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Income Statement for the year 2008

Revenues Or Incomes

Sales 122
(Less)
Sales Returns 20

Cost of Sales 102

Opening stock (+) 1000


Purchases ( - ) 2000
Clo0sing Stock 500

COST OF GOODS SOLD 2500

Gross Profit /Loss -2398

EXPENCES

Administrative Expences

Salaries 88
Employee benefits 99
Payroll taxes 25
Insurance 45
Rent 65
Utilities 12
Depreciation & amortization 56
Office supplies 56
Travel & entertainment 56
Postage 35
Equipment maintenance & rental 36
Interest 12
Furniture & equipment 89
Inbound and Outbound calls 65
PC 23
Maintanence 14
Repairs 47
Health Insurance 825
Bank charges 26
Dues 99
Missllenious 69
Training Expences 6
Printing & Stationary 5

Sub total 1853

SELLING AND DISTRIBUTION

Traveling expences 85
Shipment expences 25
Sales men Salaries 65
Advertising expences 45
Depreciation 65
Commission 56
Other 45

Sub total 386

Total Operating Expences 2239

Net Operating Income -4637

Income Before tax -4637


Taxes on Income 5
Income After Tax -4642

Net Income -4642


Balance sheet of XYZ LTD for the year 2008

ASSETS

Current Assets

Cash 240
Stock 452
A/R 86
Bank 200
Prepaid Expences 100
Shortterm investments 400

Total current Assets 1478

Other Current Assets

Loans and Advances 200


Advance for Expences 422
Dues 244
Deposits 1222

Total other Current Assets 2088

Total Current Assets 3578

Fixed Assets

Buildings (Net of dep) 45


Land 21
Furniture and Fixtures 455
Plant and Machinery 411
Long term investment 211
PC 455
Office equipments 44
Vehicles 44

Total Fixed Assets 1686

Intangible Asstets

Goodwill 23
Patents 34
Total Assets 5321

Liabilities

Current Liabilities

A/P 211
Short term notes 144
Long term notes 411
Accural payments 233
Tax Pays 244
Other Funds 455
Payroll tax pays 44
Pension plan pays 11
Other Payments 44

Total Current Liabilities 1797

Long term Liabilities

Mortgage 544
Other long term liabilities 455

Total long term liabilities 999

Share holders equity


Capital 122
Retained Earnings 2403

Net Income 450

Total shareholders equity 2525

Total Liabilities 5321

IMPORTANT NOTES:

Book val;ue: Companies common stock equity on B/S = Total Assets - Liabilities , Preferred stock and intangible Assets such as goodwill

Calculation of ENDING Retained earnings

Begning Retained Earnings +Net income - Dividends

And also we can find

Assets = Liabilities + Ownerse Equity - Dividends

Ex
Assets = 350000
Liab = 80000
Capital =210000
350000=80000+210000-X

350000-290000=X
X=60000 (Rrtained earningds
such as goodwill
Bank Reconsiliation Statement

Balance as per Cash book Amt

Add

1 Cheques issued but not yet presented for payments


2 Interest allowed by the bank
3 Interest and dividend collected by the bank
4 Direct payments into the bank by the customer
5 Bills collected by the bank behalf of the customer

Sub total $0.00

Less

1 Cheques paid into the bank but not yet cleared


2 interest and expences charged by the bank
3 Direct payments by the bank
4 Dishonor of a bill discounted with the bank
Sub total $0.00

Balance as per Passbook


Interest calculations their Formulas

1) Annual Intereat

A = P (1+ni)

EG Suppose you deposit $6000 in a bank and receive simple interest at a yearly rate of 4% for 7 years. Then the parameters will be principa

2) Compound interest

A=p(1+i/q)^nq

EG : Suppose you deposit $6000 in a bank and receive interest at a yearly rate of 4% for 7 years, compounded monthly. The parameters will be princi

3) Installment loan

M=pi/[q(1-[1+(i/q)^-nq
Income tax calculations

Calculations of Capital gains

Purchase rate * Selling year inflation rate /Purchsing year inflation rates

Purchase rate =
Selling rate =
P.Y Inf rate
S.Y Inf rate

Purchase rate 24,000.00

Selling year Inflation rate 519.00

Purchasing year inflation rate 152.00

Total Value 81,947.37


Inflation index:
1986-87= 140
1987-88= 150
Selling rate 45,000.00 2006-07= 519
2007-08= 551
Total value 81,947.37
Long term Capital Gains (36,947.37)

Tax on Gain = 20% (7,389.47)

Educational Cess 3% (221.68)

Net tax paid (7,611.16)