Solution of IAS 1

Dictator Limited Solution:

Solution 2: Statement of changes in Equity:

Adjustments
Adjusted
Depreciation R&D
Sales 2,500,000 2,500,000
Cost of goods sold (500,000) (120,000) (620,000)
Gross profit 2,000,000 1,880,000
Admin expenses (200,000) (120,000) (225,000) (545,000)
Selling and distrubution (100,000) (100,000)
Profit from operations 1,700,000 1,235,000
Other income 500,000 500,000
Finance cost (200,000) (200,000)
Profit before tax 2,000,000 1,535,000
Tax expense (W1) (477,000)
Adjusted profit 1,058,000

W1: Tax working

PBT adjusted 1,535,000

Adjustments:
Depreciation (41,250) (1,125,000 x 25%) - 240,000
Lease adjustments (50,000) (150,000 + 100,000) - 300,000
R&D (225,000) (450,000 - 225,000)
Inadmisible 55,000
Taxable Income 1,273,750
Tax 30% CTE 382,125
DTE 94,875 (41,250+50,000+225,000)
477,000

Adjustments:
Entry made
S.NO Particulars DR CR
Exp 1,500,000
30-Jun-18
Cash 1,500,000
For Correction of opening retained earnings

To be made
S.NO Particulars DR CR
PPE 1,200,000
30-Jun-18 Depreciation expense 300,000
Cash 1,500,000
For Correction of opening retained earnings

By Akash Mukesh Kumar, ACA

Solution of IAS 1

Correcting entry

S.NO Particulars DR CR
PPE 1,200,000
30-Jun-18 RE 1.5 - 0.3m - (1.2 x 30% ) 840,000
Tax payable 1.2m x 30% 360,000
For Correction of opening retained earnings

S.NO Particulars DR CR
Unearned income 500,000
30-Jun-18 RE 0.5m x 70% 350,000
Tax payable 0.5m x 30% 150,000
For Correction of opening retained earnings

For the year ended June 30, 2018

Share capital Retained earnings Total

Balance as July 1, 2017 5,000,000 24,455,478 29,455,478
Prior period adjustment - 1,190,000 1,190,000
Correct balances 5,000,000 25,645,478 30,645,478
Profit FTY (above) - 1,058,000 1,058,000
Bonus issue 1,000,000 (1,000,000) -
Dividend issue - (1,500,000) (1,500,000)
Balance at June 30, 2018 6,000,000 24,203,478 30,203,478

By Akash Mukesh Kumar, ACA

IAS 1- solutions

Jethwa limited
Profit or loss statement
for the year ended December 31, 2018

Sales 1,057,000
Cogs:
Opening 31,800
Purchases 344,000
Closing (27,300) (348,500)
708,500
Admin expenses (216,200)
Other operating cost (70,900) (86,900 - 16,000 (W3))
421,400
Finance cost (18,000)
Other income 103,433 88,433 (W1) + 15,000 (W2)
506,833
Taxation (56,000)
450,833

Jethwa limited
Balance sheet
As at December 31, 2018

Assets
Property plant and equipment 2,092,625 (400,000 + (385,000 - 144,375) +
Intangibles (W3) 16,000 (1,644,000 - 192,000))
Investment (W1) 1,070,933
3,179,558

Inventory 27,300
Trade and other Receivable 76,500 (61,500 + 15,000 (W2))
Cash and bank 1,522,600 (2,505,100 - 1,102,500 + 120,000)
1,626,400
Total Assets 4,805,958

Equity and liabilities

Share capital 672,600
Retained earnings 3,359,558 (3,076,875 + Profit FTY - dividend)
Revaluation surplus 518,000
4,550,158

Liabilities
Trade and other payable 199,800 (31,650 + 168,150 (Div))
Tax payable 56,000 Recorded by us
255,800
Total Equity and liabilities 4,805,958

Difference -

Working 1:
Calculating IRR:

Face Value 1,000,000

Premium 50,000
Fair value 1,050,000
Tr Cost 5% 52,500
(1,102,500)
1 120,000
2 120,000
3 1,120,000
8.0211%

Year Opening Interest Cash Closing

1 1,102,500 88,433.06 (120,000) 1,070,933
2 1,070,933 85,901.03 (120,000) 1,036,834
3 1,036,834 83,165.91 (120,000) 1,000,000

By Akash Mukesh Kumar, ACA

IAS 1- solutions

Working 2:

