ANURAG ICE-CREAM PARLOUR Marks

INCOME STATEMENT FOR THE YEAR 1/4/2012 TO 31/3/2013

REVENUES Amount (₹)

Sales Revenue 92000 1 Allow 80000+12000
TOTAL 92000

EXPENSES
Cost of goods sold 42000 2
Rent 12000 2
Depreciation - Refrigerator 2500 1
Depreciation - Furniture 5000 1
Salesman salary 7200 1
Interest 3000 1
Advertisement expenses 2200 1
Insurance 1500 1
TOTAL 75400
NET PROFIT 16600
11
Balance Sheet as on 31/3/2013
Liabilities + Owners Equity Details Amount Marks Assets Details Amount Marks
Capital 20000 1 Refrigerator 15000 1
Retained Earnings Less: Accumulated Depn. 2500 12500 1
Net Profit 16600 Furniture 20000 1
Less: Drawings (OK if deducted from
capital) 6000 10600 1 Less: Accumulated Depn. 5000 15000 1
Closing stock 2000 1
Loan 27000 1 Security deposit 6000 1
Accounts Receivable 12000 1
Accounts Payable 4000 1 Prepaid salary (Advance) 800 1
Prepaid Insurance 500 1
Outstanding Advertisement 200 1 Cash 13000 3

Total 61800 5 Total 61800 12

Total Marks 28