PCC - Financial Statements 2013 - Final by Rashid

PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Balance Sheet
As at June 30, 2013
2013 2012
Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share capital
7
8,305,000 8,305,000
Capital reserve 1,039,496 1,039,496
Accumulated loss (13,793,170) (10,808,041)
Total equity (4,448,674) (1,463,545)
Liabilities
CURRENT LIABILITIES
Loan from directors -unsecured
8
3,828,503 2,863,503
Short term borrowings 9 19,561,659 18,814,826
Trade and other payables 10 4,987,554 5,743,927
Accrued mark-up 11 531,476 547,782
Taxation 808,904 778,624
Total current liabilities 29,718,096 28,748,662
Total equity and liabilities 25,269,422 27,285,117
CONTINGENCIES AND COMMITMENTS
12
The annexed notes 1 to 31 form an integral part of these financial statements.
Note
CHIEF EXECUTIVE DIRECTOR
Balance Sheet
As at June 30, 2013
2013 2012
Rupees Rupees
Note
ASSETS
NON CURRENT ASSETS
Property, plant and equipment
13
1,071,684 1,293,350
Long term deposits
14
223,780 228,780
Total non-current assets 1,295,464 1,522,130
CURRENT ASSETS
Stores, spare parts and loose tools
15
209,431 169,235
Stock in trade
16
10,949,891 10,295,425
Loans and advances
17
47,164 508,903
Trade deposits and short term prepayments
18
71,528 68,624
Other receivables
19
- 263,646
Tax refunds due from Government
20
3,887,005 3,332,258
Trade debts
21
8,785,185 11,091,802
Cash and bank balances
22
23,754 33,094
Total current assets 23,973,958 25,762,987
Total assets 25,269,422 27,285,117
Profit and Loss Account
For the year ended June 30, 2013
2013 2012
Rupees Rupees
Sales 23 33,394,117 27,481,990
Cost of sales 24 (26,237,484) (24,201,527)
Gross profit 7,156,633 3,280,463
Administrative and general expenses 25 (4,901,975) (4,019,760)
Distribution Cost 26 (2,007,596) (1,499,888)
Operating Profit / (loss) 247,062 (2,239,185)
Finance cost 27 (2,548,710) (2,469,955)
Other operating income 28 102,009 81,900
Gain on sale of property, plant and equipment 29 23,414 -
Loss before taxation (2,176,225) (4,627,240)
Taxation (808,904) (778,624)
Loss after taxation (2,985,129) (5,405,864)
Accumulated loss brought forward (10,808,041) (5,402,177)
Accumulated loss carried to balance sheet (13,793,170) (10,808,041)
Note
Statement of Comprehensive Income
2013 2012
Rupees Rupees
Loss for the year (2,985,129) (5,405,864)
Other comprehensive income for the year - -
Total comprehensive loss for the year (2,985,129) (5,405,864)
Note
Statement of changes in equity
Rupees Rupees Rupees Rupees
Balance as at June 30, 2011 8,305,000 1,039,496 (5,402,177) 3,942,319
Total comprehensive loss for the year - - (5,405,864) (5,405,864)
Balance as at June 30, 2012 8,305,000 1,039,496 (10,808,041) (1,463,545)
Total comprehensive loss for the year - - (2,985,129) (2,985,129)
Issued, subscribed
and paid-up capital
Capital reserve Accumulated losses Total
Cash flow statement
2013 2012
Rupees Rupees
Cash flows from operating activities
Loss before tax (2,176,225) (4,627,240)
Adjustments for non-cash items:
Depreciation 13 195,080 240,641
Provision for bad debts 25 1,786,528 -
Interest on workers' profit participation fund 27 76,873 73,174
Finance cost 27 2,471,837 2,396,781
Gain on sale of property, plant and equipment 29 (23,414) -
Cash from operations before working capital changes 2,330,679 (1,916,644)
Net working capital changes:
(Increase) / decrease in current assets
Stores, spare parts and loose tools 15 (40,196) 173,036
Stock in trade 16 (654,466) (2,893,017)
Loans and advances 17 461,739 1,319,354
Trade deposits and short term prepayments 18 (2,904) 23,985
Other receivables 19 263,646 (44,018)
Tax refunds due from Government 20 (554,747) 916,221
Trade debts 21 520,089 (2,859,654)
Increase / (decrease) in current liabilities
Trade and other payables (833,246) 1,521,710
Cash generated from operations 1,490,594 (3,759,027)
Finance cost paid (2,488,143) (2,437,366)
Workers' profit participation fund paid - -
Income taxes paid (778,624) (321,117)
Net cash from operating activities (1,776,173) (6,517,510)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment 50,000 -
Long term deposit 5,000 -
Net cash from (used in) investing activities 55,000 -
Cash flows from financing activities
Loan from directors -unsecured 965,000 2,094,037
Short term borrowings 746,833 4,424,301
Net cash from financing activities 1,711,833 6,518,338
Net increase (decrease) in cash and cash equivalents (9,340) 828
Cash and cash equivalents at beginning of year 33,094 32,266
Cash and cash equivalents at end of year
16
23,754 33,094
Note
Notes To The Financial Statements
For The Year Ended June 30, 2013
1 STATUS AND NATURE OF BUSINESS
1.1
1.2
2 STATEMENT OF COMPLIANCE
3 ACCOUNTING CONVENTION
4 FUNCTIONAL AND PRESENTATION CURRENCY AND FOREIGN CURRENCY TRANSLATION
These financial statements have been prepared under the historical cost convention.
These financial statements are presented in Pakistan Rupee, which is Companys functional and presentation
currency.
During the year the Company has incurred a net loss of Rs. 2,985,129 (2012: Rs. 5,405,864) resulting in
accumulated losses of Rs. 13,793,170 (2012: Rs. 10,808,041) as at the year end, and, as of that date, the
Company's current liabilities exceeded its current assets by Rs. 5,744,138 (2012: Rs. 2,985,675).
Continuation of the Company as a going concern is dependent on its ability to attain satisfactory levels of
profitability in the future and continuous support of financial institutions by bringing its liabilities to
serviceable levels and availability of adequate working capital from the principal lenders and sponsors of
the Company.
These financial statements have been prepared on a going concern basis on the grounds that the
Company will be able to achieve satisfactory levels of profitability in the future based on the plans drawn
up by the management for this purpose, bringing its liabilities to serviceable levels and availability of
adequate working capital from its lenders and sponsors.
The financial statements consequently do not include any adjustment relating to the realization of the
assets and liquidation of its liabilities that might be necessary would the Company be unable to continue
as a going concern.
Pakistan Card Clothing Company (Private) Limited (the Company) was incorporated as a private limited
company in Pakistan in 1963 under Companies Act, 1913 (now Companies Ordinance, 1984). The
principal activity of the Company is manufacturing and sale of card clothing for textile spinning units.
The registered office of the Company is situated at 6-M-2, Block H, Gulberg-II, Lahore.
These financial statements have been prepared in accordance with approved accounting standards, as applicable
in Pakistan. Approved accounting standards comprise of Accounting and Financial Reporting Standard for
Small-Sized Entities (SSEs) issued by the Institute of Chartered Accountants of Pakistan and provisions of and
directives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions or directives
of the Companies Ordinance, 1984 shall prevail.
5 USE OF ESTIMATES AND JUDGMENTS
6 SIGNIFICANT ACCOUNTING POLICIES
6.1 Property, plant and equipment
6.2 Trade debts and other receivables
6.3 Trade and other payables
Depreciation is charged to income applying the reducing balance method over the estimated useful life at
the rates specified in property, plant and equipment note 13.
-assumptions and estimates used in the recognition of income taxes; and
-assumptions and estimates used in disclosure and assessment of provision for contingencies.
Property, plant and equipment except free - hold land are stated at cost less accumulated depreciation
and impairment in value, if any. Free - hold land is stated at cost.
-assumptions and estimates used in calculating the provision for impairment for trade debts and other
The preparation of financial statements in conformity with approved accounting standards requires the use of
certain critical accounting estimates. It also requires the management to exercise its judgment in the process of
applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based
on historical experience, including expectation of future events that are believed to be reasonable under the
circumstances. The areas where various assumptions and estimates are significant to the Company's financial
statements or where judgments were exercised in application of accounting policies are as follows:
-assumptions and estimates used in determining the recoverable amount, residual values and useful lives of
property and equipment;
-assumptions and estimates used in writing down items of stores, spare parts and loose tools to their net
realizable value;
Depreciation on additions to property, plant and equipment is charged from the month in which an asset
is available for use while no depreciation is charged in the month in which the asset is disposed off.
Maintenance and normal repairs are charged to income as and when incurred. Major renewals and
improvements are capitalized and the assets so replaced, if any, are retired.
Gain and loss on disposal of property, plant and equipment is taken to profit and loss account.
The assets' residual values and useful lives are reviewed at each financial year end, and adjusted if impact
on depreciation is significant.
Liabilities for trade and other payables are carried at their cost which is the fair value of the consideration
to be paid in the future for goods and services received whether billed to the Company or not.
These are originated by the Company and are stated at cost less provision for any uncollectible amount.
An estimate is made for doubtful receivables when collection of the amount is no longer probable.
Debts considered irrecoverable are written off.
6.4 Borrowing costs
6.5 Stores, spare parts and loose tools
6.6 Stock in trade
These are valued at lower of cost and net realizable value applying the following basis:
Raw materials Weighted average
Work in process Average manufacturing cost
Finished goods Average manufacturing cost
Packaging material Weighted average
6.7 Revenue recognition
6.8 Provisions
6.9 Taxation
Average manufacturing cost in relation to work in process and finished goods consists of direct material
and labour and a proportion of manufacturing overheads based on normal capacity.
Raw material in transit is stated at invoice price plus other charges paid thereon up to the balance sheet
date.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying asset,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. Investment income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying asset is deducted from the borrowing costs eligible for
capitalization. All other borrowing cost are recognized in profit and loss account in the period in which
they are incurred.
Loans and borrowings are initially recorded at proceeds received which is considered to be equal to its
fair value. Financial charges are accounted for on accrual basis and are disclosed as a separate line item on
the face of the balance sheet to the extent of the amount remaining unpaid.
These are stated at cost using moving average method except goods in transit which are stated at cost
comprising invoice value plus other charges paid thereon.
Net realizable value signifies the estimated selling price in the ordinary course of business less estimated
costs of completion and estimated costs necessary to make the sale.
Revenue from sales is recognized on dispatch of goods to the customers.
Provision for taxation is based on taxable income at the current rates of taxation after considering
rebates and tax credits available, if any. The charge for the tax also includes adjustments where necessary,
relating to prior years which arise from assessment framed / finalized during the year.
A provision is recognized in the financial statements when the Company has legal or constructive
obligation as a result of a past event and it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made to the amount of
obligation.
