Income Statement for the year ended 31st Dec 2000

Sales Turnover 2084706

excise duty for the current year 99240 1985466
Less: Cost of goods sold 1464761
Gross Profit 520705
Less: Selling and general admin exp
Salaries Administrative 81600
Repairs others 8256
communication,travel and conveyance 54898
Insurance and legal charges 23606
Advertisement and sales promotion 47118
Other sundry expenses 61836
Bad debts provision 8567
Miscellaneous exp written off 501
Interest expense 40644
Loss on sale of fixed assets 1349
Depreciation -land improvements 2342 330717
189988
Add :Other income 10483
Profit before tax 200471
Income tax expense 92938
Profit after tax 107533
Schedule of Cost of goods sold
Opening stock of Rawmaterial 49535
Add: Purchases 266626
316161
Less: Closing stock 60889
Rawmaterial Consumed 255272
Salaries, Wages and bonus mftg 60069
Manufacturing Overheads
Power, Fuel and water 13957
Rent Rates and taxes,MFTg 61468
Repairs Plant and Machinery 4846
Depreciation of other fixed assets 45208
Stores,spares and packing material consumed 29506 154985
Manufacturing cost 470326
Add:Opening WIP 8489
478815
Less: Closing WIP 14136
Cost of Goods Manufactured 464679
Add: Opening stock of Finished goods 175077
Purchases of Finished goods 1054428
Goods available for sale 1694184
Less: Closing FG 229423
Cost of Goods Sold 1464761
Other income
Interest received 4606
Commission received 2245
(See COGS schedule below) Export incentives 1437
Misc income 87
Bad debts recovered 2108
10483
Loss on sale of Fixed Assets
gross value 5544
acc depn 1394
book value of Asset sold 4150
Sale price 2801
Loss 1349
( Stores spares consumed is manufacturing exp)
Balance Sheet as at 31st December 1999
Shareholders Funds
Share capital
11265070 equity shares of Rs.10 each
Reserves and Surplus
Capital reserve 2000
Share Premium 94990
Investment allowance reserve 1225
Balance in Profit and Loss account 239564
Loan Funds
Secured loans from financial institutions 1102
Unsecured loans from banks 270000
Current Liabilities and Provisions
Trade creditors 253916
Provision for tax 96335
Total
Fixed Assets
Leasehold land
Improvements to Leasehold land 4422
Less: Accumulated Depreciation 776
Other Fixed Assets
Gross block 338435
Less: Accumulated Depreciation 153181
Capital Work in Progress
Investments
Current Assets
Inventories
Rawmaterial 49535
Work in Progress 8489
Finished goods 175077
Stores Spares and Packing materials 8179
Sundry Debtors 402594
Less:Provision for doubtful debts 2990
Cash
Advance Excise duty
Advance Income tax
Miscellaneous expenditure
112650
337779
271102
350251
1071782
32639
3646
185254
7641
16
241280
399604
90207 5384
19918
90951
626
1071782
0
Balance Sheet as at 31st December 2000
Shareholders Funds
Share capital
11265070 equity shares of Rs.10 each
Reserves and Surplus
Capital reserve 2000
Share Premium 94990
Investment allowance reserve 1225
Balance in Profit and Loss account 347097
Loan Funds
Secured loans from financial institutions 52317
Unsecured loans from banks 380000
Current Liabilities and Provisions
Trade creditors 313598
Interest payable 8285
Provision for tax 98322
Total
Fixed Assets
Free hold land
Leasehold land
Improvements to Leasehold land 31976
Less: Accumulated Depreciation 3118
Other Fixed Assets
Gross block 538917
Less: Accumulated Depreciation 196995
Capital Work in Progress
Investments
Current Assets
Inventories
Rawmaterial 60889
Work in Progress 14136
Finished goods 229423
Stores Spares and Packing materials 9352
Sundry Debtors 529524
Less:Provision for doubtful debts 9175
Cash
Advance Excise duty
Advance Income tax
Miscellaneous expenditure
Workings
Cash balance
Receipts
opening balance 90207
totalrreceipts as of pg 1. 2129638
total 2219845
Trade Creditors
Opening balance 253916
Add: all purchases of credit 1351733
Less: Payment made to them 1292051
Closing balance 313598
Provision for tax
Opening balance- balance of last year 96335
Less: Advance tax as per opening B/S - paid for last year 90951
5384
Add: Taxation to be provided for the year 92938
Closing balance 98322
112650
445312
432317
420205
1410484
7807 (purchases plus transfer from leasehold)
27854 Opening minus transfer to Freehold
28858
opening bal add purchases minus sale plus transfer from Cap WIP)
341922
174
16
313800
520349
62577
16421
90581 (TDS is also like advance tax)
125
1410484
0
Sundry Debtors
Payments Opening balance 402594
13957 Add: all sales of credit 2084706
60069 Less: Receipts 1955394
81600 Less:Bad debts 2382
61468 Closing balance 529524
4846 Note:
8256 When bad debts occur, particular debtors account balance is reduced and the baddebts is
54898 adjusted in provision account since it pertains to last year
23606
47118
61836 Provision for Doubtful debts
32359 Opening balance 2990
95743 Less:Bad debts 2382
90326 Add:provision to be created 8567
1292051 Closing balance 9175
3022
27554
198559
2157268
62577
When bad debts occur, particular debtors account balance is reduced and the baddebts is