FATE HASEN ABEDLA (HANEYA HOTEL)

Income statements for the Year Ended July 07/2020

Sales-----------------------------------------------------------------------------------------------------849964.11
Purchase
Beginning Inventory -----------------------------------346264.38
Purchase--------------------------------------------------463671.40
Cost of good available for sales---------------------809935.78
Ending inventory--------------------------------------- (273542.28)
Cost of goods sold---------------------------------------------------------------------------------------536393.50
Gross profit/loss-----------------------------------------------------------------------------------------313570.61

Administrative expense
Salary expenses-------------------------------------------------------88800
Pension expense------------------------------------------------------5280
Utility expenses--------------------------------------------------------9225.46
Miscellaneous expenses (abattoir, soap, wood etc...)--------51420
Depreciation expenses---------------------------------------------41591.95
Total administrative expenses-----------------------------------------------------------------------196317.41
Income before tax---------------------------------------------------------------------------------------117253.20
Income tax ((117253.20×30%)-11460)) -----------------------------------------------------------23715.96
Net income after tax-----------------------------------------------------------------------------------93537.24
 FATE HASEN ABEDLA (HANEYA HOTEL)
Balance sheet for the year ended July 07/2020
Assets
Current Assets
Cash on hand--------------------------------------500730.80
Inventory-------------------------------------------273542.28
Total current assets--------------------------------------------------------------------------------774273.08

Fixed Assets
Fixed asset purchase-------------------------------738120.67
Accumulated depreciation------------------------ (252972.31)
Book value----------------------------------------------485148.36
Total fixed assets--------------------------------------------------------------------------------------485148.36

Total Assets---------------------------------------------------------------------------------------------1259421.44

Liabilities
Income tax payable-----------------------------------23715.96
Vat payable---------------------------------------------9177.30
Total liabilities---------------------------------------------------------------32893.26

Capital
Fate Hasen capital----------------------------------1132990.94
Net income/loss--------------------------------------93537.24
Total capital------------------------------------------------------------------1226528.18

Total Liabilities and Capital-------------------------------------------------------------------------1259421.44

 FATE HASEN ABEDLA (HANEYA HOTEL)
Evaluations of Ending inventories July 07/2020

NO. Name inventories Evaluation Unit Quantity Unit price Total price
date
1 Coca cola 07/07/20 Case 439 173.91 76346.49
2 Ambo water 07/07/20 Case 175 98.262 17195.79
3 kibe 07/07/20 kilo 450 400 180000
Total 273542.28
NB: - The above table states that evaluations of inventories on 07/07/20 G.C by using Average
weighted methods.
 FATE HASEN ABEDLA (HANEYA HOTEL)
Calculation of deprecation expenses for Fixed Assets July 07/2020
Name of fixed Purchase Price Base of Year of Deprecation Rate deprecati Book
Assets Date deprecation Deprecation Method on Value
cost cost
2012 E.C
Building 15/09/06 650000 650000 2012 E.C Straight line 5% 32500 449583.33
TV 17/04/08 14609 6607.17 2012 E.C pooling 20% 1321.43 5285.74
Firege 2008 18261 17415.47 2012 E.C // 20% 3483.09 13932.38
Chair 02/06/08 2130.43 999.88 2012 E.C // 20% 199.97 799.91
Bifitu xtra 12/04/16 5631.22 3211.52 2012 E.C Pooling 25% 802.88 2408.64
Onion machine 03/12/08 3826.09 1999.77 2012 E.C pooling 20% 399.95 1599.82
Meat mincer 20/09/16 9130.43 4869.56 2012 E.C pooling 20% 973.91 3895.65
Tanker5000L 17/03/09 11304.34 9553.61 2012 E.C pooling 20% 1910.72 7642.89
TOTAL 41591.95 485148.36
FATE HASEN ABEDLA (HANEYA HOTEL)
FINACIAL STATEMENTS FOR 2012 E.C
TIN NO. 0000717990