6.10 Impairment
6.11 Off setting
6.12 Cash and cash equivalents
6.12 Contingent liability
Contingent liability is disclosed when:
The Company assesses at each balance sheet date whether there is any indication that assets may be
impaired. If such indication exists, the carrying amounts of such assets are reviewed to assess whether
they are recorded in excess of their recoverable amount. Where carrying values exceed recoverable
amount, assets are written down to their recoverable amount and the difference is charged to the profit
or loss. The recoverable amount is the higher of an assets fair value less costs to sell and value in use.
Where an impairment loss is recognized, the depreciation charge is adjusted in the future periods to
allocate the assets revised carrying amount over its estimated useful life.
A financial asset and a financial liability is offset and the net amount is reported in the financial
statements if the Company has legally enforceable right to set-off the transaction and also intends either
to settle on a net basis or to realize the asset and settle the liability simultaneously.
For the purpose of cash flow statement, cash and cash equivalents comprise cash in hand and bank
balances and other short term highly liquid investments that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of change in value.
-There is possible obligation that arises from past events whose existence will be confirmed only by the
occurrence or non occurrence of one or more uncertain future events not wholly within the control of
the Company; or
-There is present obligation that arises from past events but it is not probable that an outflow of
resources embodying economic benefits will be required to settle the obligation or the amount of the
obligation cannot be measured with sufficient reliability.
2013 2012
Rupees Rupees
7 SHARE CAPITAL
7.1 Authorized share capital
10,000 (2012: 10,000) ordinary shares of Rs. 1,000 each 10,000,000 10,000,000
Total 10,000,000 10,000,000
7.2 Issued, subscribed and paid up capital
7,905 Ordinary shares of Rs. 1,000 each fully paid up in cash
7,905,000 7,905,000
400 Ordinary shares of Rs. 1,000 each fully paid up for consideration other than cash 400,000 400,000
Total 8,305,000 8,305,000
8 LOAN FROM DIRECTORS - UNSECURED
Short term borrowing from directors 8.1 3,828,503 2,863,503
Total 3,828,503 2,863,503
8.1
9 SHORT TERM BORROWINGS
From banking companies - Secured
Running finance
The Bank of Punjab 9.1 14,945,059 14,807,012
Finance against trust receipts (FATR)
The Bank of Punjab 9.2 4,616,600 4,007,814
Total 19,561,659 18,814,826
9.1
9.2
9.3
This facility has been availed from The Bank of Punjab with a sanctioned limit of Rs. 5 million. Mark up
is charged on quarterly basis at the rate average 03 Months KIBOR + 275 BPS with a floor rate of 15%.
In addition to the above facility, the Company has obtained letter of credit sight/usance (120 days) to the
extent of Rs. 7.5 million (2012:Rs.7.5 million).
Note
Aggregate exposure against import L/C sight/ usance, PAD, acceptance and FATR shall not exceed Rs.
7.5 million during the currency of limit.
This un-secured and interest free loan was obtained from directors of the Company for meeting the
working capital requirements.
The running finance facility has been availed with a sanctioned limit of Rs. 15 million. Mark up is charged
on quarterly basis at the rate average 03 Months KIBOR + 275 BPS with a floor rate of 15%.
These facilities will expire on March 31, 2014.
9.4
i -Lien on shipping documents made under L/C.
ii -Undertaking to retire the documents from their own sources upon first presentation.
iii -Acceptance bills of exchange.
iv -Execution of trust receipts.
vi -Joint collateral for:
2013 2012
Rupees Rupees
10 TRADE AND OTHER PAYABLES
Creditors 1,357 226,910
Accrued liabilities 2,470,815 3,312,672
Workers' profit participation fund 7.1 740,901 664,028
Advance from customers 1,647,186 957,641
Others 127,295 582,676
Total 4,987,554 5,743,927
10.1
11 ACCRUED MARK-UP
Short term borrowings 531,476 547,782
Total 531,476 547,782
12 CONTINGENCIES AND COMMITMENTS
Contingencies
Commitments
Commitments in respect of letter of credits for import of raw material is Nil as at June 30, 2013 (2012: Rs. 0.66
million).
No contingency exists as at June 30, 2013 (2012: NIL ).
-Existing 1st exclusive charge on all present and future current and fixed assets of the Company for
Rs. 26 million duly registered with SECP.
-Personal guarantee of all the directors of the Company.
-Execution of debt subordination agreement.
v -The bank shall have a banker's lien on all the deposits, accounts and properties held with the bank.
All the facilities are secured against;
This includes interest on Workers' profit participation fund liability amounting to Rs. 76,873 (2012:
73,174). However no further liability is created due to losses Rs. Nil (2012: Rs. Nil).
Note
-Existing 1st exclusive charge on all present and future fixed assets of the Company for Rs. 20
million registered with SECP.
-Existing token registered mortgage over land, building and machinery of the Company for Rs. 2
million and fresh equitable mortgage of industrial property measuring 29 Kanals - 18 Marlas situated
at Mauza Mahmoodabad, 1.5 Km off 22 Km G.T. Road, Tehsil Ferozewala, District Shiekhupura.
13 PROPERTY, PLANT AND EQUIPMENT
13.1 Depreciation for the year has been allocated as follows:
Cost of sales 24 108,166 132,561
Administrative and general expenses 25 42,765 57,276
Distribution Cost 26 44,149 50,804
Total 195,080 240,641
Land - free hold 12,526 - 12,526 - - - - - 12,526
Building on free hold land 657,112 - 657,112 10 609,941 4,717 - 614,658 42,454
Plant and machinery 5,271,902 - 5,271,902 10 4,860,958 41,094 - 4,902,052 369,850
Furniture and fittings 184,997 - 184,997 10 153,048 3,195 - 156,243 28,754
Tools and accessories 43,358 - 43,358 10 40,173 319 - 40,492 2,866
Electric installation 75,099 - 75,099 10 69,290 581 - 69,871 5,228
Vehicles 3,476,503 (414,503) 3,062,000 20 2,768,553 137,792 (387,917) 2,518,428 543,572
Office equipment 126,802 - 126,802 10 87,446 3,936 - 91,382 35,420
Computers and accessories 118,125 - 118,125 10 83,665 3,446 - 87,111 31,014
2013 9,966,424 (414,503) 9,551,921 8,673,074 195,080 (387,917) 8,480,237 1,071,684
Land - free hold 12,526 - 12,526 - - - - - 12,526
Plant and machinery 5,271,902 5,271,902 10 4,815,297 45,661 - 4,860,958 410,944
Tools and accessories 43,358 43,358 10 39,819 354 - 40,173 3,185
Vehicles 3,476,503 3,476,503 20 2,591,565 176,988 - 2,768,553 707,950
2012 9,966,424 - 9,966,424 8,432,433 240,641 - 8,673,074 1,293,350
Rupees Rupees
Additions/
(Deletions)/
Adjustments
As at June 30,
2012
Rate %
As at July 1,
2011
For the year
Additions/
(Deletions)/
Adjustments
PARTICULARS
COST DEPRECIATION
Written down
value as at
June 30, 2012
As at July 1,
2011
As at June 30,
2012
Written down
value as at
June 30, 2013
PARTICULARS
COST DEPRECIATION
Additions/
(Deletions)/
Adjustments
Additions/
(Deletions)/
Adjustments
Rupees Rupees
As at July 1,
2012
As at June 30,
2013
Rate %
As at June 30,
2013
As at July 1,
2012
For the year
2013 2012
Rupees Rupees
14 LONG TERM DEPOSITS
Security deposit - petrol pump 20,000 20,000
Security deposit - hydrogen gas cylinder 24,000 24,000
Office security 154,000 154,000
Security deposit - telephone 25,780 25,780
Security deposit - Multan office - 5,000
Total 223,780 228,780
15 STORES, SPARE PARTS AND LOOSE TOOLS
General stores 28,005 28,005
Grinding wheels 91,200 110,945
Packing material 90,226 30,285
Total 209,431 169,235
16 STOCK IN TRADE
Raw material 2,580,974 2,516,396
Work in process 2,824,625 2,802,431
Finished goods - manufactured 969,300 1,343,060
Finished goods - trading 4,574,992 3,633,538
Total 10,949,891 10,295,425
17 LOANS AND ADVANCES
Advances to staff
47,164 31,664
Advances against letter of credits
- 477,239
Total 17.1 47,164 508,903
17.1
18 TRADE DEPOSITS AND SHORT TERM PREPAYMENTS
Prepayments
71,528 68,624
Total 18.1 71,528 68,624
18.1
19 OTHER RECEIVABLES
Other receivables
- 263,646
Total 19.1 - 263,646
19.1
Last year this amount was grouped with advances, deposits, prepayments and other receivables. For
better presentation as per requirements of 5
th
schedule of Companies Ordinance 1984, this has been
shown separately.
th
shown separately.
th
shown separately.
Note
2013 2012
Rupees Rupees
20 TAX REFUNDS DUE FROM GOVERNMENT
Tax deducted at source
2,176,676 1,685,888
Sales tax refundable
1,710,329 1,646,370
Total 20.1 3,887,005 3,332,258
20.1
21 TRADE DEBTS
Debts 11,418,287 11,938,376
Debts - considered doubtful 21.1 (2,633,102) (846,574)
Debts - considered good 8,785,185 11,091,802
21.1
22 CASH AND BANK BALANCES
Cash at bank - current accounts 23,286 29,800
Cash in hand 468 3,294
Total 23,754 33,094
23 SALES
Manufactured goods 18,573,955 14,788,280
Trading goods 14,820,162 12,693,710
Total 33,394,117 27,481,990
- Sales are exclusive of sales tax amounting to Rs. 5,358,765 ( 2012: Rs. 4,397,118 ).
24 COST OF SALES
Raw material consumed 24.1 9,954,431 8,355,377
Stores, spares parts and loose tools consumed 24.2 264,632 448,257
Salaries, wages and other benefits 3,187,192 3,994,915
Electricity 583,847 605,998
Repairs and maintenance 183,981 120,686
Oxygen and gas 47,494 34,182
Oil and lubricants 68,354 178,423
Insurance 79,161 106,907
Freight and zila council tax 15,080 20,880
Factory security services 117,690 113,018
Vehicles running & maintenance 316,298 416,888
Depreciation - owned assets 13.1 108,166 132,561
Cost of goods manufactured 14,926,326 14,528,092
Provision for doubtful debts for the year Rs. 1,786,528 (2012 : Nil). Provision written off during the year
Rs. Nil (2012: Nil)
Note
Last year this amount was grouped with Advances, deposits, prepayments and other receivables. For
th
shown separately.
