anced Financial Accounting Sohail Afzal Key Book Soluti Company Final Accounts Torte RE) 6.000 10,000 10,000 my 10,200 10,800 Dr PROFIT AND LOSS APPROPRIATION A/C Reereaxce BS. Reserve Find Provisson for Taxation Broy Dwr d wan pakesights.com 0 10,800 26.200 000 JOURNAL swvew.fb.com/beomstudymaterial Page 45 of 206Advanced Financial Accounting Sohail Afzal Key Book Solutio ‘Date | Particulars Debit Credit RS. FE i) | Interim Dividend Account fbn (BS) i) Ging Amount is epproprized) woww.paksights.com snww.fls.comn/ beomstudymeterisl Page 46 of 206es ee ee Pe re ge ee QNod Hamza Industries LTD ‘Trading and Profit & Loss Account For the vear Ended 31" Dec, 2010 Dr. cr. Farticulars Amount Particular: Amount (Rs) a] 0,000 [Sales Fe 415,000 i " Less Reums 15,000 200,000 | Closing Stoke Ce D ¢.; | wv k 00-000. S0q 000. ar] cept rte Teor Salaries 8,000) | fom Tradmg Ac Te5,000 ‘wan pakeights com www. fo.comybeomstudymaterial Page 47 of 206PROFIT AND LOSS APPROPRIATION A/C Bs. | Pericuars 8,000 Balance of Previous year 20,000 Net Profit for the yeer 2002 400,000 @ 5% 20.900 Balance Transtered te BS 0 ~ Hamre Industries LTD. CO \~ BALANCE SHEET. Cc A5 ON 31 DEC, 2010 J f ‘Liabilities Amount i ¥ Amoant | (Bs) _| = ka (Bs) TL Fired ese sued, subscribed end peid up 200000 | /295 apital (40,000 ondinary shares of «| fee Dee ch) Reserves: ‘Balance of Profit & Loss ‘Appropriation QNaF MOON & COLTD ‘wen paleights.com wwew.fb.com/bcometudymaterial Page 48 of 206Trading and Profit & Loss Account For the year Ended 31" Dec, 2010 nancial Accounting Sohail Afzal Key Book Soluti Cr. Gross profit transferred to P&L Ac Depreciation: «lant & Machinefy 2, + Fuonue Ws oN Provision for bad debts ‘Net Profit (Tranzfi BEL App AC) SS Té5,000 NN : “ Dr PROFIT AND LOSS APPROPRIATION AC Pantcdlars Re Particulars wow poksigits.com waww.ib.com/beomstudymaterial Particulars ice “ Tr cr [Fs Page 49 of 206tes eee ae ee eee oe ee Proposed Dividend 35000 | Ealance bd | ie Balance cid (transferred toB/S) | 39.410 | Current Yeu Net Profit 1970 64.410 Moon & COLTD. BALANCE SHEET AS ON 31-12-2010 ‘Share Capital & Liabilities | Amount ses (ek Bs) mys Se Cae fie: ; ‘Authorized Capital 10.0000 | Flam & Mackinery C Ss 161,000 134,930 100,000 shares @ Rs. 10 each ‘Less: Deprecistion Issued. Subscribed &: Paid up 300.000 | 24.150 , capital $0,000 Shares @ Rs. 10 ( Each Fumie, “3 Reserves 30,000 x : : Bala |S, 200,000 Assets: s _ Seer : | Ge Sale 1200 G 25,000, 78.000 730,210 Less: New Bad debes 600 ‘Less: New Provision for ‘bad debts 1360 ‘Prepaid Insurance Cesh at hand Page 50 of 206nced Financial Accounting Sohail Afzal Key Book Soluti (W-1) Provision for Bad Debts ‘Less: Old Provision for bed debes ‘Provision for bad debn: Qos loa: SINDBAD COMPANY ‘eed Profit & Loss Account £ For the year ee Dr_ WS PROFIT AND LOSS APPROPRIATION AC cr 5 cculars L®& 500 | Balance