Professionals Legacy Private Limited
Chart of Accounts
For the year 30 June2024
Account Categories Subaccounts Label-Financial Statement
Assets Noncurrent assets Balance Sheet
Liabilties Current Assets Balance Sheet
Equity Noncurrent Liabilities Balance Sheet
Expenses Current liabilities Balance Sheet
Revenue Equity Balance Sheet
Expense Income Statement
Revenue Income Statement
Sale Return
Individual Account Sub account
Cash Current Assets
Equity Equity
Bank Current Assets
Inventory Current Assets
Mega Mart- Vendor Current liabilities
Sales Revenue
Mr Rehman-Customer Current Assets
Office Supplies Expense
Entertainment Expenses Expense
Computer Noncurrent assets
Salaries Expense
Rent Expense
Cost of Goods Sold Expense
Tax Expense
Government Current liabilities
Professionals Legacy Private Limited
Chart of Accounts
For the year 30 June2024
Date Description Account Debit Credit
1-Jul-23 Established business Cash 5,000,000
1-Jul-23 Established business Equity 5,000,000
2-Jul-23 Deposited cash Bank 1,500,000
2-Jul-23 Deposited cash Cash 1,500,000
5-May-23 Inventory purchased Inventory 750,000
5-May-23 Inventory purchased Mega Mart- Vendor 750,000
7-Jul-23 Inventory purchased Inventory 500,000
7-Jul-23 Inventory purchased Bank 500,000
10-Jul-23 Sold Inventory Mr Rehman- 800,000
10-Jul-23 Sold Inventory Sales 800,000
14-Jul-23 Sold Inventory Cash 425,000
14-Jul-23 Sold Inventory Sales 425,000
15-Jul-23 Inventory Adjusment Cost of Good 290,000
15-Jul-23 Inventory Adjusment Inventory 290,000
15-Jul-23 Inventory Adjusment Cost of Good 200,000
15-Jul-23 Inventory Adjusment Inventory 200,000
16-Jul-23 Expenses Incurred Office Suppli 45,000
16-Jul-23 Expenses Incurred Bank 45,000
18-Jul-23 Entertainment expenses Entertainme 70,000
18-Jul-23 Entertainment expenses Bank 70,000
27-Jul-23 Purchased computer Computer 250,000
27-Jul-23 Purchased computer Bank 250,000
1-Aug-23 Salaries paid Salaries 110,000
1-Aug-23 Salaries paid Bank 110,000
2-Aug-23 Rent paid Rent 35,000
2-Aug-23 Rent paid Bank 35,000
2-Aug-23 Tax Working Adjusment Tax 142,500 0
2-Aug-23 Government 142,500
Entries
1-Started Business with 5
Details/Comments 2-Deposited 1500,000 in
Started Business with 5000,000 with Cash on 1st July'23 3-Inventory purchased of
Started Business with 5000,000 with Cash on 1st July'23 4-Inventory of purcahsed
Deposited 1500,000 in bank on 2nd july'23 5-Sold inventory on credit
Deposited 1500,000 in bank on 2nd july'23 6-Sold inventory on cash
Inventory purchased of 750,000 on Mega march on 5thy May'23 7-Expenses incurred in offi
Inventory purchased of 750,000 on Mega march on 5thy May'23 8-Entertainement Expens
Inventory of purcahsed 500,000 from multimedia on 7th july 9-Computer purchased fo
Inventory of purcahsed 500,000 from multimedia on 7th july 10-salary paid on 1st aug
Sold inventory on credit to Mr Rehman of 400000 on 10july'23 11-rent paid to mr abbas
Sold inventory on credit to Mr Rehman of 400000 on 10july'23
Sold inventory on cash of 300,000 on 14thy July'23
Sold inventory on cash of 300,000 on 14thy July'23
Expenses incurred in office of 45000 on 16th July'23
Expenses incurred in office of 45000 on 16th July'23
Entertainement Expenses incurred in office of 70000 on 18th July'23
Entertainement Expenses incurred in office of 70000 on 18th July'23
Computer purchased for 250,000 on 27th july