2013 2012
Rupees Rupees
Add: Opening stock
Work in process 2,802,431 2,219,830
Finished goods 1,343,060 1,147,995
Total 4,145,491 3,367,825
Less: Closing stock
Work in process 2,824,625 2,802,431
Finished goods 969,300 1,343,060
Total 3,793,925 4,145,491
Cost of sales - manufactured goods 15,277,892 13,750,426
Cost of sales - trading 24.3 10,959,592 10,451,101
Total- Cost of sales 26,237,484 24,201,527
24.1 Raw material consumed
Opening balance 2,516,396 1,808,386
Purchases 10,019,009 9,063,387
12,535,405 10,871,773
Less: Closing balance (2,580,974) (2,516,396)
Raw material consumed 9,954,431 8,355,377
24.2 Stores, spare parts and loose tools
Opening balance 169,235 342,271
Add: Purchases 304,828 275,221
474,063 617,492
Less: Closing balance (209,431) (169,235)
Stores, spare parts and loose tools consumed 264,632 448,257
24.3 Cost of sales - trading
Opening balance 3,633,538 2,226,197
Imports 11,901,046 11,858,442
15,534,584 14,084,639
Less: Closing balance (4,574,992) (3,633,538)
Cost of sale- trading 10,959,592 10,451,101
Note
2013 2012
Rupees Rupees
25 ADMINISTRATIVE AND GENERAL EXPENSES
Chief executive's remuneration - 1,225,000
Staff salaries and benefits 1,267,276 1,191,178
Staff medical expense 70,139 13,227
Office repairs and maintenance 18,217 5,760
Vehicle running and maintenance 393,954 268,455
Travelling and conveyance 39,033 35,506
Electricity, water and gas expenses 251,085 216,989
Postage, telephone and telex 272,446 305,571
Printing and stationery 33,074 45,922
Entertainment and staff welfare 57,180 55,407
Rates, fee and taxes 61,599 65,367
Auditors' remuneration 75,000 75,000
Legal and professional charges 25,000 -
News paper, books and periodicals 14,666 7,490
Office rent 396,000 397,897
Charity and donation - 25,000
Provision for bad debts 1,786,528 -
Depreciation - owned assets 13.1 42,765 57,276
Penalties 19.1 98,013 28,715
Total 4,901,975 4,019,760
19.1
26 DISTRIBUTION COST
Director's remuneration - 16,250
Salaries and other benefits 835,900 902,169
Staff medical expense 18,509 7,228
Travelling and conveyance 216,000 33,020
Carriage and freight 151,780 42,262
Sales promotion expenses 401,123 137,357
Vehicle repairs and maintenance 340,135 310,798
Depreciation 13.1 44,149 50,804
Total 2,007,596 1,499,888
27 FINANCE COST
Mark up on short term borrowings 2,310,097 2,251,846
Interest on workers' profit participation fund 76,873 73,174
Bank charges 161,741 144,935
Total 2,548,710 2,469,955
Note
This represents penalty charged by taxation authorities on late payment of sales tax (Rs. 98,013/-) [2012:
excise duty (Rs. 10,653/-) and sales tax (Rs. 18,062/-)].
2013 2012
Rupees Rupees
28 OTHER OPERATING INCOME
Rental income 102,009 81,900
Total 102,009 81,900
29 GAIN ON SALE OF PROPERTY, PLANT AND EQUIPMENT
Gain on sale of property, plant and equipment 23,414 -
Total 23,414 -
30 DATE OF AUTHORIZATION
31 GENERAL
Figures have been rounded off to the nearest Pakistan Rupee.
CHIEF EXECUTIVE
These financial statements were authorized for issue on ___________________ , 2013 by the board of
directors of the Company.
DIRECTOR
Note
Trial Balance
As at June 30, 2013
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Formula Formula
10-01-0000 FIXED ASSETS
10-01-0001 LAND 12,526 - - - 12,526 - 12,526 -
10-01-0002 BUILDING 657,112 - - - 657,112 - 657,112 -
10-01-0003 PLANT & MACHINERY 5,271,902 - - - 5,271,902 - 5,271,902 -
10-01-0004 FURNITURE & FIXTURE 184,997 - - - 184,997 - 184,997 -
10-01-0005 ACCESSORIES & TOOLS 43,358 - - - 43,358 - 43,358 -
10-01-0006 ELECTRIC INSTALLATION 64,607 - - - 64,607 - 64,607 -
10-01-0007 TUBEWELL/ HAND PUMP 10,492 - - - 10,492 - 10,492 -
10-01-0008 VEHICLES 3,476,503 - - 414,503 3,062,000 - 3,062,000 -
10-01-0009 COMPUTER 118,125 - - - 118,125 - 118,125 -
10-01-0010 OFFICE EQUIPMENTS 126,802 - - - 126,802 - 126,802 -
- - - - - - - -
9,966,424 - - 414,503 9,551,921 - - - 9,551,921 -
10-02-0000 ACCUMULATED DEPRECIATION
10-02-0001 DEPRECIATION BUILIDNG - 609,941 - - - 609,941 4,717 - 614,658
10-02-0002 DEPRECIATION PLANT & MACHINERY - 4,860,958 - - - 4,860,958 41,094 - 4,902,052
10-02-0003 DEPRECIATION FURNITURE & FIXTURE - 153,048 - - - 153,048 3,195 - 156,243
10-02-0004 DEPRECIATION ACCESSORIES & TOOLS - 40,173 - - - 40,173 319 - 40,492
10-02-0005 DEPRECIATION ELECTRIC INSTALLATION - 59,727 - - - 59,727 488 - 60,215
10-02-0006 DEPRECIATION TUBEWELL - 9,563 - - - 9,563 93 9,656
10-02-0007 DEPRECIATION VEHICLE - 2,768,553 386,018 - - 2,382,535 1,899 137,792 - 2,518,428
10-02-0008 DEPRECIATION OFFICE EQUIPMENT - 87,446 - - - 87,446 3,936 - 91,382
10-02-0009 DEPRECIATION COMPUTERS. - 83,665 - - - 83,665 3,446 - 87,111
-
- 8,673,074 386,018 - - 8,287,056 1,899 195,080 - 8,480,237
10-05-0000 STOCK, STORE & SPARES
10-05-0001 FINISHED GOODS (STOCKS) 1,343,060 - - - 1,343,060 - 373,760 969,300 -
10-05-0002 FINISHED GOODS (TRADING) 3,633,538 - - - 3,633,538 - 11,901,046 10,959,592 4,574,992 -
10-05-0003 RAW MATERIAL (STOCKS) 2,516,396 - - - 2,516,396 - 10,019,009 9,954,431 2,580,974 -
10-05-0004 WORK IN PROCESS (STOCKS) 2,802,431 - - - 2,802,431 - 22,194 2,824,625 -
10-05-0005 GRINDING WHEELS 110,945 - - - 110,945 - 97,772 117,517 91,200 -
10-05-0007 STORE & SPARES - General store 28,005 - - - 28,005 - 71,273 71,273 28,005 -
10-05-0008 PACKING MATERIAL 30,285 - - - 30,285 - 135,783 75,842 90,226 -
10,464,660 - - - 10,464,660 - 22,247,077 21,552,415 11,159,322 -
10-06-0000 TRADE DEBTORS
10-06-0001 (COLONY) SARHAD TEXTILE MILLS LTD. - 3,381 - - - 3,381 - 3,381
10-06-0004 A.J. TEXTILE MILLS LTD. (GADOON AMAZAI) 92,099 - 68,672 137,910 22,861 - 22,861 -
10-06-0007 ABID KALEEM SPINNING MILLS (PVT.) LIMITED. 4,500 - - - 4,500 - 4,500 -
10-06-0008 ABU BAKAR TEXTILE MILLS LTD. 82,360 - 250,560 145,000 187,920 - 187,920 -
10-06-0015 AL-AZHAR TEXTILE MILLS LTD. - 6 - - - 6 - 6
10-06-0018 AL-QADIR TEXTILE MILLS LIMITED. 8,524 - 32,480 32,480 8,524 - 8,524 -
10-06-0020 AL-ZAMIN TEXTILE MILLS LIMITED. 3,220 - 522,000 504,502 20,718 - 20,718 -
10-06-0021 ALI AKBAR SPINNING MILLS LTD. 5,889 - - - 5,889 - 5,889 -
10-06-0025 AMER COTTON MILLS (PVT.) LTD. 5,714 - - - 5,714 - 5,714 -
10-06-0027 AMIN TEXTILE MILLS (PVT.) LTD. 56,750 - - 55,680 1,070 - 1,070 -
10-06-0031 ANMOL TEXTILE MILLS LIMITED 7,288 - - - 7,288 - 7,288 -
10-06-0035 ASHER IMRAN SPINNING MILLS LTD. 24,466 - 80,040 107,880 - 3,374 - 3,374
10-06-0038 ASIA SPINNING MILLS 3,260 - - - 3,260 - 3,260 -
10-06-0040 AYESHA TEXTILE MILLS LIMITED UNIT-1 15,769 - 133,633 149,121 281 - 281 -
10-06-0041 AYESHA TEXTILE MILLS LTD. UNIT-2 103,098 - - 48,250 54,848 - 54,848 -
10-06-0042 AZAD TEXTILE MILLS LTD. 4,550 - - - 4,550 - 4,550 -
A/c Code Description
Opening Balance During the year Closing Un-Adjusted Adjustments
Formula
Adjusted Closing Balance
Formula
10-06-0043 AZAM TEXTILE MILLS LTD. 106,886 - - - 106,886 - 106,886 -
10-06-0046 AZGARD NINE LIMITED. UNIT-1 - - 135,720 133,873 1,847 - 1,847 -
10-06-0048 BABRI COTTON MILLS LTD. 1,309 - - - 1,309 - 1,309 -
10-06-0049 BAJAJ ENTERPRISES. 51,390 - - - 51,390 - 51,390 -
10-06-0050 BAJAJ SPINNING MILLS (PVT.) LTD. 20,000 - - - 20,000 - 20,000 -
