Dr. Cr.

Land 260,000
Buildings 1,040,000
Dividends Payable 136,000
Accrued Liabilities 96,000
Accounts Receivable 435,000
Accumulated Depreciation – Building 352,000
Allowance for Doubtful Accounts 25,000
Administrative Expenses 900,000
Interest Expense 211,000
Inventory 597,000
Cash 197,000
Sales Revenue 7,900,000
Trading Securities (at cost, Rs. 145,000) 153,000
Cost of Goods Sold 4,800,000
Notes payable (short-term) 90,000
Accounts Payable 455,000
Selling Expenses 2,000,000
Investment Revenue 63,000
Long-term Investments in Bonds 299,000
Long-term Investments in Shares 277,000
Pension Liability (long-term) 80,000
Notes Payable (long-term) 900,000
Equipment 600,000
Bonds Payable 1,000,000
Accumulated Depreciation – Equipment 60,000
Franchises 160,000
Share Capital – Ordinary 1,000,000
Treasury Shares 191,000
Patents 195,000
Retained Earnings 78,000
Accumulated Other Comprehensive Income 80,000
12,315,000 12,315,000

ABC Company Balance Sheet as of 31-12-2020

Assets
Current Assets
Cash 197000

Accounts Receiveable 435000

Inventory 597000
Allowance for doubtful accounts -25000
Trading Securities 153000
Total Current Assets 1,357,000.00

Non-Current Assets
Land 260000
Buildings 1040000
Accumulated Depriciation-Building (less) -352000
Equipment 600000
Accumulated Depriciation-Equiment (less) -60000
Long Term Investment in Bonds 299000
Long Term Investment in Shares 277000
Franchises 160000
Patents 195000
Total Non-Current Assets 2,419,000.00

Total Assets (Current +Non Current) 3,776,000.00

 Liabilities
Current Liabilities
Notes Paybale-(Short Term) 90000
Dividends Payable 136000
Accounts Payable 455000
Accrued Liabilities 96000
Total Current Liabilities 777,000

Non-Current Liabilities
Bonds Payable 1000000
Notes Payable (Long Term) 900000
Pension Liability(Long Term) 80000
Total Non-Current Liabilities 1980000
Total Liabilities (Current+Non-Current) 2,757,000.00

Equity
Accumulated OCI 80000
Share capital ordinary 1000000
Retained Earning (LY)+ CY 130000
Equity 1210000
Treasury Shares -191000
Total Equity 1019000

Total Equity + Liabilities 3,776,000.00

-
 Income Statement

Sales Revenue 7,900,000.00

Cost of Goods Sold 4,800,000.00
Gross Profit 3,100,000.00

Admin Expense 900000

Interest Expense 211000
Selling Expense 2000000

3111000

Operating Income -11000

Investment Revenue 63000

Accumulated Other
Comprehensive Income 0

Other Income 63000

Total Income 52,000.00

Equipment ¥ 40,000 

Interest Expense 2,400  CA CL

Cash 40000 Int Pay
Interest Payable 600  supplies 1860 Np
Rev 351400 PP Adv 5000 Taxes Paya
Retained Earnings ?  Int -2400 Inv 102000 salary
Utl Exp -1320
Dividends 50,400  Adv Exp -1560 NCA
Sales -53040 Non CA BP
Land 157,320  Dep Exp -8000 Land 157320
Net Inc 285080 Eq 40000
Inventory 102,000  Div 50400 Acc Dep 10000 SHE
End Balanc 234680 30000 SC
Bonds Payable 78,000 
80400 Retained E
Notes Payable (due in 6 months) 24,400  15000
65400
Share Capital–Ordinary 60,000  252720

Accumulated Depreciation - Equip. 10,000  401580

401580
Prepaid Advertising 5,000 

Revenue 351,400 

Buildings 80,400 

Supplies 1,860 

Taxes Payable 3,000 

Utilities Expense 1,320 

Advertising Expense 1,560 

Salaries and Wages Expense 53,040 

Salaries and Wages Payable 900 

Accumulated Depr. - Buildings 15,000 

Cash 40,000 
Depreciation Expense 8,000 
 600
24400
3000
900
28900

78000
106900

60000

234680

106900
294680