Date Particulars DR CR
Trade and other reeivable 15,000
31-Dec-18 Exchange gain 15,000
(USD 1,000 x 15)

Working 3:
Date Particulars DR CR
Intangibles 16,000
31-Dec-18 Other Operating exp 16,000
( 24,000 / 9 x 6)

By Akash Mukesh Kumar, ACA

 Statement of Profit and Loss
For the year ended 31 December 2017
Notes 2017
Sales - net 3,304
Cost of sales (W1) (2,533)
Gross profit 771
Selling and distribution (175)
Administrative expenses (342)
Operating Profit 254
Other income 20
Profit before tax 274
Taxation (75)
Profit for the year 199

Statement of Financial Position

For the year ended 31 December 2017
Notes 2017
Assets
Non-current assets
Property, plant and equipment 1,912 (2,830 - 918 )
Intangible assets 21 ( 26 - 5 )
Total Non-current assets 1,933

Current assets
Stock-in-trade (W1) 127
Trade and other receivables 189
Cash and bank balances 91 ( 89 + 2 )
407
Total Assets 2,340

Equity and Liabilities

Equity and reserves
Share capital 400
Retained earnings 1,761 ( 1,562 + 199 )
Total Share holders' equity 2,161

Non-current liabilities
Long-term borrowings 12 ( 18 / 3 x 2)

Current liabilities
Trade and other payable 86
Current portion of Long-term borrowings 6 ( 18 / 3 x 1)
Current tax payable 75
167
Total Equity and Liabilities 2,340
W1: Cost of sales
Opening 118
Purchases 2,542
TGAFS 2,660
Closing Stock (127)
2,533
Question 2:
Statement of Profit and Loss
For the year ended 31 December 2017
Notes 2017
Sales - net 1,740
Cost of sales (W1) (155)
Gross profit 1,585
Administrative expenses (W2) (683)
Other operating expenses (338) Consult + Sundry
Profit before tax 564
Taxation (120)
Profit for the year 444

Statement of Financial Position

For the year ended 31 December 2017
Notes 2017
Assets
Non-current assets
Property, plant and equipment (W3) 368 (2,830 - 918 )
Intangible assets (W3) 40 ( 26 - 5 )
Total Non-current assets 408

Current assets
WIP (W1) 15
Stock-in-trade (W1) 180
Trade and other receivables (W4) 399
Cash 440 ( 89 + 2 )
1,034
Total Assets 1,442

Equity and Liabilities

Equity and reserves
Share capital 600
Retained earnings (W5) 440
1,040
Revaluation reserves 120
Total Share holders' equity 1,160
Current liabilities
Trade and other payable 162 (92+70)
Current tax payable 120
282
Total Equity and Liabilities 1,442

W1: Cost of sales

WIP
Op 125 Stock in trade 180
Expendi 70

Cl 15

Stock in trade
Op 155 COGS 155
WIP 180

cl 180

W2: Administrative expenses

Salaries 360
Staff cost 260
Dep/Amort (W3) 42
Provision (W4) 21
683

W3: Depreciation and amortization

Patent Building Computer Total

Cost 60 300 50 410
Accumulated Dep - (60) (20) (80)
60 240 30 330
Revaluation - 120 - 120
Amortization/Dep (20) (12) (10) (42)
Bal at 31 Dec 40 348 20 408

Cost 60 420 50 530

Accumulated (20) (72) (30) (122)
40 348 20 408
W4:Receivable

Receivalbe 420
Provision 5% (21)
399

W5:Retained Earnings

Opening 121
Profit for the year 444
Dividend (125)
440

Question 3:
Aunty limited
Statement of Profit and Loss
For the year ended 31 August 2015

Notes 2015
Sales - net 30,000
Cost of sales 2 (19,650)
Gross profit 10,350
Selling and distribution 3 (1,370)
Administrative expenses 4 (1,930)
Profit from operations 7,050
Finance Cost (350)
Profit before tax 6,700
Taxation 5 (2,500)
Profit for the year 4,200

Aunty limited
Statement of Financial Position
As at 31 August 2015

Notes 2015
Assets
Non-current assets
Property, plant and equipment 1 39,600

Current assets
Inventories 4,600
Trade receivables 7,400
Prepayments 200
Cash and bank balances 700
12,900
Total Assets 52,500
Equity and Liabilities
Equity and reserves
Share capital 21,000
Share premium 2,000
Accumulated profit 14,500 (14,000 - 2,500 + 3K )
Total Share holders' equity 37,500
Revaluation reserves 2,000
Total Capital and reserves 39,500

