Nishat Limited

Statement of Comperehensive Income

Description Notes Rs. Rs.

Sales N-1 $ 1,500,000
C.GS -$ 670,000
GP $ 830,000

General and Aministrative Expenses N-2 -$ 295,000

Selling and Distribution Expenses N-3 -$ 355,000
Total expenses -$ 650,000
Loss on disposal of asset -$ 30,000
Operating Profit $ 150,000
Finance Cost N-4 -$ 100,000
PBT $ 50,000
Income Tax -$ 20,000
N.P $ 30,000

Nishat Limited
Statement of change in equity
Description Notes Rs. Rs.
Retain Earnings $ 50,000
Profit for year $ 30,000
Profit for appropriation $ 80,000

Approprition
Final Dividends N-5 -$ 50,000
Transfer to general reserve N-6 -$ 20,000
Total Appropriation -$ 70,000
Retained Earnings (Closing) $ 10,000

Nishat Limited
Statement of Finantial Position
Current Assets: Notes Rs. Rs.
Cash In hand $ 200,000
Cash at Bank $ 350,000
Inventory Closing $ 250,000
Prepayments $ 25,000
Total $ 825,000
Long-term Assets:
Land $ 350,000
Building N-7 $ 520,000
Plant and Machinery N-9 $ 240,000
Furniture and Fixture N-8 $ 90,000
Long-term Investment $ 550,000
Total $ 1,750,000
 Total Assets $ 2,575,000

Current Liability: Notes Rs. Rs.

Accounts payable $ 100,000
Proposed Divideds N-5 $ 50,000
short-term running finance $ 250,000
Income tax payable I/S $ 20,000
Interest payable N-4 $ 25,000
Total $ 445,000
Long-term Liability:
10% Debentures N-4 $ 1,000,000

Total Liabilities $ 1,445,000

Stockholders Equity Notes Rs. Rs.

Authorized capital (500,000 shares @ 10) $ 5,000,000
Issued and paid up & subscribed capital $ 1,000,000
Retained earnings S. Of equity $ 10,000
General reserve N-6 $ 120,000

Total $ 2,575,000
N-1
Opening Inventory $ 125,000
Purchases $ 700,000
Closing Inventory -$ 250,000
Wages $ 75,000
Carriage Inward $ 20,000

N-2
Gen & admin exp $ 225,000
Dep.exp (Building) $ 60,000
Dep.exp (Furniture & Fixture) $ 10,000

N-3
Selling & Distribution exp $ 325,000
Dep.exp (plant & machine) $ 30,000

N-4 Finance Cost

10% Debentures $ 1,000,000
Interest exp $ 100,000 <- I/S
Interest paid $ 75,000
Outstanding $ 25,000 <- B/S as Liability

N-5
Final Dividends
Issued and paid up capital $ 1,000,000
Final Dividends $ 50,000

N-6
General Reserve
In statement of equity $ 20,000
In statement of finantial position $ 120,000

N-7
Building
Cost of building $ 600,000
Accumulated Depriciation -$ 20,000
Addtion -$ 60,000
Total $ 520,000

N-8
Furniture & Fixture
Cost of F.F $ 100,000
Accumulated Depriciation $ -
Addtion -$ 10,000
Total $ 90,000
N-9
Plant & Machinery
Cost of P & M $ 300,000
Accumulated Depriciation -$ 30,000
Addtion -$ 30,000
Total $ 240,000