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  • Chapter 1 - Introduction To Published Accounts

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    Paras Vohra
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    The financial statement summarizes the company's assets, liabilities, and equity as of March 31, 20X1. Total assets were Rs. 7,519,000 consisting of current assets such as inventory, trade receivables, and investments as well as non-current assets including property, plant, and equipment. Total liabilities were Rs. 2,413,000 made up of current liabilities like income tax payable and trade payables plus non-current liabilities in the form of loans. Total shareholders' equity was Rs. 5,106,000 divided among share capital, share premium, and retained earnings.

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    Chapter 1 - Introduction to Published Accounts

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    The financial statement summarizes the company's assets, liabilities, and equity as of March 31, 20X1. Total assets were Rs. 7,519,000 consisting of current assets such as inventory, trade receivables, and investments as well as non-current assets including property, plant, and equipment. Total liabilities were Rs. 2,413,000 made up of current liabilities like income tax payable and trade payables plus non-current liabilities in the form of loans. Total shareholders' equity was Rs. 5,106,000 divided among share capital, share premium, and retained earnings.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    37 views20 pages

    Chapter 1 - Introduction To Published Accounts

    Uploaded by

    Paras Vohra
    The financial statement summarizes the company's assets, liabilities, and equity as of March 31, 20X1. Total assets were Rs. 7,519,000 consisting of current assets such as inventory, trade receivables, and investments as well as non-current assets including property, plant, and equipment. Total liabilities were Rs. 2,413,000 made up of current liabilities like income tax payable and trade payables plus non-current liabilities in the form of loans. Total shareholders' equity was Rs. 5,106,000 divided among share capital, share premium, and retained earnings.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 20

    FORMATS

    XYZ : Financial Statement as at 31-12-2X12

    Assets

    Non Current Assets


    PPE xxx
    Intangible Assets xxx
    Investments xxx

    Current Assets
    Cash and Cash equivalents xxx
    Short term investments xxx
    Trade receivables xxx

    Total Assets xxxx

    Liabilities

    Non Current Liabilities


    Long term borrowings xxx
    Deffered Tax xxx

    Current Liabilities
    Short term borrowings xxx
    Trade and other payables xxx
    Current tax payable xxx
    Short term provisions xxx

    Total Liabilities xxxx

    Equity

    Share Capital xxx


    Retained earnings xxx
    Other components of equity xxx

    Total Equity xxxx


    Total Equity and Liabilities xxxx
    XYZ: Statement of Profit or loss and other comprehensive income for the year ended ….

    + Revenue (Sales)
    - COGS
    (Opening stock + Purchases + Direct expenses if any - Closing Stock)

    = Gross Profit

    - Distribution cost
    - Administrative Expenses

    = Profit from Operations


    - Finance Costs
    + Investment Income

    = Profit before Tax


    - Income Tax Expense

    = Profit for the year

    Other Comprehensive Income


    + Gain/Loss on revaluation
    + Gain/Loss on fair value through other comprehensive income financial assets
    = Total Comprehensive Income (OCI)
    ITE to be calculated on highlighted cell amount
    Statement of Changes in Equity for the year ended…

    Balance as at PY
    Prior Year Adjustment
    TEST YOUR UNDERSTANDING

    Statement of Profit or Loss and Other comprehensive income for the year ended 31 March 20X7
    AMOUNT
    Revenue 2165000

    COGS 1389000

    GP 776000

    Distribution Cost 295000


    Admin Cost 250000

    Operating Profit 231000

    Finance Cost 25000


    Investment Income 15000
    Interest rec 1000
    Profit before Tax 222000

    Income Tax Exp 165,000

    Profit for the year 57,000

    Other Comprehensive Income

    Gain on Land Revaluation 100000

    Total Comprehensive Income 157000

    Financial Statement as at 31 Mar 20X7

    Assets

    Current Assets
    Inventory 85000
    Cash 3000
    Receivables 233000

    Non Current Assets


    Land and Building 545000
    Plant & Machinery 161000
    Total Assets

    Equity and Liabilities

    Current Liab
    Income Tax Payable 165000
    Trade Payable 27000

    Non Current Liab


    Loan 100000

    Share capital 270000


    Retained Earnings 265000
    Share Premium 80000
    Revaluation Surplus 120000
    Total Equity and Liab

    SOCIE Share Capital

    As at 20X6

    As at 20X7
    WN1
    Inventory Opening Closing Stock
    140000 85000

    Damaged goods worth 15000 sold for 5000


    Less: 500 Commission

    WN 2
    Non Current Assets
    O/S Purch

    Land and Building 480000 100000


    Plant & Machinery 400000 0
    31 March 20X7
    Calculation
    Revaluation Surplus Share Premium
    Sale Clos Accumulated Dep Dep CY Total Dep Written Down Value

    0 580000 30000 5000 35000 545000


    0 400000 170000 69000 239000 161000
    274000 706000
    TEST YOUR UNDERSTANDING

    Statement of Profit or Loss and Other comprehensive income for the year ended 31 March 20X1
    AMOUNT
    Revenue 5300000

    COGS 1350000

    GP 3950000

    Distribution Cost 370000


    Admin Cost 490000

    Operating Profit 3090000

    Finance Cost 190000


    Investment Income 210000
    Interest rec
    Profit before Tax 3110000

    Income Tax Exp 470,000

    Profit for the year 2,640,000

    Other Comprehensive Income 0

    Gain on Land Revaluation 0

    Total Comprehensive Income 2,640,000

    Financial Statement as at 31 Mar 20X1

    Assets

    Current Assets
    Inventory 114000
    TR 418000
    Investment 2700000
    Cash 12000
    Prepayment 25000

    Non Current Assets


    PPE 4250000
    Total Assets 7519000

    Equity and Liabilities

    Current Liab
    Income Tax Payable 470,000
    Trade Payable 136000

    Non Current Liab


    Loan 1200000

    Share capital 1500000


    Retained Earnings 3413000
    Share Premium 800000
    Revaluation Surplus 0
    Total Equity and Liab 7,519,000

    SOCIE Share Capital

    O/S 1500000
    Dividend
    OCI

    Total
    31 March 20X1
    Calculation

    114
    Revaluation Surplus Share Premium Retained Earning Total Equity

    0 800000 1163000
    -390000
    2640000

    3413000
    Total Equity

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