Current liabilities 5,300

Current tax payable 5 2,500
7,800

Non-current liabilities
8% debentures 5,200
Total Equity and Liabilities 52,500

Aunty Limited
Note to the financial statemetns
For the year ended August 31, 2015

1 Property, plant and equipment

Plant & Fixtures and
Land Building CWIP Total
machinery fittings
Cost 10,000 9,000 20,100 10,000 400 49,500
Acc Dep - (3,000) (4,000) (3,700) - (10,700)
BV 10,000 6,000 16,100 6,300 400 38,800

Additions - - - - 50 50
Disp/Trans - - 450 - (450) -
Depreciation - (1,000) (2,550) (700) - (4,250)
Revaluation 1,000 4,000 - - - 5,000
BV closing 11,000 9,000 14,000 5,600 - 39,600

Cost 11,000 13,000 20,550 10,000 - 54,550

Acc Dep - (4,000) (6,550) (4,400) - (14,950)
BV 11,000 9,000 14,000 5,600 - 39,600

2015
1.1 Allocation of depreciation
Cost of sales 3,260
Administration 990
4,250
 2 Cost of sales 2015

Cost of goods sold 13,100

Depreciation (1,000 x 50%) + 2,550 + ( 700 x 30% ) 3,260
Staff Cost (4,700 x 70%) 3,290
19,650

3 Selling and distribution 2015

Selling and distribution 900

Salaries (Staff cost) (4,700 x 10%) 470
1,370

4 Administrative expenses 2015

Salaries (4,700 x 20%) 940

Depreciation (1,000 x 50% ) + ( 700 x 70% ) 990
1,930

5 Taxation 2015

Income tax FTY 2,100

Under provision 400
2,500

Question 4:
Uncle limited
Statement of Profit and Loss
For the year ended 31 March 2015

Notes 2015
Sales - net 2,010
Cost of sales 1 (950)
Gross profit 1,060
Selling and distribution (420)
Administrative expenses (210)
Profit from operations 430
Other operating expenses (16)
Other income 75
Profit before tax 489
Taxation 2 (49)
Profit for the year 440
 Uncle limited
Statement of Financial Position
As at 31 March 2015

Notes 2015
Assets
Non-current assets
Property, plant and equipment 530
Non-current investments 560
1,090

Current assets
Inventories 150
Trade receivables 470
620
Total Assets 1,710

Equity and Liabilities

Equity and reserves
Share capital 600
Accumulated profit 500 ( 180 + 440 - 120 )
Total Share holders' equity 1,100
Total Capital and reserves 1,100

Current liabilities
Trade payable 260
Provision 196 ( 180 + 16 )
Bank OD 80
Current tax payable 2 74
610
Total Equity and Liabilities 1,710

Uncle Limited
Note to the financial statemetns
For the year ended March 31, 2015

1 Cost of sales 2015

Opening 140
Purchases 960
Closing (150)
950
 2 Taxation 2015

Over provision rerversal (25)

For the year charge 74
49

Question 5:
Babu bhai k choley limited
Statement of Profit and Loss
For the year ended 30 September 2015

Notes 2015
Sales - net 338,300
Cost of sales 2 (180,000)
Gross profit 158,300
Operating expenses (36,600) ( Given + Rental )
Profit from operations 121,700
Finance Cost W1 (4,700) ( 3,000 + 1700 )
Other income 2,000
Profit before tax 119,000
Taxation 4 (21,000)
Profit for the year 98,000

Babu Bhai k Choley Limited

Statement of Financial Position
As at 30 September 2015

Notes 2015
Assets
Non-current assets
Property, plant and equipment 1 338,000
Investments 92,400
430,400

Current assets
Inventories 23,700
Trade receivables 76,400
Cash and bank balances 12,100
112,200
Total Assets 542,600
Equity and Liabilities
Equity and reserves
Share capital 280,000
Share premium 20,000
Retained earnings 117,300 (19,300 + 98,000 )
Total Capital and reserves 417,300

Non-current liabilities
8% Loan notes W1 51,500
Deferred tax 3 23,000
Obligation under finance lease W3 11,700
86,200

Current liabilities
Trade payable 14,100
Accrued finance cost of lease W3 1,700
Obligation under finance lease - current portion W3 5,300
Tax payable 4 18,000
39,100

