In INR

Income Statement for Cool Breeze Inc.

For the Period 1-Jan-2012 to 31-Dec-2012

Particulars Amount
Revenue ₹225,000

COGS (75,000)

Gross Profit ₹150,000

Margin % 67%

Operating Expenses

Wages (26,400)
Advertisement Expenses (5,500)
Depreciation (11,400)

Rentals (12,000)
Utilities (6,000) (61,300)

Operating Profit ₹88,700

Margin % 39%
Interest (2,000)

Profit Before Tax ₹86,700

Tax Payable (30,345)

Net Profit ₹56,355

Margin % 25%
In INR
Balance Sheet for Cool Breeze Inc.

As on 31-Dec-2012
Assets Amt. Liabilities & Equity Amt.
Cash 158,700 Payables 73,245

Accounts Receivables 36,000 Unearned Revenue 7,000

Inventory 5,000 Wages Payable 6,400

Prepaid Expenses 3,500
Total Current Assets 203,200 Total Current Liabilities 86,645
Notes Payable 40,000
Equipment 91,200 Total Liabilities 126,645

Accumulated Depreciation (11,400)

Common Stock 100,000

Retained Earnings 56,355

Total Assets 283,000 Total Liabilities & Equity 283,000
In INR
Balance Sheet Income Statement
Assets Liabilities + Shareholder's Equity
Date Cash Amt. Current & Long-Ter Amt. Contra Amt. Liabilities Amt. Contributed Capital Amt. Earned Capital Revenue Amt. Expenses
1-Jan-12 Cash Invested ₹140,000 Notes Payables ₹40,000 Contributed Capital ₹100,000
Sales Collections ₹196,000 Accounts Receivables ₹36,000 Unearned Revenue ₹7,000 EC - Sales ₹225,000 Sales ₹225,000
COGS ₹(37,600) Inventory ₹5,000 Accounts Payables ₹42,400 EC - COGS ₹(75,000) COGS (Food Supplies)

Wages ₹(20,000) Wages Payable ₹6,400 EC - Wages ₹(26,400) Wages

Advertisement ₹(6,000) Prepaid Advertisement ₹500 EC - Advertisements ₹(5,500) Advertisement Expenses

Equipment ₹(91,200) Equipment ₹91,200 Depreciation ₹(11,400) EC - Depreciation ₹(11,400) Depreciation

Rentals ₹(15,000) Prepaid Rentals ₹3,000 EC - Rentals ₹(12,000) Rentals

Utilities ₹(5,500) Unpaid Expenses ₹500 EC - Utilities ₹(6,000) Utilities

Interest ₹(2,000) EC - Interest ₹(2,000) Interest

Tax payable ₹30,345 EC - Taxes ₹(30,345) Tax Payable

Total ₹158,700 ₹135,700 ₹(11,400) ₹126,645 ₹100,000 ₹56,355 Total ₹225,000

Balance Check Yes

Income Statement

Amt.

₹(75,000)

₹(26,400)
₹(5,500)

₹(11,400)

₹(12,000)
₹(6,000)

₹(2,000)
₹(30,345)

₹(168,645)
 Sales
Cash Collections ₹196,000
Less: O/s Balance of Gift Cars ₹(7,000)
Add: Accounts Receivables ₹36,000
Sales Accrued ₹225,000

COGS
Add: Opening Inventory ₹0
Add: Purchases ₹80,000
Less: Closing Inventory ₹(5,000)
COGS Accrued ₹75,000
Less: Accounts Payables ₹42,400
Cash Paid ₹37,600

Wages
Cash Paid ₹20,000
Wages Due ₹6,400
Wages Accrued ₹26,400

Advertising
Cash Paid ₹6,000
Due for CY ₹5,500
Prepaid Expenses ₹500

Equipment (Assumed in Jan'2012)

Book value ₹91,200
Depreciation ₹11,400
Net Value ₹79,800

Rentals
Cash Paid ₹15,000
Due for CY ₹12,000
Prepaid Expenses ₹3,000

Utilities
Cash Paid ₹5,500
Due for CY ₹6,000
Unpaid Expenses ₹(500)

Interest
Notes Payable ₹0
Less: Repayment ₹0
Add: Issuance ₹40,000
Balance ₹40,000
5% Interest Paid ₹2,000

Taxes
Profit Before Tax ₹86,700
35% Tax Payable ₹30,345