10-06-0054 BHANERO TEXTILE MILLS LTD. (SHEIKHUPURA) - 3,637 - - - 3,637 - 3,637
10-06-0055 BHATTI COTTON LINKS. - 150,000 - - - 150,000 - 150,000
10-06-0059 BILAL TEXTILES (PVT.) LTD. (SPINNING) 28,868 - - - 28,868 - 28,868 -
10-06-0060 BLESSED TEXTILES LIMITED 62,950 - - 16,791 46,159 - 46,159 -
10-06-0062 CHAKWAL SPINNING MILLS LTD. 51,830 - - 42,915 8,915 - 8,915 -
10-06-0065 CHIRAGH TEXTILE MILLS (PVT.) LIMITED 173,768 - 255,200 421,192 7,776 - 7,776 -
10-06-0066 CITY TEXTILES (PVT.) LIMITED. 41,300 - - - 41,300 - 41,300 -
10-06-0069 COLONY THAL TEXTILE MILLS LTD. 74,584 - - - 74,584 - 74,584 -
10-06-0070 COMBINE SPINNING (PRIVATE) LTD. 10,663 - - - 10,663 - 10,663 -
10-06-0071 COMFORT KNITWEAR (SPINNING). - 7,765 - - - 7,765 - 7,765
10-06-0072 COTTON YARN SPINNING MILLS (PVT.) LTD. 12,272 - - 150,000 - 137,728 - 137,728
10-06-0075 CRESCENT FIBRES LIMITED. (BHIKI) 80,025 - 80,620 80,620 80,025 - 80,025 -
10-06-0078 CRESCENT TEXTILE MILLS LIMITED. 1,159 - - - 1,159 - 1,159 -
10-06-0080 D.M. TEXTILE MILLS LTD. 180,721 - - - 180,721 - 180,721 -
10-06-0081 D.S. INDUSTRIES (PVT.) LIMITED. 280 - - - 280 - 280 -
10-06-0082 D.S. TEXTILE LIMITED. 840 - - - 840 - 840 -
10-06-0091 EASTERN SPINNING MILLL LIMITED. 4,301 - - - 4,301 - 4,301 -
10-06-0094 ELLAHI COTTON MILLS LTD. - - 116,000 117,664 - 1,664 - 1,664
10-06-0095 ELLCOT SPINNING MILLS LIMITED. 725 - 30,160 28,844 2,041 - 2,041 -
10-06-0096 EMPIRE TEXTILE MILLS (PVT.) LIMITED. 234,856 - - - 234,856 - 234,856 -
10-06-0097 FAHAD JAVAID SPINNING MILLS (PVT) LTD. - 60,000 295,800 166,830 68,970 - 68,970 -
10-06-0099 FAROOQ SPINNING (PVT) LTD 108,012 - 1,150,140 1,263,512 - 5,360 - 5,360
10-06-0101 FATIMA ENTERPRISES LIMITED UNIT (II). 45,080 - - - 45,080 - 45,080 -
10-06-0105 GADOON TEXTILE MILLS LIMITED 434,268 - 641,292 588,888 486,672 - 486,672 -
10-06-0107 GHAZI FABRICS INTERNATIONAL LIMITED. 21,837 - - - 21,837 - 21,837 -
10-06-0109 GLAMOUR TEXTILE MILLS LTD. 3,150 - - - 3,150 - 3,150 -
10-06-0110 GOLDEN TEXTILE MILLS LIMITED. - 137,586 7,489 48 - 130,145 - 130,145
10-06-0112 GULISTAN TEXTILE MILLS LIMITED UNIT-1. 3,810 - - - 3,810 - 3,810 -
10-06-0113 GULISTAN TEXTILE MILLS LTD. (UNIT 4). 6,300 - 1,567,928 1,563,801 10,427 - 10,427 -
10-06-0117 HAJVERI TEXTILE MILLS LIMITED. 63,350 - - - 63,350 - 63,350 -
10-06-0120 HASHIM TEXTILE & KNITWEAR (PVT.) LIMITED. 1,610 - - - 1,610 - 1,610 -
10-06-0121 HASHIR TEXTILE MILLS LIMITED. UNIT-1 2,146 - - - 2,146 - 2,146 -
10-06-0122 HATTAR TEXTILE MILLS LIMITED. 180,760 - - - 180,760 - 180,760 -
10-06-0123 HIRA MILLS LTD. - - 36,192 34,925 1,267 - 1,267 -
10-06-0124 HUSNAIN SPINNING MILLS (PVT.) LTD. 69,066 - - - 69,066 - 69,066 -
10-06-0126 IDREES TEXTILE MILLS LTD. 1 - - - 1 - 1 -
10-06-0127 IHSAN COTTON PRODUCTS (PVT.) LTD. 746 - - - 746 - 746 -
10-06-0128 IHSAN SONS (PVT.) LIMITED. 1,223 - - - 1,223 - 1,223 -
10-06-0129 IMPERIAL TEXTILE MILLS LTD. 208,548 - 608,958 782,768 34,738 - 34,738 -
10-06-0136 J.K. FIBRE MILLS LIMITED. 4,931 - - 13,153 - 8,222 - 8,222
10-06-0138 J.K. SPINNING MILLS LIMITED 3,222 - 20,880 12,821 11,281 - 11,281 -
10-06-0139 JAMHOOR TEXTILE MILLS LIMITED. 7,468 - - - 7,468 - 7,468 -
10-06-0145 KASHIR TEXTILE MILLS LIMITED. 37,763 - - - 37,763 - 37,763 -
10-06-0147 KHALID NAZIR SPINNING LTD. 34,776 - - - 34,776 - 34,776 -
10-06-0148 KHALID SHAFIQUE SPINNING MILLS LIMITED. - 6,093 383,330 896 376,341 - 376,341 -
10-06-0149 KHAWAJA SPINNING MILLS LTD. 10,940 - 861,880 838,981 33,839 - 33,839 -
10-06-0150 KHOKHAR TEXTILE MILLS LIMITED. 780 - - - 780 - 780 -
10-06-0152 KOHAT TEXTILE MILLS LTD. - 656 37,120 35,821 643 - 1,299 - 656
10-06-0153 KOHINOOR INDUSTRIES LTD. - 8,752 - - - 8,752 - 8,752
10-06-0154 KOHINOOR SPINNING MILLS LTD. 14,534 - - - 14,534 - 14,534 -
10-06-0156 LAHORE TEXTILE & GEN. MILLS LTD. UNIT(1) 2,597 - - - 2,597 - 2,597 -
10-06-0158 LASANI SPINNING MILLS (PVT.) LIMITED. 5,322 - - - 5,322 - 5,322 -
Formula
10-06-0159 LIAQUAT SPINNING MILLS. - 100 - - - 100 - 100
10-06-0161 M.K.B. SPINNING MILLS (PVT.) LTD. 15,292 - - - 15,292 - 15,292 -
10-06-0164 MADNI ENTERPRISES. 107,858 - - - 107,858 - 107,858 -
10-06-0165 MADNI SPINNING MILLS 21,360 - - - 21,360 - 21,360 -
10-06-0167 MAKKI ENTERPRISES 30,280 - - - 30,280 - 30,280 -
10-06-0171 MAQBOOL USMAN FIBRES (PVT.) LTD. 1,651 - - - 1,651 - 1,651 -
10-06-0172 MARGALLA TEXTILE MILLS LTD. 64,083 - 339,880 245,879 158,084 - 36,748 121,336 -
10-06-0176 MEHR DASTGIR TEXTILE MILLS LTD. 1,804 - - - 1,804 - 1,804 -
10-06-0178 MEZAN TEXTILE MILLS (PVT.) LTD. - - 97,440 94,030 3,410 - 3,410 -
10-06-0179 MGM CORPORATION (PVT.) LTD. - 31,690 - - - 31,690 - 31,690
10-06-0180 MIAN TEXTILE INDUSTRIES. 7,750 - - - 7,750 - 7,750 -
10-06-0182 MIMA COTTON MILLS LIMITED. 2,590 - - - 2,590 - 2,590 -
10-06-0183 MINHAJ SPINNING (PVT.) LIMITED. 6,923 - - - 6,923 - 6,923 -
10-06-0184 MONNOO INDUSTRIES LTD. 270,372 - 118,320 292,069 96,623 - 31,343 127,966 -
10-06-0188 NAFEESA TEXTILES LIMITED. 10,501 - - - 10,501 - 10,501 -
10-06-0189 NAGRA SPINNING MILLS (PVT.) LTD. 980 - - - 980 - 980 -
10-06-0191 NARAG ENTERPRISES. 3,213 - - - 3,213 - 3,213 -
10-06-0194 NAYAB SPINNING & WEAVING MILLS LTD. 12,164 - - - 12,164 - 12,164 -
10-06-0195 NAZIR COTTON MILLS LTD. 3,907 - - - 3,907 - 3,907 -
10-06-0202 NOOR INDUSTRIES. - 3,803 428,736 428,736 - 3,803 - 3,803
10-06-0204 NOOR TEXTILE MILLS 1,820 - 388,368 391,184 - 996 - 996
10-06-0205 NOORANI SPINNING INDUSTRIES 1,983 - 459,360 459,360 1,983 - 1,983 -
10-06-0206 NORTH STAR TEXTILES LIMITED 27,980 - 63,800 76,408 15,372 - 15,372 -
10-06-0207 OLYMPIA BLENDED FIBRE MILLS LIMITED. - 60,111 60,111 - - - - -
10-06-0208 OLYMPIA TEXTILE MILLS LIMITED. 5,751 - - - 5,751 - 5,751 -
10-06-0209 PAK KUWAIT TEXTILES LIMITED - 2,442 - - - 2,442 - 2,442
10-06-0210 PARADISE FIBRES (PVT.) LTD. - 12 - - - 12 - 12
10-06-0211 PARADISE SPINNING MILLS (PVT) LTD. 91,729 - 180,960 174,681 98,008 - 98,008 -
10-06-0214 PRIDE SPINNING MILLS (PVT.) LIMITED. 4,478 - 547,520 528,357 23,641 - 23,641 -
10-06-0216 QUETTA TEXTILE MILLS LIMITED. # 4 - - 37,120 35,821 1,299 - 1,299 -
10-06-0218 RAFIQ SPINNING MILLS (PVT.) LTD. 4,060 - - - 4,060 - 4,060 -
10-06-0220 RAI TEXTILE MILLS LIMITED. 5,810 - - - 5,810 - 5,810 -
10-06-0222 RAVI SPINNING LIMITED. 5,391 - 65,714 63,417 7,688 - 7,688 -
10-06-0225 REDCO TEXTILE LTD. 24,515 - 238,960 237,800 25,675 - 25,675 -
10-06-0230 RIAZ TEXTILE MILLS (PVT.) LIMITED. 11,000 - - - 11,000 - 11,000 -
10-06-0231 RIZWAN TEXTILE MILLS LIMITED. 1,650 - - - 1,650 - 1,650 -
10-06-0232 ROYAL TEXTILE MILLS LIMITED 50,832 - 217,848 371,080 - 102,400 - 102,400
10-06-0233 RUBY TEXTILE MILLS LTD. 19,390 - - - 19,390 - 19,390 -
10-06-0235 S.N. TEXTILE MILLS (PVT.) LTD. - 550 - - - 550 - 550
10-06-0238 SADIQUE FIBRES 10 - - - 10 - 10 -
10-06-0240 SAIF TEXTILE MILLS LIMITED. 14,607 - 110,386 106,522 18,471 - 18,471 -
10-06-0241 SAITEX SPINNING MILLS LIMITED. 4,950 - - - 4,950 - 4,950 -
10-06-0242 SALLY TEXTILE MILLS LIMITED. 5,831 - - - 5,831 - 5,831 -
10-06-0243 SALMAN NOMAN ENTERPRISES LTD. 65,958 - 61,248 61,248 65,958 - 65,958 -
10-06-0244 SAPPHIRE FIBRES LTD. UNIT-1 14,546 - - - 14,546 - 14,546 -