Total Liabilities 125,300

Total Equity and Liabilities 542,600

Babu Bhai k Choley Limited

Note to the financial statemetns
For the year ended September 30, 2015

1 Property, plant and equipment

1.1 Owned Assets

Lease hold
Plant and equipment Total
property
Cost 197,000 250,000 447,000
Acc Dep (47,000) (40,000) (87,000)
BV 150,000 210,000 360,000

Depreciation (30,000) (10,000) (40,000)

BV closing 120,000 200,000 320,000

Cost 197,000 250,000 447,000

Acc Dep (77,000) (50,000) (127,000)
BV 120,000 200,000 320,000
20% WDV 25 Years Straight
 1.2 Leased assets

Vehicles
Cost -
Acc Dep -
-

Additions 24,000 Fair value at commencement

Depreciation (6,000)
Closing 18,000

2 Cost of sales
Note
Cost of goods sold 134,000
Depreciation 1 46,000 Leases + Owned
180,000

3 Deferred taxation
Opening 20,000
Deferred tax expense 3,000
Closing 23,000 ( 92,000 x 25% )

4 Taxation
Provision for the year 18,000
DTE 3 3,000
21,000

Workings
1 Loan notes and finance cost

Opening 50,000
Add: Interest 6% 3,000
Paid (1,500)
Closing 51,500

2 Lease adjustments:

Rental 8,600
Rental rel to FL (7,000)
1,600 Rental related to operating lease

3 Finance lease obligation

Opening Interest Cash Principle Closing
0 24,000 - (7,000) (7,000) 17,000
1 17,000 1,700 (7,000) (5,300) 11,700
Entries:

To be made
Particulars DR CR
ROUA 24,000
Cash 7,000
Obligation under FL 17,000

Particulars DR CR
Rental Exp 1,600
Cash 1,600

Particulars DR CR
Interest Exp 1,700
Interest Payable 1,700

Particulars DR CR
Depreciation expense 6,000
ROUA 6,000

Made
Particulars DR CR
Rental - ajeeb sa account 8,600
Cash 8,600

Adjusting Entry
Particulars DR CR
Rental Expense 1,600
ROUA 24,000
Rental of vehicle 8,600
Obligation under FL 17,000

Adjusting Entry
Particulars DR CR
Depreciation 6,000
Interest Exp 1,700
ROUA 6,000
Interest Payable 1,700
 Gullu butt Limited
Statement of Profit and Loss
For the year ended 30 September 2015

Notes 2015
Sales - net ( 300,000 - 2500 (W1) ) Legal 297,500
Cost of sales Claim 5 (223,900)
Gross profit 73,600
Selling and distribution cost (14,500)
Adminitration cost (22,200 - 400 + 100 (Adj iii) ) (21,900)
Other expenses (1,500) Loss on disposal
Profit from operations 35,700
Finance Cost W1 (1,000)
Profit before tax 34,700
Taxation 4 (11,600)
Profit for the year 23,100

Gullu Butt limited

Statement of Financial Position
As at 30 September 2015
Notes 2015 Outcome of the legal
Assets action against Gullu
Non-current assets Limited is unlikely to
Property, plant and equipment 1 81,400 succeed (only a 20%
Intangibles 2 14,800 chance) it is inappropriate
96,200 to provide for any

Current assets
Inventories 20,000
Trade receivables 43,100
63,100
Total Assets 159,300

Equity and Liabilities

Equity and reserves
Share capital 70,000
Retained earnings 41,600 (24,500 + 23,100 - 6,000 )
Total equity 111,600
Revaluation reserve 5,500 (10,000 - 4,500 )
Total Capital and reserves 117,100
Non-Current liabilities
Deferred tax 3 6,000
Current liabilities
Trade payable 23,400
Provision against legal claim 100
Tax payable 4 11,400
 Bank OD 1,300
36,200
Total Liabilities 42,200
Total Equity and Liabilities 159,300
Gullu Butt Limited
Note to the financial statemetns
For the year ended September 30, 2015

1 Property, plant and equipment

1.1 Owned Assets

Plant and
Lease hold property Total
Equi
Cost 50,000 76,600 126,600
Acc Dep - (24,600) (24,600)
BV 50,000 52,000 102,000

Disposal - (4,000) (4,000)

Depreciation (2,500) (9,600) (12,100)
Reval Deficit (4,500) - (4,500)