trom previous year | 000 | Cument Year Net Profit 00 SINDBAD LTD. BALANCE SHEET weww.pekeights.com soww.fb.com/beametudymaterisl Page 51 of 206A noed Financial Accounting Sohail Afzal Key Book Soluti AS ON 31-12-2010 Share Capital & Liabilities | Amount Assets | Bs) Share Capital Fixed Assets ‘Authorized Capital 10.00.09 Fam ‘Less Depreciation Issued, subscribed & paid capital | 10,00,000 Reserves: T Fes 200,000 fer to Reserv 0,000 Long Term Loan: 270,000 Sane Comm Secure 365,000 100,000 30,000 ‘wowrws paksights.com wwwew.tb.com/boomstudymaterial Page 52 of 206re ncial Accounting Sohail Afzal Key Book Soluti MUMTAZ LTD Profit & Loss Account For the vear ended 30* June, 2010 Dr _ tr Particulars ‘Amount Particulars “Amount | Postage & Teleeem Se ‘Gross Brokt £2 120 | Interest Received 450 Less: Prepeid (450/123) 150 Repairs Reserve dor investment ation: + Plant & Machinery « Land & Building © Furinure ~ roy Net Prodt Transfisrad to PAL 2 50h 15.200 15,900 Dr “\ PROFIT AND LOSS APPROPRIATION AC Barticalars Sh Particulars Dividend Equalisauod Fund Debenmre F Find Propasad, = adta B'S) ‘wenw paksights com wwwerfo.combeomstudymeterial Page 53 of 206MUMTAZ LTD. BALANCE SHEET AS ON JUNE 30, 2010 ‘Share Capital & Lisbilities Amou mt Rs) 35,000 6,500 1,000 ‘Dividend Equalization Reserve 1.000 +1 1000 3,000 Debentrs Reiemption ‘Reserve 1,000 * |B + Tans 1000 | 2.000% “Se lee: - sets: na EEE 12,000 4" ryaX~ Investment 8.000 ye | Lex = 300 | 7300 s “| ¥p00 Bee a ceeue pea ) | 600 | Sundry Debtors Bank Overdradt © | 350. | Advance income Tax Brovision far Tesatoe \ * 6.500 | Prepaid’ Proposed dividend “s_™) 2800 | Cash in Hand ~~ ST S0_ ne ~ S ~y QNos ‘wenw.paksights.com swww.fb.com/beomstudymeaterial Page 54 of 206Advanced Financial Accounting Sohail Afzal Key Book Solutio KALAM MANUFACTURING COMPANY Profit & Less Account For the year ended Dec.31, 2010 cr Particulars Amount (Re) 360,000 Woo) Gros: Profith'd DiscountReceived 2.400 \\| Ditdand on Investrasnt 1000 ‘New Provision 2029 Add Bad Debts 9 F300 Less: Old Prowsion, = 1.300 Depreciation? = Bar (Gee Nore 1) “Furaitre ot fr the year 198,900 135,900 Note 1 ‘www. paksights.com www fb.com/boomstudymaterial Page 55 of 206Advanced Financial Accounting Sohail Afzal Key Book Solutio New Value of Plant & Machinery Sheet KALAM) ‘Share Capital & Lisbilities PROFIT AND LOSS APPROPRIATION A/C Bs. Particulars T Belence From Previous Year # Profit For Current Yer Brey 8 ANUFACTURENG CO. BALANCE SHEET 45 ON DEC/31)2000, Ambunt | Assets | Amon | (Rey Rs wan. paksights.com www.fb.com/boomstudymaterial Page 56 of 206Authonzed Capital 100 Ordinary shares of Rs. 10 450.000 | Depreciation 21.20 28,900 0 Cl Tas 8,000 300.000 = Rearve 300 ® ~ Current Liabilities: S ars Sundry Creditor: 950 \ Advance Income Tan Intemest on debenmures payable 9 repaid Insurance Proposed dividend 3.500.) Cash in