10-06-0245 SAPPHIRE FIBRES LTD. UNIT-3 455 - - - 455 - 455 -
10-06-0246 SAPPHIRE TEXTILE MILLS LTD. UNIT-5 2,562 - - - 2,562 - 2,562 -
10-06-0247 SARGODHA SPINNING MILLS LTD. - - 102,312 78,624 23,688 - 23,688 -
10-06-0249 SARHAD TEXTILE MILLS LTD. 102,400 - - - 102,400 - 102,400 -
10-06-0250 SARITOW SPINNING MILLS LTD. - 60,085 119,735 87,927 - 28,277 2,181 - 30,458
10-06-0251 SEHAR SPINNING MILLS (PVT.) LTD. 433,199 - - 150,000 283,199 - 283,199 -
10-06-0252 SERVICE INDUSTRIES TEXTILES LTD. 14,107 - 15,660 15,660 14,107 - 14,107 -
10-06-0254 SHADMAN COTTON MILLS LTD. (UNIT-3) 19,107 - 206,480 235,533 - 9,946 - 9,946
10-06-0255 SHADMAN COTTON MILLS LTD. UNIT-2 15,505 - 187,920 71,002 132,423 - 132,423 -
10-06-0256 SHAFI SPINNING MILLS LTD. 1,879 - - 1,879 - 1,879 -
10-06-0258 SHAHBAZ GARMENTS (PVT.) LTD. (SPINNING UNIT) 534,408 - 1,353,720 1,741,672 146,456 - 146,456 -
10-06-0260 SHAHNAWAZ TEXTILES LIMITED. 1,210 - - - 1,210 - 1,210 -
Formula
10-06-0261 SHAHPUR TEXTILE MILLS LIMITED 36,582 - - - 36,582 - 36,582 -
10-06-0262 SHAHZAD TEXTILE MILLS LTD. -1 2,660 - - - 2,660 - 2,660 -
10-06-0263 SHAMS TEXTILE MILLS LIMITED. (CHINIOT) 3,201 - 78,881 76,120 5,962 - 5,962 -
10-06-0265 SHEIKH SPINNING MILLS LIMITED. 2,275 - - - 2,275 - 2,275 -
10-06-0266 SHOAIB SALMAN TEXTILE MILLS 25,640 - 296,950 191,425 131,165 - 131,165 -
10-06-0268 SILVER FIBRE SPINNING MILLS LTD. 3,852 - 31,320 31,752 3,420 - 3,420 -
10-06-0269 SITARA CHEMICAL IND. LTD. (TEXTILE DIVISION) 2,873 - - - 2,873 - 2,873 -
10-06-0270 SITARA SPINNING MILLS LTD. 4,819 - - - 4,819 - 4,819 -
10-06-0275 TAHA SPINNING MILLS LIMITED 100,076 - - - 100,076 - 100,076 -
10-06-0277 TANVEER SPINNING & WEAVING MILLS (PVT.) LTD. 8,121 - 64,960 58,363 14,718 - 14,718 -
10-06-0279 TARIQ SPINNING. 117,010 - - - 117,010 - 117,010 -
10-06-0280 TAXILA COTTON MILLS LIMITED. 23,235 - 593,920 601,142 16,013 - 16,013 -
10-06-0282 TRIBAL TEXTILE MILLS LIMITED 630 - - - 630 - 630 -
10-06-0283 TRITEX COTTON MILLS LTD. 51,775 - 546,360 513,816 84,319 - 84,319 -
10-06-0286 WISAL KAMAL FABRICS (PVT.) LTD. 867,431 - 414,816 953,779 328,468 - 328,468 -
10-06-0287 YAN TEXTILE INDUSTRIES (PVT.) LIMITED. 234,932 - - - 234,932 - 234,932 -
10-06-0291 ZIA-UL-QAMAR SPINNING MILLS (PVT.) LTD. 439,894 - - 350,000 89,894 - 89,894 -
10-06-0294 A.M.Z. SPINNING & WEAVING MILLS (PVT.) LTD. 17,920 - 31,320 31,320 17,920 - 17,920 -
10-06-0296 AHMAD HASSAN TEXTILE MILLS LIMITED. 7,889 - - - 7,889 - 7,889 -
10-06-0297 AL-AHMED TEXTILE MILLS (PVT.) LIMITED. 5,248 - 279,864 - 285,112 - 285,112 -
10-06-0299 AL-KARAM TEXTILE MILLS LTD. 204,721 - 1,232,616 1,231,151 206,186 - 206,186 -
10-06-0300 ALI ASGHAR TEXTILE MILLS LTD. 630 - - - 630 - 630 -
10-06-0302 AMNA INDUSTRIES (PVT.) LTD. 115,870 - 102,080 151,800 66,150 - 66,150 -
10-06-0303 ANWAR TEXTILE MILLS LIMITED 2,939 - - - 2,939 - 2,939 -
10-06-0305 ARTISTIC DENIM LTD. 1,400 - - - 1,400 - 1,400 -
10-06-0307 AZGARD NINE LIMITED UNIT-II 30,794 - - - 30,794 - 30,794 -
10-06-0309 BAJWA SPINNING MILLS (PVT.) LTD. 1,230 - - - 1,230 - 1,230 -
10-06-0310 BHANERO TEXTILE MILLS. (KOTRI). 10,635 - - - 10,635 - 10,635 -
10-06-0311 BLUE STAR SPINNING MILLS LIMITED. 906 - - - 906 - 906 -
10-06-0312 CRESCENT FIBRES LIMITED (NOORIABAD) 668,041 - 111,360 751,680 27,721 - 27,721 -
10-06-0313 CRESCENT FIBRES LIMITED - 29,818 - - - 29,818 - 29,818
10-06-0315 DEWAN KHALID TEXTILE MILLS LTD. 204,464 - 648,324 784,284 68,504 - 68,504 -
10-06-0316 DEWAN MUSHTAQ TEXTILE MILLS 5,880 - - - 5,880 - 5,880 -
10-06-0317 DEWAN TEXTILE MILLS LTD NO.2 19,486 - 470,960 454,476 35,970 - 35,970 -
10-06-0318 DEWAN TEXTILE MILLS LIMITED UNIT-1. - - 836,360 779,520 56,840 - 56,840 -
10-06-0321 FAMOUS TEXTILE MILL 410 - - - 410 - 410 -
10-06-0325 GLOBE TEXTILE MILLS (OE) LTD. - - 1,479,000 880,032 598,968 - 598,968 -
10-06-0327 GUL AHMED TEXTILE MILLS LIMITED. 317,177 - 262,624 346,639 233,162 - 3,599 229,563 -
10-06-0328 INDUS DYEING & MFG. CO. LTD. 105 - 69,600 67,164 2,541 - 2,541 -
10-06-0329 ISLAND TEXTILE MILLS LTD. 1,061 - - - 1,061 - 1,061 -
10-06-0331 JUBILEE SPINNING & WEAVING MILLS LTD. 30,552 - - - 30,552 - 30,552 -
10-06-0334 LUCKY COTTON MILLS (PVT.) LIMITED. 4,669 - 595,080 588,941 10,808 - 10,808 -
10-06-0336 MEKOTEX (PVT.) LTD. 6,238 - - - 6,238 - 6,238 -
10-06-0337 METROPOLITAN TRADERS. 13,404 - - - 13,404 - 13,404 -
10-06-0338 MUHAMMAD FAROOQ TEXTILE MILLS LTD. 7,244 - - - 7,244 - 7,244 -
10-06-0339 N.P. COTTON MILLS (PVT.) LTD. 190,650 - 584,640 707,907 67,383 - 67,383 -
10-06-0340 NAGARIA TEXTILE MILLS LIMITED (PVT) LTD. 613 - - - 613 - 613 -
10-06-0342 OLYMPIA SPINNING & WEAVING MILLS LTD. 9,569 - - - 9,569 - 9,569 -
10-06-0343 PREMIUM TEXTILE MILLS LTD. 18,600 - 338,720 297,306 60,014 - 60,014 -
10-06-0344 QUETTA TEXTILE MILLS LIMITED. 115,617 - - 104,284 11,333 - 11,333 -
10-06-0346 SANA INDUSTRIES LTD. 3,433 - - - 3,433 - 3,433 -
10-06-0347 SAPPHIRE TEXTILE MILLS LTD. (3 ) 378 - 37,584 35,232 2,730 - 2,730 -
10-06-0350 STANDARD TEXTILE MILLS LTD. 1,200 - - - 1,200 - 1,200 -
10-06-0351 SUNRAYS TEXTILE MILLS LTD. 488,266 - 1,408,098 606,503 1,289,861 - 1,289,861 -
10-06-0352 SURAJ COTTON MILLS LIMITED (NOORIABAD) 6,000 - - - 6,000 - 6,000 -
10-06-0353 TAQEES (PRIVATE) LIMITED. 158,910 - 345,680 490,239 14,351 - 14,351 -
10-06-0356 ZAMAN TEXTILE MILLS LIMITED. 7,927 - - - 7,927 - 7,927 -
Formula
10-06-0357 IMRAN SPINNING MILLS LIMITED. 6,762 - - - 6,762 - 6,762 -
10-06-0358 ALI AKBAR TEXTILE MILLS - 7,950 - - - 7,950 - 7,950
10-06-0359 STAR TEXTILE MILLS LTD. 9,800 - - - 9,800 - 9,800 -
10-06-0360 GANI SPINNING MILLS 73,000 - - - 73,000 - 73,000 -
10-06-0362 OLYMPIA BLENDED FIBRE MILLS LIMITED -I 100,222 - 121,800 123,438 98,584 - 98,584 -
10-06-0363 MANSOOR TRADERS - 72,750 - - - 72,750 - 72,750
10-06-0366 AWAIS QARNI SPINNING MILLS (PVT.) LTD. 52,605 - - - 52,605 - 52,605 -
10-06-0367 DOSTSONS COTTON (PVT.) LTD. 5,610 - - - 5,610 - 5,610 -
10-06-0368 USMAN LIMITED. 1,050 - - - 1,050 - 1,050 -
10-06-0369 BILAL SPINNING MILLS LTD 600 - - - 600 - 600 -
10-06-0370 GULISTAN TEXTILE MILLS LIMITED UNIT-2 2,520 - - - 2,520 - 2,520 -
10-06-0371 POINEER SPINNING MILLS LTD. 2,352 - - - 2,352 - 2,352 -
10-06-0372 GALAXY TEXTILE MILLS LTD. 433,048 - 3,717,430 3,303,504 846,974 - 846,974 -
10-06-0373 TANVEER COTTON MILLS (PVT.) LTD. 6,282 - 129,920 125,373 10,829 - 10,829 -
10-06-0374 MODEL SPINNING. 34,244 - - - 34,244 - 34,244 -
10-06-0375 QUETTA TEXTILE MILLS LIMITED. # 6 7,322 - - - 7,322 - 7,322 -
10-06-0376 IHSAN RAWIND MILLS (PVT.) LTD. 9,140 - - - 9,140 - 9,140 -
10-06-0377 COSMOS TRADING COMPANY 30,800 - - - 30,800 - 30,800 -
10-06-0378 S.FAZALILAHI & SONS (PVT.) LTD. - 1,260 - - - 1,260 - 1,260
10-06-0379 AHMAD ENTERPRIESES 140 - - - 140 - 140 -
10-06-0380 SARDAR PUR TEXTILE MILLS LTD. 5,376 - 334,312 328,776 10,912 - 10,912 -
10-06-0382 CHAUDHRY SUGAR MILLS LIMITED (TEXTILE DIVISION) 11,888 - 703,424 686,123 29,189 - 29,189 -
10-06-0383 AL-BARAKAH INDUSTRIES (PVT.) LTD. 1,820 - - - 1,820 - 1,820 -
10-06-0384 BILAL FIBRES LIMITED. 88,772 - 322,480 208,208 203,044 - 203,044 -
10-06-0385 MOIZ TEXTILE MILLS LTD. 1,960 - - - 1,960 - 1,960 -
