Following is the Trial Balance of Shumile Company Ltd. as at 31st December 2011.
Stock at the end of the year is Rs. 13,750,000.
Miscellaneous expenses include prepaid insurance of Rs. 75,000.
A provision of income tax to the extent of Rs. 3,750,000 is required.
Directors recommend dividends @ 5 %.
Depreciation should be written off as:
Plant and machinery @ 20%
Land and building @10%
Company has authorized capital of Rs. 500,000,000.
Prepare the Income statement (Functions of expense method – Report/Statement form) with separate schedule of cost of goods sold and a statement of changes in equity for the year 2011.
DEAR FRIENDS ADVANCE ACCOUNTING B,COM PART 2 PUNJAB UNIVERSITY page number 140 solution is available.
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