FIN611 Assignment No 4 Spring 2012 solution

Following is the Trial Balance of Shumile Company Ltd. as at 31st December 2011.

Adjustments:
 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.
Required:
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.

Solution:

DEAR FRIENDS ADVANCE ACCOUNTING B,COM PART 2 PUNJAB UNIVERSITY page number 140 solution is available.

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