5 The following figures relate to the trading activities of ABC Ltd. for the year ended as on 31 March 2012: Sales Rs.10,00,000; Purchases Rs 7,00,000; Opening stock Rs 1,10,000; Closing stock Rs 1,40,000, Sales return Rs 40,000; Selling and distribution expenses: (a) Salaries Rs 18,000; (b) Advertising Rs 7,000; (c) Travelling Rs 5,000; Administrative expenses; (a) Salaries Rs 30,000; (b) Rent Rs 6,000; (c) Stationery, Postage etc., Rs 2,000; Depreciation Rs 10,000; Other Charges Rs 20,000; Provision Taxation Rs 70,000. Non-operating Incomes: (a) Dividend Received Rs 12,000 (b) Profit on sale of fixed assets Rs 6,000. Non-operating expense: Loss on sale of shares Rs 3,000. You are required to rearrange the figures in a form suitable for analysis. 10 Marks
Solution: INCOME STATEMENT
| RS | RS | ||||
| Less: | Gross SalesSales Returns
Net Sales for the Year
|
(1) |
10,00,00040,000 |
9,60,000 |
|
| Less: | Cost of SalesOpening Stock | (2) | 1,10,000
7,00,000 |
||
| Add: | Purchases | ||||
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