BV closing 43,000 38,400 81,400

Cost 45,500 68,600 114,100

Acc Dep (2,500) (30,200) (32,700)
BV 43,000 38,400 81,400
20 years rem 20%

Asset disposal working:

Entry made
Particulars DR CR
Cash 2,500
Sales 2,500

To be made
Particulars DR CR
Accumulated depreciation 4,000
Cash 2,500
Loss on disposal 1,500
Asset 8,000

Adjusting entry
Particulars DR CR
Sales 2,500
Accumulated Dep 4,000
Loss on disposal 1,500
Asset 8,000
 2 Intangibles

Development

Cost 20,000
Acc Amort (6,000)
BV 14,000

Addition 4,800
Amortization (4,000)
14,800

Note: development costs can only be treated as an asset from the point where they
meet the recognition criteria in IAS 38 Intangible assets. Thus development costs from
1 April to 30 September 2015 of Rs.4·8 million (800 x 6 months) can be capitalised.
These will not be amortised as the project is still in development.
The research costs of Rs.1·4 million plus three months’ development costs of Rs.2·4
million (800 x 3 months) (i.e. those incurred before 1 April 2015) are treated as an
expense.

3 Deferred Taxation Notes

Opening 5,800
DTE (Bal Figure) 200
Closing Req 6,000

4 Taxation

Provision FTY 11,400

DTE 3 200
11,600

5 Cost of sales
Note
Cost of goods sold 204,000
Depreciation - ppe 1 12,100
Amort - Intangible 2 4,000
Research and Dev 3,800 ( 8,600 - 4,800 (W2) )
223,900
 Majnu bhai limited
Statement of Profit and Loss
For the year ended 30 June 2017

Notes 2017
Sales - net (472.5 - 27 ) 445.50
Cost of sales 4 (250.73)
Gross profit 194.78
Selling and distribution cost 6 (20.05)
Adminitration cost 5 (40.38)
Other expenses (loss due to fraud) (30.00)
Profit from operations 104.35
Finance Cost 7 (9.10)
Profit before tax 95
Taxation 3 (19.50)
Profit for the year 75.75

Majnu bhai limited

Statement of Financial Position
As at 30 June 2017
Notes 2017
Assets
Non-current assets
Property, plant and equipment 351.00 ( (168.6 - 48.6) + 231 (W1) )
Intangibles 8.00 ( 20 - 12 )
359

Current assets
Inventories 64.50 ( 42 + 22.5 (Adj) )
Trade receivables 39.00 ( 66 - 27 (adj) )
103.50
Total Assets 462.50

Equity and Liabilities

Equity and reserves
Share capital 120.00
Retained earnings 87.20 (10.2 + 75.75 (Profit) + 1.25 (W1)
Total equity 207.20
Revaluation reserve 41.25
Total Capital and reserves 248.45
Non-Current liabilities
Reedemable Preference shares 40.00
Debentures 80.00
Deferred tax 2 9.00
129.00
Current liabilities
Trade payable 30.40
Accrued expenses 16.20
Interest Payable 7 8.80
Tax payable 3 16.50
Bank OD 13.25
85.15
Total Liabilities 214
Total Equity and Liabilities 462.60

Majnu bhai Limited

Note to the financial statemetns
For the year ended June 30, 2017

W1 Property, plant and equipment

Lease hold property:

Accumulated Dep 40.25

Dep Charged (5.75) (230/40 )
Acc dep Opening 34.50

Cost 230.00
Acc Dep op (34.50) Remaining Life:
Opening WDV 195.50 ( 40.25 / 5.75 ) = 7 years
Revalued Amount 238.00 Total Life 40
Revaluation 42.50 30-Jun-17 33 Life
1 Year 2017
Life at op 34 Remaining
Correct Dep, Reval surplus and Carrying amount:
CA - opening (Correct) 238.00
Depreciation (7.00)
CA - Closing (Correct) 231.00

RS FTY 42.50
Excess Dep (1.25) ( 7 - 5.75 )
Reval Surplus Closing 41.25

Adjusting entries
Particulars DR CR
Accumulated Dep 5.75
50% manufacturing 2.88
30% Admin 1.73
20% Selling 1.15
 Adjusting entries
Particulars DR CR
Lease Hold 42.50
RS 42.50

Adjusting entries
Particulars DR CR
Depreciation 7.00
RS 1.25
Retained earnings 1.25
Acc Dep 7.00

