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Tuesday, January 19, 2010
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Hyper Star Traders |
| Income Statement |
| As of Dec 31, 2009 |
|
|
|
| Amount in Rs. |
|
|
|
|
|
|
|
| Sales |
| 924,000 |
|
|
| Return Inwards |
| 8,000 |
|
|
| Net Sales |
|
| 916,000 |
|
|
|
|
|
|
|
| Cost of Sales |
|
|
|
|
| Opening Stock |
| 120,000 |
|
|
|
|
|
|
|
|
| Purchases | 680,000 |
|
|
|
| Return Outwards | 4,800 |
|
|
|
| Net Purchases | 675,200 | 675,200 |
|
|
| Total Stock available for sale |
| 795,200 |
|
|
|
|
|
|
|
|
| Closing Stock |
| 200,000 |
|
|
| Net Cost of Sales |
|
| 595,200 |
|
|
|
|
|
|
|
| Gross Profit |
|
| 320,800 |
|
|
|
|
|
|
|
| Operating Expenses |
|
|
|
|
|
|
|
|
|
|
| Salaries |
|
| 48,000 |
|
| Wages |
|
| 45,200 |
|
| Carriage out |
|
| 3,600 |
|
| Commission |
|
| 2,000 |
|
| Insurance Paid |
|
| 2,800 |
|
| House Rent |
|
| 5,000 |
|
| Bank Charges |
|
| 150 |
|
| Interest on Loan |
|
| 500 |
|
| Bad Debts on Sundary Debtors |
|
| 5,000 |
|
| Written off Plant Value - wear& Tear |
|
| 40,000 |
|
|
|
|
|
|
|
| Total Operating Expenses |
|
| 152,250 |
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
| Interest Received |
|
| (800) |
|
| Dividend Income |
|
| (2,000) |
|
|
|
|
|
|
|
| Total Operating Income |
|
| (2,800) |
|
|
|
|
|
|
|
| Net of Total Operating Income/Expense |
| 149,450 |
|
|
|
|
|
|
|
| Net Profit Transferred to Balance Sheet |
| 171,350 |
|
|
|
|
|
|
|
....................................................
| Hyper Star Traders |
| Balance Sheet |
| As of Dec 31, 2009 |
|
|
|
|
|
|
|
| Liabilities & Owner's Equity |
| Assets |
|
|
|
|
|
|
|
| Current Liabilities |
| Amount in Rs. |
| Current Assets |
| Amount in Rs. |
|
|
|
|
|
|
|
| Bills Payable |
| 20,000 |
| Cash in Hand |
| 4,000 |
| Sundary Creditors |
| 160,000 |
| Bank Balance |
| 36,000 |
| Bank Charges/Interest Due |
| 650 |
| Sundary Debtors | 100,000 |
|
|
|
|
| Bad Debts | 5,000 |
|
|
|
|
| Net Sundary Debtors | 95,000 | 95,000 |
|
|
|
| Bills Receivables |
| 44,000 |
|
|
|
| Dividend Receivable recorded | (2,000) |
|
|
|
| Closing Stock |
| 200,000 |
|
|
|
|
|
|
|
| Total current Liabilities | 180,650 |
| Total current Assets | 377,000 |
|
|
|
|
|
|
|
| Owners Equity |
|
|
| Fixed & Long Term Assets |
|
|
|
|
|
|
|
|
|
|
|
| Long Term Investment |
| 60,000 |
|
|
|
|
|
|
|
| Capital | 280,000 |
|
| Furniture |
| 40,000 |
| Drawing (Credited) | 5,000 |
|
| Plant | 200,000 |
|
| Net Capital | 285,000 | 285,000 |
| Wear & Tear of plant | 40,000 |
|
|
|
|
| Net Plant Value | 160,000 | 160,000 |
| Net Retained Earning from P&L |
| 171,350 |
|
|
|
|
|
|
|
|
|
|
|
| Total Capital & Retained Earning |
| 456,350 |
| Total Fixed & Long Term Assets | 260,000 |
|
|
|
|
|
|
|
| Total Liabilities & Owners Equity | 637,000 |
| Total Assets | 637,000 |
|
|
|
|
|
|
|
.....................................
| Hyper Star Traders |
| Adjustment Entries |
| As of Dec 31, 2009 |
|
|
|
| Amount in Rs. |
|
|
|
|
|
|
| Adjustment Entry # 1 |
|
|
| Account | Dr | Cr |
|
|
|
| Bad Debts on Sundary Debtors | 5,000 |
|
|
|
|
| Sundary Debtors |
| 5,000 |
|
|
|
| Recording the bad debts on sundary debtors (100,000 x 5 % = 5,000) |
|
|
|
|
|
|
| Adjustment Entry # 2 |
|
|
| Account | Dr | Cr |
|
|
|
| House Rent Expense | 5,000 |
|
|
|
|
| Capital |
| 5,000 |
|
|
|
| Adjustment Entry for recording the House rent paid from Owners personal Account |
|
|
|
|
|
|
| Adjustment Entry # 3 |
|
|
| Account | Dr | Cr |
|
|
|
| Writen Off Value - Plant | 40,000 |
|
|
|
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| Plant |
| 40,000 |
|
|
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| Adjustment Entry for the Written off the plant value |
|
|
|
|
|
|
|
| Adjustment Entry # 4 |
|
|
| Account | Dr | Cr |
|
|
|
| Bank Charges | 150 |
|
| Interest on Loan | 500 |
|
|
|
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| Due Bank Charges |
| 150 |
| Due Interest on loan |
| 500 |
|
|
|
| 650 | 650 |
|
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| Adjustment Entry to record the due payment not yet recorded in the bank books |
|
|
|
|
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| Adjustment Entry # 5 |
|
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| Account | Dr | Cr |
|
|
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| Accrued dividend Receivable | 2,000 |
|
|
|
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| Dividend Income |
| 2,000 |
|
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|
| Adjustment Entry for the dividened accured receivable on Dec 31,09 |
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|
