STAGE 1 WINTER 2010 Q6 FFA

Cash 30,000
Accounts receivable 45,000
Furniture & fixture 60,000
Office equipment 40,000
Inventory (1-7-2009) 35,000
Purchases 205,000
Carriage-in 5,500
Office supplies expense 2,500
Discount allowed 7,500
Allowance for doubtful debts 2,000
A. Rahman s drawing 15,000
Prepaid office rent expense 5,000
Prepaid insurance 2,500
Salaries expense 25,000
Accounts payable 22,500
Sales revenues 327,500
Purchase returns and allowances 10,000
A. Rahman, Capital 120,000

480,000 480,000

A. Rahman Traders
Income Statement
For the year ended June 30, 2010

Sales 327,500
Less: Discount Allowed 7,500
Net Sales 320,000
Less: Cost of Goods Sold
Inventory (1-7-2009) 35,000
Add: Net Purchases
Purchases 205,000
Less: Purchase Return (10,000)
Add: Carriage in 5,500
Net Purchases 200,500
Cost of Goods Available for Sale 235,500
Less: Inventory (30-6-2009) 15,000
Cost of Goods Sold 220,500
Gross Profit 99,500
Less: Operating Expenses
Salaries Expense(25000+10000) 35,000
Office Supplies Expense(2500-1000) 1,500
Bad Debts Expense 7,000
Depreciation Expense(12000+4000) 16,000
Insurance Expense 1,500
Rent Expense(5000-2000) 3,000
64,000
Net Profit 35,500

KHALID AZIZ
0322-3385752
STAGE 1 WINTER 2010 Q6 FFA

A. Rahman Traders
Statement of Financial Position
As on 30-6-2010

Assets

Current Assets

Cash 30,000
Accounts receivable 45,000
Less: Allowance for Bad Debts 5,000
40,000
Inventory(30-6-2010) 15,000
Office Supplies 1,000
Prepaid Rent 2,000
Prepaid Insurance 1,000
Total Current Assets 89,000

Fixed Assets

Furniture & Fixtures 60,000

Less: Allowance for Depreciation 12,000 48,000

Office Equipment 40,000

Less: Allowance for Depreciation 4,000 36,000

84,000
Total Assets 173,000

Equities

Liabilities

Current Liabilities

Accounts payable 22,500

Accrued Salaries 10,000
32,500
Owner's Equity
A.Rahman Capital 120,000
Less: A.Rahman's Drawing (15,000)
Add: Net Profit 35,500
140,500

Total Equities 173,000

KHALID AZIZ
0322-3385752
STAGE 1 WINTER 2010 Q6 FFA

JOIN KHALID AZIZ

COACHING CLASSES
ICMAP STAGE 1,2,3 & 4

KHALID AZIZ
0322-3385752