Hand Provision Sor Taxation ’ a ~~” SS Ww wer paksights.com www. fb.com/boomstudymaterial Page 57 of 206rs ncial Accounting Sohail Afzal Key Book Soluti QNop RINGO RING COMPANY Profit & Loss Account For the year ended March 31, 2010 cr Particulars = 500 C 6.500 Neel! 3.500 ye C. ® 2000 | % a - m0 A ‘ cNO =. Ne Net profit for the year ea ere Dr a“ Ss cee APPROPRIATION AC cr i Bs._| Particulars Be. 12,000 | Brodit of Previous Year | 16.000 Profit of Current Year 65,950 0) wenw pakesights.com www. fb.comybromstudymaterial Page 58 of 206es es ae ee ey RINGO RING COMPANY. BALANCE SHEET AS ON March 31, 2010 ‘Share Capital & Lisbibties | Amount Amee ‘Ammoaut : ®) | os) ‘treet Capel soooon |) 81.00%,” ies Deprecietion aa ya Issued, subscribed & paid capital (G,000 share of Rs 100 each) 300,000 | Fumizure Less: Deprectttin 1200 | 10,800 2 20,000 5,000 Preliminery Expenses 13,000 wenw paksights.com waww.fb.comy/bcomstucymeterial Page 59 of 206 180,000 amQNa.10 STAR LIMITED COMPANY Profit & Loss Account For the year ended Dec 31, 2010 Farticulars ‘Amount Farticulars ‘Balance fom Trading. sy Oy > Unrecorded Cr. " 5 Dr PROF TA MRD APPROPRIATION AC Daniculars sy) Darculars pasrr wen paksights.com wwer.fb.com/bromstudymaterisl Page 60 of 206ced Financial Accounting Sohail Afzal Key Book Soluti STAR COMPANY. BALANCE SHEET AS ON DEC 31, 2010 Share Capital & Liabilities | Amount Anes ‘Amount (Rs) [Share Capital: Fined Assets: Authorized Capital Fumitge (60,000 Ordinary Shares} 600,000 | Less: Depreciation 30,000 7,000) Frechold Property 300 Lese Depreciation 120 ‘) | 180.000 — é ils Receivable ‘Closing Stock isbilities: Cash in Hand ee ee Bills Payable am “a 7 | 684,712 eS Nae! % “ ~ “SY weww.pakcsights.com wewwb.com/beomstudymaterial Page 61 of 206Sohail Afzal Key Book Sol QNall LUQMAN ALTO PARTS COMPANY Trading and Profit & Loss Account For the year ended Dec.31, 2010 Dr. Cr Farticulars Amoant Particulars Amount (Rs) ABS.) Stock Jan 1, 2002 $3210 | Sales 3 ] f- Purchases 103 Less: Retom: oso 278,410 ‘Less: Retum 20 Closing Stock 040 Sundry Mamefactoring Exp 19,820 c Add Oustanding Wags 1,380 21,000 Camiage * Imaest onEamkLom 1,125 (a =Stll Payable 2135 5 Deprecat ‘ &L App | } 1130 530 | 150,310 1310 Dr PROFIT AND LOSS APPROPRIATION iC Cr [Pantcalars iculars T_ 5s. Provision for Taxation @ 20% Balance From Previews Yar 19320 Gangral Rasen ‘Nat Profit For Curent Year 4350 Proposad dividend @ 13% Balance Transferred to B/S. | [103,650 [0,650 ween paksights.com weww.fb.comboomstudymsterial Page 62 of 206ed Financial Accounting Sohail Afzal Key Book Solutio ‘Logman Auto Farts CO. BALANCE SHEET AS ON DEC. 31, 2010 Share Capital & Liabilities Amount Assets Amount (Rs) Share Capital Authorized Capital (30,000 Ordinary shares of Rs. 10 each) | 300,000 ssuad, subscribed & (20,000 shores of Re at 200,000 each) Reserves: P&L J ation AAC Balance