goods sold
Opening inventory 11,927
Add: Purchases 82,350
Add: Carriage inwards 2,211
Goods avaialble for sale 96,488
Less: Closing inventory (13,551)
Cost of sale (82,937)
Gross profit 55,141
Less: Operating Expenses
Carriage outwards/ Delivery cost (5144-2211) 2,933
Rent, rates and insurance 6,622
Add: Accrued rent 210
Less: Prepaid rates (880)
5,952
Postage and stationery 3,001
Advertising 1,330
Salaries and wages 26,420
Bad debts 877
Increase in provision for doubtful debt 40
Depreciation of Equipment (58000 x 15%) 8,700
Total Expenses (49,253)
Net profit 5,888

Mr. Yousef
Statement of financial position as at May 31, 2006
Details Tk. Tk. Tk.
Non-current Assets
Equipments 58,000
Less: Accumulated depreciation (19000+8700) (27,700)
Total Non-current assets 30,300
Current Assets
Closing inventory 13,551
Accounts receivable 12,120
Less: Provision for doubtful debt (130+40) (170)
11,950
Prepaid rates 880
Cash at bank 1,002
Cash in hand 177
Total Current Assets 27,560
Totoal Assets 57,860
Liabilities
Current Liabilities
Accounts Payable 6,471
Accrued rent 210
6,681
Financed by:
Capital 53,091
Add: Net profit 5,888
Less: Drawings (7,800)
Owner's Capital 51,179
Capital Employed 57,860

28.13
Mr. Chai
Income Statement for the year ended April 30, 2007
Details $ $ $
Revenues
Sales 259,870
Less: Returns Inwards/Sales Returns (5,624)
Net Sales 254,246
Less: Cost of goods sold
Opening Inventory 15,654
Add: Purchases 135,680
Less: Returns Outwards/Purchase Returns (13,407)
Net Purchases 122,273
Carriage Inwards` 11,830
Goods Available 149,757
Less: Closing inventory (17,750)
Cost of sale (132,007)
Gross Profit 122,239
Less: Operating Expenses
Increase in Provision for doubtful debt
([24500x3%]-512) 223
Carriage outwards/Delivery expenses 4,562
Rent, rates & insurance 25,973
Less: Insurance prepaid (1,120)
Less: Rates prepaid (5,435)
19,418
Heating & Lighting 11,010
Add: Accrued 1,360
12,370
Postage, stationery and telephone 2,410
Advertising 5,980
Salaries & Wages 38,521
Bad debts 2,008
Depreciation of Fixtures & Fittings 12,074
Total Operating Expenses (97,566)
Operating profit 24,673
Add: non-operating revenues
Discount Received 1,750
Less: Non-operating expenses
Discount allowed (2,306)
Non-operating loss (556)
Net Profit 24,117

Mr. Chai
Statement of Financial Position as at April 30, 2007
Details $ $ $
Assets
Non-Current Assets
Fixtures & Fittings 120,740
Less: Accumulated Depreciation (63,020)
57,720
Current Assets
Closing Inventory 17,750
Accounts Receivable 24,500
Less: Provision for doubtful debt (735)
23,765
Prepaid Insurnace 1,120
Prepaid Rates 5,435
Cash at bank 4,440
Cash in hand 534
Total Current Assets 53,044
Total Assets 110,764
Liabilities & Owner's Equity
Liabilities
Current Liabilities
Accounts Payable 19,840
Accrued Heating & Lighting 1,360
Total Current Liabilities 21,200
Add: Long-term Liabilities 0
Total Liabilities 21,200
Add: Owner's Equity
Capital 83,887
Add: Net profit 24,117
Less: Drawings (18,440)
Owner's Capital 89,564
Capital Employed 110,764