10-06-0386 YOUSAF WEAVING MILLS LIMITED. 2,065 - - 5,472 - 3,407 - 3,407
10-06-0387 SOHAIL TEXTILE MILLS LTD. 22,652 - 74,240 35,821 61,071 - 61,071 -
10-06-0389 SUPERIOR TEXTILE MILLS LTD - 1,600 - - - 1,600 - 1,600
10-06-0391 GHULAM MUJTABA - 7,200 - - - 7,200 - 7,200
10-06-0393 A.R.Y SPINNING 42,500 - - - 42,500 - 42,500 -
10-06-0398 MULTAN SPINNING MILLS 38,436 - 174,000 207,200 5,236 - 5,236 -
10-06-0399 FAISAL FABRICS LIMITED (TEXTILE DIVISION) 5,012 - - - 5,012 - 5,012 -
10-06-0400 ZAT TEXTILE (PVT) LIMITED 1,050 - - - 1,050 - 1,050 -
10-06-0402 HUSSAIN MILLS LIMITED 735 - - - 735 - 735 -
10-06-0403 DEWAN FAROOQUE SPINNING MILLS LTD. 3,814 - 198,360 193,402 8,772 - 4,425 4,347 -
10-06-0404 ZEENAT ENTERPRISES - 120 29,580 29,580 - 120 - 120
10-06-0405 K.D ENTERPRISES - 19,500 - - - 19,500 - 19,500
10-06-0406 M.D TEXTILE SPINNING MILLS (PVT) LTD. 24,091 - 726,062 710,771 39,382 - 15,099 24,283 -
10-06-0409 PAK TRADERS - 1 - - - 1 - 1
10-06-0411 MARHABA TEXTILE LIMITED 1,820 - 538,240 407,394 132,666 - 12,180 120,486 -
10-06-0412 FINE TEXTILE MILLS 15,000 - - - 15,000 - 15,000 -
10-06-0413 NISHAT CHUNIAN LTD. 3,230 - 40,600 1,120 42,710 - 42,710 -
10-06-0414 GULISTAN SPINNING MILLS LIMITED 5,229 - 78,880 76,119 7,990 - 7,990 -
10-06-0415 AHMED TEXTILE 1,250 - 1,354,648 1,190,462 165,436 - 165,436 -
10-06-0416 ACRO SPINNING & WEAVING MILLS LIMITED 671,290 - - 648,568 22,722 - 22,722 -
10-06-0417 SHEIKHUPURA TEXTILE MILLS LTD. 1,056 - - - 1,056 - 1,056 -
Formula
10-06-0418 YUNUS TEXTILE MILLS LIMITED - - 36,192 34,749 1,443 - 1,443 -
10-06-0419 N.P. SPINNING MILLS LIMITED 25,993 - - - 25,993 - 25,993 -
10-06-0420 KARM-E-KARIM SPINNING - 21,819 - - - 21,819 - 21,819
10-06-0421 LATIF TEXTILE MILLS (PVT) LTD. 1,945 - 77,430 76,212 3,163 - 3,163 -
10-06-0423 ANOUD TEXTILE MILLS LTD. - - 1,071,840 1,056,502 15,338 - 15,338 -
10-06-0427 ALI AKBER TEXTILES (PVT.) LIMITED 348,000 - - 362,728 - 14,728 4,872 - 19,600
10-06-0428 SIDDIQA TEXTILE MILLS 3,392 - - - 3,392 - 3,392 -
10-06-0429 FKN TEXTILES 1,578 - - - 1,578 - 1,578 -
10-06-0430 FANZ SPINNING MILLS 181,888 - - 181,888 - - - -
10-06-0432 LAHORE SPINNING MILLS (PVT.) LIMITED - 116,000 - 116,000 - 232,000 - 232,000
10-06-0434 MR. NAVEED ANJUM - 139,892 - - - 139,892 - 139,892
10-06-0435 MAKKAH SPINNING MILLS - 3,062 - - - 3,062 - 3,062
10-06-0436 SPINCOT TEXTILE MILLS (PVT.) LIMITED 137,170 - - 137,170 - - - -
10-06-0437 ZULEKHA TEXTILE MILLS LIMITED 32,480 - - 31,343 1,137 - 1,137 -
10-06-0438 OLYMPIA BLENDED FIBER MILLS LIMITED-II - - 222,720 214,925 7,795 - 7,795 -
10-06-0439 FAISAL MUSTAFA TEXTILE MILLS (PVT.) LIMITED - - 67,280 64,843 2,437 - 2,437 -
10-06-0440 SKY TEXTILE MILLS - - 64,032 50,000 14,032 - 14,032 -
10-06-0441 MUHAMMAD ANWER & BROTHERS - - 446,600 260,480 186,120 - 186,120 -
10-06-0442 SHAKARGANJ MILLS LIMITED (TEXTILE DIVISION) - - 2,035,800 2,036,800 - 1,000 - 1,000
10-06-0443 ALI HAJVERI TEXTILE - - 1,612,400 1,479,773 132,627 - 132,627 -
10-06-0444 TERRY WORLD TEXTILES - - 768,192 551,232 216,960 - 216,960 -
10-06-0445 SAPHIRE TEXTILE MILLS LTD (1) - - 37,584 37,306 278 - 278 -
10-06-0446 FEROZE 1888 MILLS LTD - - 242,208 242,208 - 0 - 0
10-06-0447 MUNAWARRA TEXTILE MILLS LTD - - - 443,120 - 443,120 - 443,120
10-06-0448 ELAHI COTTON MILLS LTD - - 60,320 58,656 1,664 - 1,664 -
10-06-0449 YOUSUF WEAVING MILLS LIMITED (SPINNING UNIT) - - 198,360 - 198,360 - 198,360 -
11,938,376 957,641 39,063,743 40,224,317 11,459,638 1,639,477 31,343 80,403 11,418,287 1,647,186
10-07-0000 ADVANCES OTHERS - -
10-07-0001 ADVANCE INCOME TAX U/S 50 1,685,888 - 1,287,500 890,171 2,083,217 - 93,459 2,176,676 -
10-07-0002 AIJAZ BROHTERS - 226,910 226,910 - - - - -
10-07-0004 PERVAIZUMER ENTERPRISES 222,377 - 5,000 679,916 - 452,539 451,182 - 1,357
10-07-0005 PREPAYMENTS 68,624 - 71,528 68,624 71,528 - 71,528 -
10-07-0007 SALES TAX REFUNDABLE 1,646,370 - - - 1,646,370 - 63,959 1,710,329 -
10-07-0011 ASK ADVERTISEMENT 18,800 - - 18,800 - - - -
10-07-0012 AFZAL HYDER SHAH - HELPER 4,500 - - 4,500 - - - -
3,646,559 226,910 1,590,938 1,662,011 3,801,115 452,539 608,600 - 3,958,533 1,357
10-08-0000 ADVANCES TO STAFF
10-08-0001 BASHIR AHMED (DRIVER) - 2,000 - - 2,000 - 2,000
10-08-0004 MUHAMMMAD HANIF - 6,950 504 - - 6,446 6,240 - 12,686
10-08-0005 ABID HUSSAIN (FITTER) 5,000 - 1,000 6,000 - - 1,000 - 1,000
10-08-0010 SHAHID PERVAIZ 1,000 - - - 1,000 - 1,000 -
10-08-0013 MUHAMMAD IMRAN KHAN - 500 - 1,000 - 1,500 - 1,500
10-08-0014 SALEEM MASIH (OFFICE BOY) 7,060 - 10,000 8,500 8,560 - 8,560 -
10-08-0016 MR.NASIR HAMEED, DIRECTOR OPERATIONS 59,962 - - 59,962 - - - -
10-08-0018 SHAHID HANIF 3,500 - 10,000 2,000 11,500 - 11,500 -
10-08-0020 SAEED AHMAD 1,000 - - - 1,000 - 1,000 -
10-08-0022 M. TANVEER SALES ENG - 14,381 5,000 - - 9,381 - 9,381
10-08-0023 SHAHID PERVAIZ - 1,500 - - - 1,500 - 1,500
10-08-0024 ILYAS HUSSAIN 500 - 10,000 4,000 6,500 - 6,500 -
10-08-0025 IJAZ HUSSAIN 500 - - - 500 - 500 -
10-08-0026 M. ABBAS - 2,000 - - - 2,000 - 2,000
10-08-0027 SHAD KHAN 8,604 - - 4,500 4,104 - 500 3,604 -
10-08-0028 IMRAN KHAN - - 5,030 2,530 2,500 - 2,500 -
10-08-0029 RIAZ GOGA - - 20,000 8,000 12,000 - 12,000 -
87,126 27,331 61,534 96,492 47,664 22,827 - 7,740 47,164 30,067
Formula
10-09-0000 SECURTIES
10-09-0001 ELECTRICITY - - 9,985 - 9,985 - 9,985 - -
10-09-0002 GAS CYLINDER 24,000 - - - 24,000 - 24,000 -
10-09-0003 OFFICE SECURITY (6 M-2 GULBERG-II, LHR) 154,000 - - - 154,000 - 154,000 -
10-09-0005 TELEPHONES 25,780 - 2,640 - 28,420 - 2,640 25,780 -
10-09-0006 OTHERS - PETROL PUMP 20,000 - - - 20,000 - 20,000 -
10-09-0008 SECURITY - MULTAN OFFICE 5,000 - - 5,000 - - - -
228,780 - 12,625 5,000 236,405 - - 12,625 223,780 -
10-10-0000 LETTER OF CREDIT & MARGIN
10-10-0084 L/C 0052-00219/12 Cyl, dof, takerin 370,384 - 2,997,456 3,367,840 - - - -
10-10-0085 L/C 0052-00266/12 Foundation cloth 106,855 - 726,383 833,238 - - - -
10-10-0086 L/C 0052-00342/12 (CARD WIRES) - - 1,633,453 1,633,453 - - - -
10-10-0087 L/C 0052-00401/12 (FOUNDATION CLOTH) - - 1,188,312 1,188,312 - - - -
10-10-0088 L/C 0052-00409/12 (CYL, DOFF, TAKERIN) - - 2,585,500 2,585,500 - - - -
10-10-0089 L/C 0052-00500/12 (CYL, DOFF, TAKERIN) - - 2,934,613 2,934,613 - - - -
10-10-0091 L/C 0052-00512/12 (STEEL CARD WIRE) - - 2,005,965 2,005,965 - - - -
10-10-0092 L/C 0052-00015/13 - - 2,947,458 2,947,458 - - - -
10-10-0093 L/C 0052-00074/13 (STEEL STRIP,F.CLOTH,GRINDING WHEELS & CYLINDER - - 1,316,829 1,316,829 - - - -
10-10-0095 L/C 0052-00107/13 (STEEL CARD WIRES) - - 1,456,951 1,456,951 - - - -
10-10-0097 L/C 0052-00144/13 (CYLINDER, DOFFER, TAKERIN) - - 3,333,367 3,333,367 - - - -
477,239 - 25,715,307 26,192,546 - - - - - -
10-11-0000 CASH BALANCES
10-11-0001 CASH IN HAND (HEAD OFFICE) 2,608 - 2,224,644 2,227,184 68 - 68 -
10-11-0002 CASH IN HAND (FACTORY OFFICE) 686 - 1,027,486 1,027,772 400 - 400 -
3,294 - 3,252,130 3,254,956 468 - - - 468 -
Formula
10-12-0000 BANK BALANCES
10-12-0001 BOP A/C # 0140-CD-000918-0003 2,581 - 38,220,037 38,219,578 3,040 - 50 2,990.390 -
10-12-0002 BAHL A/C # 081-049663-01-5 19,463 - 107,880 114,634 12,709 - 12,708.800 -