Loans: SF, Bank Lom investment ‘Sundry Debtors Closinz Stock Advence Income Tax Cash a Bank Cash im Hand Ousandins (Officer Salaries Interest om Loan Payable ‘ween palsights.com www. fb.com/boomstudymaterial Page 63 of 206BOCs METI ee es Pre tee eee QNo.12 EHSAN Manufacturing Limited Profit & Loss Account For the year ended Dex 31, 2010 é Farticulars AMNOUET Inserest on Loan Reserve for lavestment (200,000-96,000) Bulking - Fumiture 5000 - Motor Vehicle 7508 ‘Net Prott Trnsiered 1051S en] (239,200 i 431200 431.200 wt SS Dr _ |. FROFIT AND LOSS APPROPRIATION A/C Paice: Bs. | Particulars Interim Divitiand ‘Prodi for the year Provision fox Tax dot yet Provided Previous year prod For Yer 2009, Drovisiom For Tax Further Required Proposed Dividend Balance Transferred to P&L App. ‘wenw.paksights.com www. fb.com/beamstudymaterial Page 64 of 206EHSAN MANUFACTURING LIMITED BALANCE SHEET AS ON DEC 31, 2010 Share Capital & Liabilities | Amount Assets oo’ (Rs) af bare Capit : Fired Assets: ssued, supscribed & paid capital | 600,000 | Building ns ‘Land p Reserves: Furniture Cc™ Motor Vihice, = ” Stare Premium Balance of Prost "100,000 Long Term Loans: Se 4000 | 94,000 Long Tam Loan 140. me oe oft 40,000 L 1131,300 wean paksights.com wowwflb.com/beomstudymateriat Page 65 of 206noed Financial Accounting Sohail Afzal Key Book Sol QNo.13 AKRAM ARIF LTD. Profit & Loss Account For the year ended Dec 31, 2010 Dr. Particulars |Diector Fe Interest on debentures, wInterest Payable Depreciation: Land & Building Plant & Machinery ‘Motor Truck Fumiture ‘Net Profit Transfarrad to P&L. \ es ~ Dr WN Bor ann Loss aremormiarion arc cr Particulars. ~ Es. Particulars Rs [Iterim Dn DividendEgualsation Reserve “iiion for Taxation idend Balance c/d (transferred to B/S) Net Brofit for the Yeer | W0,30.289 1036250 wen paksights.com www.fb.com/beamstudymaterisl Page 66 of 206nancial Accounting Sohail Afzal Key Book Soluti AKRAM ARIF LTD BALANCE SHEET AS ON DEC 31, 2010 Share Capital & Liabilities Amount Assets Amount | Authorized Capital: Iwas auectbd & paid conta (25,000 shares of each} Reserves: ‘Share Premium Account General Reserve Dividend Equelization 500,000 Raverre 110,000 Add Transfer 30,000 325,000 Balance of Profit (Cr) Debenture & Long Term Loans: 6% Debenture Sundry Credors Interest om Debentures Pay Provision for Tax Propaed Dividend Current Assets: \ Sundry Debtors Advance Tax Qo Tax Deducted at Source SS ‘Unexpired Insurance Closing Stock Ww iggy eb Hast Bat Bak went Balance From Trading AC 879,300 Ade: Depreciation on Land and Building & on Plant & Machinery (90,000-80,000) Corrected Balance wanw.paksights.com www.fb.com/bearnstudymaterial Page 67 of 206nancial Accounting Sohail Afzal Key Book Soluti QNold MAKANIG COMPANY Trading and Profit & Loss Account For the year ended June30, 2010 Dr. Farticulars Cost of Goods Sold Gross Profit