Financial Statements

S.No Accounts Amount (Rs)

1 Sales income 200,000
2 Cash 2,000
3 Common Stock 20,000
4 Bank 3,000
Purchased 5 Prepaid expense 5,500
6 Marketable securities 500
7 Patent 2,000
8 Selling expenses 20,000
9 Account payables 550
10 Account Receivables 600
11 Notes Payable 700
12 Long term debt 80,000
13 Retained Earnings 25,000
14 Additional paid in capital 58,000
15 Interest income 500
16 Tax expense 40%
Cash Purch 17 Interest expense 5,500
18 Depreciation expense 10,000
19 Land 163,050
20 Inventory 8,000
21 Rent expense 20,000
22 Salary expense 20,500
23 Unearned revenues 500
24 Interest receivable 700
25 Salary payable 600
26 Cost of goods sold 50,000
ents
Income Statement
Sales income 200,000
Cost of goods sold 50,000
Gross Profit 150,000
Operating expenses
Selling expenses 20,000
Depreciation expense 10,000
Rent expense 20,000
Salary expense 20,500
Total 79,500
Other income
Interest income 500
EBIT 80,000
Interest expense 5,500
EBT 74,500
Tax 29800
Net Income 44,700

Balance Sheet
Assets Liabilities
Cash 2,000 Account payables 550
Bank 3,000 Notes Payable 700
Marketable securities 500 Salary payable 600
Account Receivables 600 Unearned revenues 500
Interest receivable 700 Current liabilities 2,350
Inventory 8,000 Long term debt 80,000
Prepaid expense 5,500 Total Liabilities 82,350
Current asset 20,300 Common Stock 20,000
Land 163,050 Additional paid in capital 58,000
Patent 2,000 Retained Earnings 25,000
Fixed asset 165,050 Total Owner Equity 103,000
Total Assets 185,350 Total Liabilities & Equity 185,350