10-12-0003 HBL A/C # 23848-06 7,756 - - - 7,756 - 169 7,587.000
29,800 - 38,327,917 38,334,212 23,505 - - 219 23,286 -
11-01-0000 SHARE CAPITAL ACCOUNT
11-01-0001 GENERAL RESERVE - 1,039,496 - - - 1,039,496 - 1,039,496
11-01-0002 PAID UP CAPITAL - 8,305,000 - - - 8,305,000 - 8,305,000
11-01-0003 PROFIT & LOSS ACCOUNT 10,808,041 - - - 10,808,041 - 10,808,041 -
10,808,041 9,344,496 - - 10,808,041 9,344,496 - - 10,808,041 9,344,496
11-02-0000 BANK BORROWINGS
11-02-0001 BOP A/C # 0140-CFM-000918-001-1 - 14,807,012 38,660,890 38,798,938 - 14,945,059 - 14,945,059
11-02-0002 FATR BOP - 4,007,814 15,655,514 16,269,000 - 4,621,300 4,700 - 4,616,600
- 18,814,826 54,316,404 55,067,938 - 19,566,359 4,700 - - 19,561,659
11-03-0000 DIRECTOR'S LOAN
11-03-0001 MR.JAVAID SHAMSHAD LODHI - 1,111,823 650,000 380,000 - 841,823 - 841,823
11-03-0003 MR.NASIR HAMEED - 548,426 59,962 - - 488,464 - 488,464
- 1,660,249 709,962 380,000 - 1,330,287 - - - 1,330,287
11-05-0000 PAYABLES
11-05-0001 ACCRUED EXPENSES - 1,220,826 725,468 632,496 - 1,127,854 11,700 188,020 - 1,304,174
11-05-0003 C.E.O REMUNERATION PAYABLE - 779,423 1,517,784 1,040,548 - 302,187 - 302,187
11-05-0005 SALARIES PAYABLE - FACTORY - 1,570,579 4,006,667 2,939,251 - 503,163 246,180 - 749,343
11-05-0006 SALARY PAYABLE - HEAD OFFICE - 289,626 1,489,807 1,913,203 - 713,022 66,435 - 646,587
11-05-0007 INCOME TAX PAYABLE( Salaries WHT) - 23,761 191,439 153,571 14,107 - 335 13,772 -
INCOME TAX PAYABLE (WHT on parties) 9,889 - 9,889
11-05-0009 PROVISION FOR TAXATION - 778,624 778,624 - - - - -
11-05-0010 SALES TAX PAYABLE - 302,932 279,293 - - 23,639 - 23,639
11-05-0012 WORKER WELFARE FUND PAYABLE - 62,638 - - - 62,638 - 62,638
11-05-0013 WORKERS PROFIT PARTICIPATION FUND - 496,516 - 94,338 - 590,854 - 590,854
11-05-0014 MARKUP PAYBLE WPPF - 167,512 94,338 - 73,174 76,873 - 150,047
11-05-0015 PROVISION FOR BAD DEBTS (30-06-09) - 846,574 - - - 846,574 1,786,528 - 2,633,102
11-05-0016 BRILLIANT AGENCIES - 45,265 45,265 - - - - -
11-05-0017 GERON CARD CLOTHING PAYABLE 22,469 - - 22,469 - - - -
11-05-0020 SURCHARGE PAYABLE ON INCOME TAX - 3,906 3,906 - - - - -
22,469 6,588,182 9,132,591 6,795,876 14,107 4,243,105 78,135 2,307,825 13,772 6,472,460
11-06-0000 DUE TO OTHERS
11-06-0001 MR.JUNAID LODHI - 1,263,216 965,000 2,200,000 - 2,498,216 - 2,498,216
11-06-0003 ASSOCIATED TEXTILE CONSULTANTS (PVT.) LTD. - 14,735 - - - 14,735 - 14,735
11-06-0004 NATIONAL FOODS LTD. - 102,009 102,009 - - - - -
11-06-0006 MR. AMIR FEROZE - 99 - - - 99 - 99
11-06-0007 MR. DANIYAL MEHMOOD - - 270,000 270,000 - - - -
11-04-0012 MR. ASIF - - 50,000 50,000 - - - -
- 1,380,059 1,387,009 2,520,000 - 2,513,050 - - - 2,513,050
12-01-0000 SALES
12-01-0001 SALES ACCOUNT - - 5,604,221 38,998,338 - 33,394,117 - 33,394,117
- - 5,604,221 38,998,338 - 33,394,117 - - - 33,394,117
12-02-0000 RAW MATERIAL LOCAL
12-02-0001 GRINDING WHEELS (LOCAL) - - 100 - 100 - 100 - -
12-02-0002 PACKING MATERIAL - - 154,460 18,677 135,783 - 135,783 - -
Formula
12-02-0003 PLASTISIZING MATERIAL - - 29,397 - 29,397 - 29,397 - -
12-02-0004 STORE PURCHASES - - 71,273 - 71,273 - 71,273 - -
- - 255,230 18,677 236,553 - - 236,553 - -
12-03-0000 RAW MATERIAL IMPORTED
12-03-0002 RAW MATERIAL (Imported) - - 10,235,176 - 10,235,176 - 10,235,176 - 0
12-03-0003 FINISHED GOODS (IMPORTED) - - 12,140,859 - 12,140,859 - 12,140,859 - 0
12-03-0004 RAW MATERIAL (LOCAL) - - 194,587 226,910 - 32,323 32,323 - -
- - 22,570,622 226,910 22,376,035 32,323 32,323 22,376,035 - 0
12-04-0000 MANUFACTURING EXPENSES
Raw material consumption - - - - 9,954,431 9,954,431 -
Stores and Spares Consumption - - - - 264,632 264,632 -
Trading Goods Consumption - - - - 10,959,592 10,959,592 -
F Goods Adjustment - - - - 373,760 373,760 -
WIP Adjustment - - - - 22,194 - 22,194
12-04-0001 DIES & PUNCHES - - 25,700 - 25,700 - 25,700 -
12-04-0002 E.O.B.I. - - 100,400 - 100,400 - 18,900 119,300 -
12-04-0003 ELECTRICITY FACTORY - - 705,171 84,272 620,899 - 37,052 583,847 -
12-04-0004 FACTORY SALARIES & WAGES - - 3,432,991 868,210 2,564,781 - 268,015 - 2,832,796 -
12-04-0005 FREIGHT, OCTROI & ZILA TAX (INWARD) - - 15,080 - 15,080 - 15,080 -
12-04-0006 GRINDING WHEELS - - 100,500 - 100,500 - 100,500 - 0
12-04-0007 GROUP INSURANCE - - 15,511 - 15,511 - 15,511 -
12-04-0008 MEDICAL EXPENSES (FACTORY) - - 1,591 - 1,591 - 1,591 -
12-04-0009 OIL & LUBRICANTS - - 73,306 4,952 68,354 - 68,354 -
12-04-0010 OVER TIME - - 60,741 - 60,741 - 60,741 -
12-04-0011 OXYGEN & FON GAS - - 47,494 - 47,494 - 47,494 -
12-04-0012 REPAIR & MAINTENANCE FACTORY - - 8,181 - 8,181 - 8,181 -
12-04-0013 REPAIR & MAINTENANCE MACHINERY - - 150,100 - 150,100 - 150,100 -
12-04-0014 SECURITY SERVICES CHARGES - - 116,561 - 116,561 - 1,639 510 117,690 -
12-04-0015 SOCIAL SECURITY - - 144,758 - 144,758 - 12,495 157,253 -
12-04-0016 VEHICLE RUNNING & MAINTENCE FACTORY - - 316,298 - 316,298 - 316,298 -
12-04-0019 INSURANCE EXPENSES - - 80,733 1,572 79,161 - 79,161 -
DEPRECIATION - OWNED ASSETS - - - - - - 108,166 108,166 -
DEPRECIATION - LEASED ASSETS - - - - - - - -
- - 5,395,116 959,006 4,436,110 - 21,961,630 160,256 26,259,678 22,194
12-05-0000 ADMINISTRATION & GENERAL EXPENSES
12-05-0001 ADUIT FEE - - - - - - 75,000 75,000 -
12-05-0002 C.E. REMUNERATION - - 1,100,000 1,100,000 - - - -
12-05-0003 CHARITY & DONATION - - - - - - - -
12-05-0004 ELECTRICITY CHAGES - - 239,220 - 239,220 - 9,985 249,205 -
12-05-0006 LEGAL & PROFESSIONAL CHARGES - - 25,000 - 25,000 - 25,000 -
12-05-0007 LOCAL CONVEYANCE - - 39,033 - 39,033 - 39,033 -
12-05-0008 NEWS PAPER, BOOKS & PERIODICALS - - 14,666 - 14,666 - 14,666 -
12-05-0009 OFFICE REPAIR & MAINTENCE - - 18,217 - 18,217 - 18,217 -
12-05-0010 POSTAGE & COURIER - - 93,417 9,958 83,459 - 83,459 -
12-05-0011 MEDICAL (JAVAID S.LODHI) - - 61,773 - 61,773 - 61,773 -
12-05-0014 MEDICAL (MR.HANIF) - - 3,366 - 3,366 - 3,366 -
12-05-0016 VEHICLE RUNNING & MAINTENCE (ADMIN) - - 393,954 - 393,954 - 393,954 -
12-05-0017 PRINTING & STATIONERY - - 33,074 - 33,074 - 33,074 -
12-05-0018 STAFF WELFARE - - 57,180 - 57,180 - 57,180 -
12-05-0019 TELEPHONE & FAX - - 189,900 - 189,900 - 2,640 3,553 188,987 -
12-05-0020 SALARY & ALLOWANCES (HEAD OFFICE) - - 1,267,276 - 1,267,276 - 1,267,276 -
12-05-0021 MEDICAL EXPENSES - - 5,000 - 5,000 - 5,000 -
12-05-0022 WATER & GAS (HEAD OFFICE) - - 1,880 - 1,880 - 1,880 -
12-05-0023 RENT EXPENSE - - 392,700 - 392,700 - 8,250 4,950 396,000 -
12-05-0024 RATE FEE & TAXES - - 61,599 - 61,599 - 61,599 -
12-05-0025 MEDICAL EXPENSES (IFTIKHAR SHIGRI) - - 11,750 - 11,750 - 11,750 -
12-05-0026 MEDICAL EXPENSES (JUNAID LODHI) - - 6,759 - 6,759 - 6,759 -
Formula
PROVISION FOR BAD DEBTS (30-06-13) - - - - - - 1,786,528 1,786,528 -
DEPRECIATION - OWNED ASSETS - - - - - - 42,765 42,765 -
- - 4,015,764 1,109,958 2,905,806 - 1,925,168 8,503 4,822,471 -
Formula
12-06-0000 SELLING & DISTRIBUTION EXPENSES
12-06-0001 ADVERTISEMENT - - - - - - - -
12-06-0002 COMMISSION ON SALES - - - - - - - -
12-06-0003 FREIGHT & OCTROI (OUTWARD) - - 151,780 - 151,780 - 151,780 -
12-06-0005 SALAREIS & ALLOWANCES (SELLING) - - 922,335 - 922,335 - 86,435 835,900 -