cid Repair and Maintenance Advertisement Ineerest on Debermures: Rs.20,25 = Outsinding 20.250 Establishment (174,000-18,000) PROFIT AND LOSS APPROPRIATION AC Balance From Previous Year Net Profit For Current Year wean palesights.com www. fb.comyboomstudymaterial Page 68 of 206nancial Accounting Sohail Afzal Key Book Sol MAKANGI COMPANY LTD. BALANCE SHEET AS ON June 30, 2010 ‘Share Capital & Liabilities Amount Aszets Amount (Rs) (Rs) sew paksights.com weww.fb.com/beamstudymaterisl Page 69 of 206SARA SUNDAS COMPAY TRADING AND PROFIT AND LOSS AC Dr FOR THE YEAR ENDED DEC 31, 2010 cr Particulars ‘Opening Stock Purchases Manufacturing Expenses Gro: Gross Profit bid ~ (sssasy 8 | Interest on Investment » + Accrued ‘ ‘Net prodit ransferred to DEL App, Ac Particalars Balance bid Current cer profit SARA wanw palesights.com woww.fb.com/beomstucymsterial Page 70 of 206Advanced Financial Accounting Sohail Afzal Key Book Solutio SARA SUNDUS COMPANY BALANCE SHEET AS ON DEC.31, 2010 { Liabilities BR | Assets [Rs] Share Capital: | Pied Asset | 0 000 Furniture ¥ 200,000 Motor ‘ subscribed & paid up Cap il 60,000 shares of Rs. 10 each 250,000 | Less depreciation reserve |\91 16 | Lous Term Investment: Investment 26 | Accraad intere: | Stock | Book debts 48.380 wwnw.paksights.com www. fb.com/boomstudymsteris! Page 71 of 206nced Financial Accounting Sohail Afzal Key Book Soluti Quis ALPHA LTD.COMPANY TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DEC. 31, 2010 Dr. Particulars ing sock, Purchases Bs. 240900 Retums 1800 340300 wen paksights.com Balance cid (wansiered to B/S) wwew.fb.com/beomstudymaterial Page 72 of 206nced Financial Accounting Sohail Afzal Key Book Soluti BALANCE SHEET AS ON 317" DEC. 1010 Re 12,00,000 800,000 Brovizian for tax Proposed dividend WV \S wow palsights.com swww.fb.com/beometudymateris! Page 73 of 206Qit PAKISTAN LIMITED TRADING AND PROFIT AND LOSS ACCOUNT Dr. FOR THE YEAR ENDED 30™ JUNE, 2011 Cr. [ Particulars Ks | Parca [_s._] Opening stock 60,000 | Sak 5 ‘Less: Sales orretum % 400,000 Closing stock S)100,000 Less Good sete cmsimen = vd ‘Manufacturing wazes ‘. = Gross profited —_ maaemar( wel) Qld x 13) Pe Provision for bad debs eat ) Neqoitnusied BEL Appopiaim Ac QO 9 oN (= S SY (rn ] wenn paksights.com wows fb.com/bcomstudymaterial Page 74 of 206PAKISTAN LIMITED PROFIT AND LOSS APPROPRIATION ACCOUNT Dr. FOR THE YEAR ENDED 30™ JUNE, 2011 Cr. Interim di Firel dividend (21,.000-8.000) General reserve Provision for income tex Balance transfered to B/S BALANCE SHEET ¢ 30,000 100,000 00Advanced Financial Accounting Sohail Afzal Key Book Solutio Dr. CONSIGNMENT ACCOUNT cr Rs 60,000 | TS Traders 10,000 | Stock on Cansizmment (60.0005 39) 00 if (w-2) b Dr. JSTRADERS ACCOUNT (CONSIGNEE) cr. Particulars Comigument A'c Old bed debts + =20040 00 wen paksights.com waww.fb.coey'beomstucymaterial Page 76 of 206