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Shampa Traders
Income Statement (Multiple Step)
For June 30, 2012
Details Taka Taka Taka
Sales Revenues :
Sales 20,00,000
Less : Cost of Goods Sold :
Opening Inventory 60,000
Purchase 8,10,000
Freight in 70,000
8,80,000
Cost of Goods available for sale 9,40,000
(-) Closing Inventory 1,00,000
Total Cost of Goods Sold 8,40,000
Gross Profit/Margin 11,60,000
Less : Operating Expenses :
Salaries Expenses 2,20,000
(+) Accrued 20,000
2,40,000
Rent Expenses 60,000
(-) Prepaid 30,000
30,000
Bad Debts 60,000
(+) New Allowances for Bad debt 8,000
68,000
(-) Old Allowances for Bad debt 5,000
Bad Debts Expenses 63,000
Depreciation on Furniture (1,00,000 x 10%) 10,000
Depreciation on Buildings (14,00,000 x 5%) 70,000
80,000
Total Operating Expenses 4,13,000
Operating Income 7,47,000
Add : Non Operating Income :
Interest Income 10,000
7,57,000
Less : Non Operating Expenses :
Interest Expenses 10,000
(+) Accrued 10,000
20,000
Net Income before Tax 7,37,000
Less : Income Tax Payable (7,37,000 x 50%) 3,68,500
Net Income after Tax 3,68,500
Answer : 9 (iii).
Shampa Traders
Balance Sheet (Classified)
As on June 30, 2012
Details Taka Taka Taka
Assets
Current Assets :
Accounts Receivable 2,90,000
Less : New Allowances for Bad Debts 8,000
2,82,000
Closing Inventory 1,00,000
Prepaid Rent 30,000
Total Current Assets : 4,12,000
Fixed Assets :
Buildings 14,00,000
Less : Accumulated Depreciation on Buildings 3,70,000
10,30,000
Furniture 1,00,000
Less : Accumulated Depreciation on Furniture 50,000
50,000
Total Fixed Assets : 10,80,000
Intangible Assets :
Goodwill 50,000
Total Assets 15,42,000
Liabilities and Equity
Current Liabilities :
Tax Payable 3,68,500
Salaries Payable 20,000
Interest Payable 10,000
Total Current Liabilities 3,98,500
Long Term Liabilities :
Bonds Payable 2,55,000
Capital/Common Stock 6,00,000
Retained Earnings (from R/E Statement) 2,88,500