Computer purchased for 250,000 on 27th july
salary paid on 1st auguest 110,000
salary paid on 1st auguest 110,000
-Started Business with 5000,000 with Cash on 1st July'23
-Deposited 1500,000 in bank on 2nd july'23
-Inventory purchased of 750,000 oncredit Mega march on 5thy May'23
-Inventory of purcahsed 500,000 from multimedia on 7th july
-Sold inventory on credit to Mr Rehman of 400000 on 10july'23
-Sold inventory on cash of 300,000 on 14thy July'23
-Expenses incurred in office of 45000 on 16th July'23
-Entertainement Expenses incurred in office of 70000 on 18th July'23
-Computer purchased for 250,000 on27th july
0-salary paid on 1st auguest 110,000
1-rent paid to mr abbas on 2ng aug 35000
Ledger
Inventory
Date Account Sum of Debit Sum of Credit
5-May-23 Inventory 750,000
7-Jul-23 Inventory 500,000
15-Jul-23 Inventory 490,000
Grand Total 1,250,000 490,000
Sum of Balance
750,000 This shape represents a slicer. Slicers
500,000 are supported in Excel 2010 or later.
-490,000
760,000 If the shape was modified in an
earlier version of Excel, or if the
workbook was saved in Excel 2003
or earlier, the slicer cannot be used.
Ledger
Trial Balance
Account Sum of Debit Sum of Credit Sum of Balance
Bank 1,500,000 1,010,000 490,000
Cash 5,425,000 1,500,000 3,925,000
Computer 250,000 250,000
Entertainment Expenses 70,000 70,000
Equity 5,000,000 -5,000,000
Inventory 1,250,000 490,000 760,000
Mega Mart- Vendor 750,000 -750,000
Mr Rehman-Customer 800,000 800,000
Office Supplies 45,000 45,000
Rent 35,000 35,000
Salaries 110,000 110,000
Sales 1,225,000 -1,225,000
Cost of Goods Sold 490,000 490,000
Tax 142,500 0 142,500
Government 142,500 -142,500
Grand Total 10,117,500 10,117,500 0
Subaccounts Label to FS
Current Assets Balance Sheet
Current Assets Balance Sheet
Noncurrent assets Balance Sheet
Expense Income Statement
Equity Balance Sheet
Current Assets Balance Sheet
Current liabilities Balance Sheet
Current Assets Balance Sheet
Expense Income Statement
Expense Income Statement
Expense Income Statement
Revenue Income Statement
Expense Income Statement
Professionals Legacy Private Limited
Income Statement
For the year 30 June2024
Revenue Amount -PKR
Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Office Supplies -45,000
Rent -35,000
Salaries -110,000
Entertainment Expenses -70,000
Operating Profit
Tax-30%
Net Profit
Amount -PKR
1,225,000
-490,000
735,000
-260,000
475,000
142500
332,500
Professionals Legacy Private Limited
Balance Sheet
as at 30 June2024
Assets
Non-Current Assets
Computer
Total Non-current assets
Current Assets
Bank 490,000
Cash 3,925,000
Inventory 760,000
Mr Rehman-Customer 800,000
Total Current Assets
Total Assets
Liabilities & Equity
Non Current Liabilities
Total Non current Liabilities
Current Liabilities
Mega Mart- Vendor 750000
Government 142500
Total Current Liabilities
Equity
Equity 5000000
Net income 332,500
Total Equity
Total Liabilities and equity
Check
Amount PKR
250,000
250,000
5,975,000
6,225,000
892500
5,332,500
6225000
0
Professionals Legacy Private Limited
Cashflow Statement
as at 30 June2024
Cash flow from Operating Activities
Net profit 332,500
Workings:
1:Non Cash Expenses
Depreciation
2:Changes in working Capital
WC=CA-CL
Assets Increase Cash outflow Minus
Assets Decrease Cash Inflow Add
Liab Increase Cash Inflow Add
Liab Derease Cash Outflow Minus
