ADJUSTED TRIAL BALANCE
ACCOUNT NO ACCOUNT TITLE DEBIT CREDIT
1 Cash 70,000
2 Notes Receivable 60,000
3 Accounts Receivable 110,000
4 Interest Receivable 1,700
5 Opening Stock 120,000
6 Prepaid Wages 15,000
7 Supplies 21,000
8 Furniture 80,000
9 Drawing 20,000
10 Purchases 850,000
11 Wages Expense 161,600
12 Rent Expense 50,000
13 Interest Expense 4,000
14 Supplies Expense 10,000
15 Depreciation Expense 5,000
16 Closing Stock 85,000
17 Allowance for Depreciation (Furniture) 21,000
18 Notes Payable 140,000
19 Wages Payable 6,600
20 Unearned Interest Income 1,500
21 Closing Stock (COGS) 85,000
22 Capital 270,000
23 Sales 1,020,000
24 Interest Income 3,200
25 Accounts Payable 116,000
TOTAL 1,663,300 1,663,300
STATEMENT OF FINACIAL PERFORMANCE
For the year ended Dec 31,2024
Rupees Rupees
Sales 1,020,000
Sales Returns -
Sales Discount - -
Net Sales 1,020,000
LESS: COST OF GOODS SOLD
Opening Stock 120,000
Purchases 850,000
Purchase Returns -
Purchase Discount -
Transportation In - 850,000
Goods available for sale 970,000
Closing Stock (COGS) (85,000) (885,000)
Gross Profit 135,000
LESS: SELLING & ADMIN EXP
Wages Expense 161,600
Rent Expense 50,000
Supplies Expense 10,000
Depreciation Expense 5,000 (226,600)
Operating Profit (91,600)
ADD: OTHER INCOME
Interest Income 3,200 3,200
Profit before Interest & Tax (88,400)
LESS: OTHER EXPENSE
Interest Expense 4,000 (4,000)
Profit before Tax (92,400)
LESS: TAXATION
Tax Provision for the year -
Prior year Adjusments -
Deffered Tax - -
Net Loss after Tax (92,400)
STATEMENT OF FINANCIAL POSITION
AS ON DEC 31,2024
ASSETS RUPEES
NON-CURRENT ASSETS
Furniture 80,000
Allowance for Depreciation (Furniture) (21,000) 59,000
CURRENT ASSETS
Cash 70,000
Notes Receivable 60,000
Accounts Receivable 110,000
Interest Receivable 1,700
Prepaid Wages 15,000
Supplies 21,000
Closing Stock 85,000
TOTAL ASSETS 421,700
OF FINANCIAL POSITION
N DEC 31,2024
EQUITIES + LIABILITIES RUPEES
OWNER'S EQUITY
Capital 270,000
Net Loss after Tax (92,400)
Drawing (20,000) 157,600
LIABILITIES
Accounts Payable 116,000
Notes Payable 140,000
Wages Payable 6,600
Unearned Interest Income 1,500
TOTAL EQUITIES & LIABILITIES 421,700
