ASSIGNMENT 1

PACKAGES ANNUAL REPORT

Financial Reporting Section A

Question 1: Who is the Chairman of the Board of Directors for Packages Limited?

Syed babar ali shah is chairman of board of directors for packages mall.

Question 2: What are the core values at Packages Limited?

Core values of packages limited are Truthfulness, integrity and trust 

From Consolidated Financial Statements

Question 3: With respect to foreign currency risk, what currencies is Packages Limited exposed to
because of their international dealings?

With repect to foreign currency risks packages limited is doing its international dealings in local currency
Ruppes.

Question 4: At what annual rate is Plant & Machinery depreciated?

Annual depreciation rates of plant and machinery are 31. Dec.2021 is 15,990,143 (Rupees in
thousands) and as at 31.Dec.2020 is 13,544,737 (Rupees in thousands).

From Unconsolidated Financial Statements

Question 5: For the year ended what is the deferred tax amount?

For 31 dec 2021 deffered tax amount is 256,959 and for 31 dec 2020 it is 287,127.

Question 6: For the year ended what is the cash account balance?

For 2021 it is368,165 and for 2020 it is 126,677

Question 7: For the year ended what is the method used for annual depreciation? Why?

Straight line method is used in these reports because its convenient to understand.

Question 8: In operating fixed assets what is the book value of vehicles for the year ended?

For 2021 the book value is73,173 and for 2020 it is 64,238.

Question 9: When is sales revenue recognition?

Sale revenue recognition is when the service or product is considered delivered to the customer — not
when the cash is received.

Question 10: What inventory valuation method is used for stock-in-trade?

Specific identification method is used for inventory valuation method for stock in trades.

Due date 6th April 2023