BUSINESS ACCOUNTIN

ASSIGNMENT 2
TALHA KHALIL
70075164
SECTION C
SUBMITTED TO:
PROF. MUSTEHSEN ABBAS
Income Statement of Year Ending 30, September 2011
RS. RS.

Sales 391400

Return Inwards 2100

Net Sales 389290

Cost of Sales:

Add OP. Stock 72410

Add Purchase 254810

Return Outwards (1240)

Add Carriage Inward 760

Less closing Stock (89404)

237336

Gross Profit 151954

Less (Indiect EXP)

Carriage Outwards 2850

Motor Expenses 1490

Rent 8200

Telephone Charges 680

Wages/ Salaries 39600

Insurance 745

Office Expenses 392

Sundry Expenses 216

(54173)

Net Profit 97781

Statement of Financial Position as at Year Ending 30, September 2011
RS. RS.

Van 5650

Office Equipment 7470

Net Sales 13120

Current Assets:

Cash in Hand 112

Cash in Bank 4420

Account Receivables 38100

Closing Inventory 89404

132036

Total Assets 145156

Less Current Liabilities

Account Payable 26300

Net Assets 118856

Capital 49675

Add Net profit 97781

Less Drawings 28600

118856