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    Accounting Assignment

    Uploaded by

    Muhammad Awais
    The document provides income statements and balance sheets for X, Y Company Ltd. for the period ended June 30, 2011. It shows revenues, expenses, profits, assets, liabilities, and shareholder equity.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Accounting Assignment

    Uploaded by

    Muhammad Awais
    23 views3 pages
    The document provides income statements and balance sheets for X, Y Company Ltd. for the period ended June 30, 2011. It shows revenues, expenses, profits, assets, liabilities, and shareholder equity.

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    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    The document provides income statements and balance sheets for X, Y Company Ltd. for the period ended June 30, 2011. It shows revenues, expenses, profits, assets, liabilities, and shareholder equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    23 views3 pages

    Accounting Assignment

    Uploaded by

    Muhammad Awais
    The document provides income statements and balance sheets for X, Y Company Ltd. for the period ended June 30, 2011. It shows revenues, expenses, profits, assets, liabilities, and shareholder equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    D:\Awais\MBA\Accounts\Assignment

    X, Y COMPANY LTD
    INCOME STATEMENT
    For the Period ended June 30, 2011
    Particular Amount Amount Amount
    Sales 800000
    Less: Sales Returnes and allownces -20000
    Net Sales 780000

    Less: COST OF GOOD SOLD


    Opening Inventory 225000
    Add: Purchases 900000
    Add: Transportation-in 40000
    Delivered Purchases 940000
    Less: Purchases returnes and allowances 40000
    Net Purchases 900000
    Total Goods Available for Sale 1125000
    Less: Ending Inventory 260000
    Cost Of Good Sold 865000
    Gross Loss -85000

    Less: Operating Expense


    Salaries Expense 40000
    Rent Expense 30000
    Advertising Expense 5000
    Depreciation Expense 135000
    Bad Dabts Expense 500
    Total Operating Expense 210500
    Net Loss before other income and income taxes -295500
    Add: Commission Income 706000
    Profit Before Taxes 410500
    Less: Income Taxes -10000
    Net Income 400500

    X, Y COMPANY LTD
    STATEMENT OF RETAINED EARNING
    For the Period ended June 30, 2011
    Particular Amount Amount
    Retained Earning Opening 310000
    Add: Net Income 400500
    Total Retained Earning 710500
    Less: Divident And Reserve
    Reserve for Plants Extention 50000
    Reserve for Contingences 40000
    Cash Dividents (800000 X 10%) 80000
    Total Divident and reserves 170000
    Retained Earning Ending Balance 540500

    D:\Awais\MBA\Accounts\Assignment
    X, Y COMPANY LTD
    Balance Sheet
    For the Period ended June 30, 2011
    Assets Amount Liabilities & Equities Amount
    Current Assets Current Liabilities
    Cash in bank 94500 Account Payable 40000
    Account Receivable 150000 Rent Payable 4000
    Less: Allownce for bad debts (5000) 145000 Cash Divident Payable 80000
    Office Supplies 18000
    Marchandise Inventory 260000 Long Term Liabilities
    Prepaid Insurance 12000 10% Bond Payable 200000

    Fixed Assets Share Holder Equities


    Machinery-Cost 1500000 Ordinery Share (80000 X 10 Each) 800000
    Less: Allownce for depreciation (285000) 1215000 Reserve for Plants extention 50000
    Premilinery Expense 10000 Reserve for contingencies 40000
    Retained Earning 540500

    Total 1754500 Total 1754500

    D:\Awais\MBA\Accounts\Assignment

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