Alllocation of Dep
Particulars DR CR
Cost of sales 3.50
Administration 2.10
Selling and distribution 1.40
Depreciation 7.00

Sales Reversal
Adjusting entries
Particulars DR CR
Inventory 22.50
Sales 27
Receivable 27
COGS 22.50

2 Deferred Taxation Notes

Opening 6.00
DTE (Bal Figure) 3.00
Clsoing req 9.00 30 X 30%

3 Taxation

Provision FTY 16.50

DTE 3 3.00
19.50
4 Cost of sales
Note
Opening 38.90
Add: Purchases 175.70
Closing (42 + 22.50 ) (64.50) 150.10
Add: Allocated cost
Prodcution 61.00
Manufac overheads 39.00
Depreciation (W1) 3.50
Depreciation inccorectly charged (2.88)
250.73

5 Admin Expenses

Given 40.00
Incorrectly charged Dep (1.73)
To be charged Dep 2.10
40.38

6 Distribution expense

Given 19.80
Incorrectly charged Dep (1.15)
To be charged Dep 1.40
20.05

7 Financial charges
Given in TB 0.30
Debentures ( 80 x 12% x 6 / 12 ) 4.80 Payable
Redeemable pref shares (40 x 10% ) 4.00 Payable
9.10
 Bahubali limited
Statement of Profit and Loss
For the year ended 30 Sept 2010

Notes 2017
Sales - net (3,631,700 - 132,000) 3,499,700 Adjusting entries
Cost of sales 7 (1,895,298) Particulars DR CR
Gross profit 1,604,402 Sales 132,000
Selling and distribution cost 2 (474,810) Unearned Rev 132,000
Adminitration cost 3 (250,842)
Other expenses 4 (444,689)
Profit from operations 434,061.11
Other income 4 5,000.00
Profit before tax 439,061
Taxation 6 (132,000)
Profit for the year 307,061

Bahubali limited
Statement of Financial Position
As at 30 Sept 2010
Notes 2017
Assets
Non-current assets
Property, plant and equipment 1 1,613,520
Intangibles 9 111,111
1,724,631

Current assets
Inventories 7 63,230.00
Trade receivables 456,900
Prepayments 4 11,500.00
Cash and bank 8 15,530
547,160.00
Total Assets 2,271,791

Equity and Liabilities

Equity and reserves
Share capital 500,000
Retained earnings 354,391 (147,330 + Profit - 100,000 Dividend)
Total equity 854,391
Revaluation reserve 1 800,000
Total Capital and reserves 1,654,391

Current liabilities
Trade payable 258,500
Accrued expenses 3 16,000
Unearned Revenue 132,000 Adjustment
Tax payable (78,900 + 132,000 (N6)) 210,900
617,400
Total Liabilities 617,400
Total Equity and Liabilities 2,271,791
Bahubali Limited
Note to the financial statemetns
For the year ended September 30, 2010

1 Property, plant and equipment

Plant and
Land Building Total
machinery
Cost 150,000 550,000 456,400 1,156,400
Acc Dep - (100,000) (164,500) (264,500)
150,000 450,000 291,900 891,900
Revaluation 650,000 150,000 - 800,000
Depreciation - (20,000) (58,380) (78,380)
Book value closing 800,000 580,000 233,520 1,613,520

1.1 Depreciation allocation

Admin 31,352
Cost of sales 47,028
78,380

2 Selling and distribution

Salaries (678,300 x 70% ) 474,810

3 Administration expesnes
Notes
Salaries (678,300 x 30% ) 203,490.0
Depreciation 1.1 31,352
Accrued sales staff bonus 16,000
250,842

4 Other expenses

Given 567,300
Prepaid expenses (7,500)
Tax payment wrongly charged (140,000) Liab 145,000
Amortization 9 13,889 Other exp 140,000
Operating lease 5 11,000 Oher income 5,000
444,689

5 Lease payment
Payment as per TB 15,000
Avg Expense (10,000x5) + 5,000 / 5 ) (11,000)
Prepaid 4,000
6 Taxation

Provision FTY 132,000

132,000.00

7 Cost of sales
Note
RM Opening 33,500
Purhases 1,857,900
Less: Closing (4,000 x 11) (44,000)
Used in FG 1,847,400
Add: Opening FG 20,100
Less: Closing (W1) 93.3 x 1,000 (19,230)
Cost of sales 1,848,270
Add: Allocated cost
Depreciation 1.1 47,028
1,895,298