12-06-0006 SALES PROMOTION - - 401,123 - 401,123 - 401,123 -
12-06-0007 SALES TAX - - 5,420,080 5,366,369 53,711 - 10,248 63,959 0 -
12-06-0008 TRAVELLING & CONVEYANCE - - 216,000 - 216,000 - 216,000 -
12-06-0009 VEHICLE RUNNING & MAINTENCE (SELLING) - - 340,135 - 340,135 - 340,135 -
12-06-0010 PENALTY - - 98,013 - 98,013 - 98,013 -
DEPRECIATION - - - - - - 44,149 44,149 -
- - 7,549,466 5,366,369 2,183,097 - 54,397 150,394 2,087,100 -
12-07-0000 FINANCIAL EXPENSES
12-07-0001 BANK CHARGES - - 175,563.7800 - 175,563.7800 - 219 14,042 161,741 -
12-07-0002 EXCISE DUTY - - - - - - - -
12-07-0006 MARKUP ON SHORT TERM BORROWING - - 2,290,696 62,225 2,228,472 - 81,625 2,310,097 -
WORKERS WELFARE FUND - - - - - - - -
WORKERS PROFIT PARTICIPATION FUND - INTEREST - - - - - - - -
MARKUP ON WORKERS PROFIT PARTICIPATION FUND - - - - - - 76,873 76,873 -
- - 2,466,260 62,225 2,404,035 - 158,717 14,042 2,548,710 -
12-08-0000 OTHER INCOME
SME BUSINESS SUPPORTS FUND - - - -
12-08-0002 RENTAL INCOME - - - 102,009 - 102,009 - 102,009
12-08-0001 PROFIT ON SALE OF FIXED ASSETS - - - 21,515 - 21,515 1,899 - 23,414
- - - 123,524 - 123,524 - 1,899 - 125,423
TOTAL 47,672,768 47,672,768 221,812,857 221,812,857 80,949,161 80,949,161 47,103,989 47,103,989 82,922,534 82,922,534
Difference - - - - -
47,103,989 47,103,989
- -
Client : Pakistan Card Clothing Company (Pvt.) Ltd
Period : June 30, 2013
Subject : Adjusting Entries
Sr.
No.
Particulars
Account
Code
Debit
Rs.
Credit
Rs.
Status
1 Depreciation - Owned Assets-Manufacturing 108,166 updated in trial balance
Depreciation - Owned Assets-Administrative 42,765
Depreciation - Owned Assets-Selling 44,149
Depreciation Builidng 10-02-0001 4,717
Depreciation Plant & Machinery 10-02-0002 41,094
Depreciation Furniture & Fixture 10-02-0003 3,195
Depreciation Accessories & Tools 10-02-0004 319
Depreciation Electric Installation 10-02-0005 488
Depreciation Tubewell 10-02-0006 93
Depreciation Vehicle 10-02-0007 137,792
Depreciation Office Equipment 10-02-0008 3,936
Depreciation Computers. 10-02-0009 3,446
(Being Depreciation charged for the year which has not being charged by mangement)
2 Acc Depreciation 10-02-0007 1,899
Gain On Sale Of Fixed Assets 12-08-0001 1,899
(Gain on disposal of vehicle is less charged by an amount of Rs. 1899 so entry propsed .)
3 Sales tax Refundable 10-07-0007 53,711 updated in trial balance
Sales tax - selling expenses - input 12-06-0007 53,711
(Adjusting Entry for Input sales tax against Sales tax Refundable)
4 Sales Tax expense 12-06-0007 10,248 updated in trial balance
Factory electricity Expense 12-04-0003 10,248
(Full amount of factory electricity Expense has been charged against Sales Tax expense. Sales Tax Expense has not been
bifercated.)
Sales Tax refundable 10-07-0007 10,248 updated in trial balance
Sales Tax expense 12-06-0007 10,248
(Sales Tax refundable has been wrongly charges as Sales Tax expense)
5 Bank Charges 12-07-0001 50 updated in trial balance
Bank (BOP) 10-12-0001 50
(Being bank Charges charged by the bank)
6 Auditors' remuneration 12-05-0001 75,000 updated in trial balance
Accrued Expenses - Auditors' remuneration payable 11-05-0001 75,000
(Being the recording of auditors' remuneration for the audit of financial statements for the year ended June 30, 2013)
7 Rent expense - Admin expenses 12-05-0023 8,250 updated in trial balance
Income tax payable 8,250
(Being the recording of tax deducted on rent payment for head office in rent expense account)
8 Accrued Expenses 11-05-0001 4,950 updated in trial balance
Rent expense - Admin expenses 12-05-0023 4,950
(Being the incorrect recording of tax deducted on rent payment for head office in rent expense account - it relates to
previous year)
9 Salaries(COS) 12-04-0004 20,000 updated in trial balance
Salaries Selling 12-06-0005 20,000
(BP# 263 wrongly accounted for)
10 Factory salaries expense 12-04-0004 1,000 updated in trial balance
Factory salaries payable 11-05-0005 1,000
(Being wages of factory workers under-recorded Jan. 2013 wrongly debited in factory salary payable account)
11 Factory salaries expense 12-04-0004 4,965 updated in trial balance
Factory salaries payable 11-05-0005 4,965
(Being wages of factory workers under-recorded Feb. 2013 wrongly debited in factory salary payable account)
12 Security Services Charges 12-04-0014 1,639 updated in trial balance
WHT Payable 1,639
(Being adjustment of WHT deducted by the PPC on payment of security services charges)
13 Factory Salaries 12-04-0004 40,000 updated in trial balance
WHT Payable 11-05-0007 335
Factory salaries Payables 11-05-0005 39,665
(Being adjustment of Factory Manager's salary paid for the month of September12 )
14 Factory Salaries 12-04-0004 202,050 updated in trial balance
Advances to Staff:Abid Hussain 1,000
Shad Muhammad Khan 500
Factory salaries Payables 11-05-0005 200,550
(Being adjustment of Factory worker paid for the month of September12 )
15 Social Security 12-04-0015 12,495 updated in trial balance
Accrued expense 12,495
(Being Social Security of factory workers for the month of June. 2013 not recorded )
16 EOBI 12-04-0002 18,900 updated in trial balance
Accrued expense 18,900
(Being EOBI of factory workers for the month of May & June. 2013 not recorded )
Sr.
No.
Particulars
Account
Code
Debit
Rs.
Credit
Rs.
Status
17 Electricity Charges 12-05-0004 9,985 updated in trial balance
Electricity-Long Term Security deposits 10-09-0001 9,985
(Being expense for the year wrongly charged as security deposits)
18 Telephone & Fax 12-05-0019 140 updated in trial balance
Telephones-Long Term Security deposits 10-09-0005 140
(Being wrong posting)
19 Telephone & Fax 12-05-0019 2,500 updated in trial balance
Telephones-Long Term Security deposits 10-09-0005 2,500
(Being bill of mobile phone 0300-8402263 wrongly charged as security deposits)
20 Accrued Expenses 11-05-0001 6,240 updated in trial balance
Advances To Staff: M. Hanif 10-08-0004 6,240
(Being adjusttment of Telephone and Sui Gas bill for the month of June-12 not entered)
21 Accrued Expenses 11-05-0001 510 updated in trial balance
Security Servuces Charges 12-04-0014 510
(Being adjustment of WHT paid which was deducted on June-12 bill but wrongly charged to the Security services account)
LCs Entries
22 Pervaiz Umer Enterprise 10-07-0004 83,640 updated in trial balance
Raw Material 12-03-0002 3,329
Trading Goods 12-03-0003 80,311
Grinding Wheels 12-04-0006 -
(Being the adjustment of PICT Charges on LC # 0052-00219/12)
Raw Material 12-03-0002 18,000
Trading Goods 12-03-0003 -
Raw Material 12-03-0002 13,912
Raw Material 12-03-0002 26,910
Raw Material 12-03-0002 2,232
Trading Goods 12-03-0003 37,448
Raw Material 12-03-0002 5,557
Trading Goods 12-03-0003 34,123
Raw Material 12-03-0002 18,960
Raw Material 12-03-0002 39,680
Raw Material 12-03-0002 -
Trading Goods 12-03-0003 39,680
Raw Material 12-03-0002 27,064
Trading Goods 12-03-0003 9,788
Grinding Wheels 12-04-0006 2,828
32 Pervaiz Umer Enterprise 10-07-0004 12,000
Raw Material 12-03-0002 12,000 updated in trial balance
Sr.
No.
Particulars
Account
Code
Debit
Rs.
Credit
Rs.
Status
Raw Material 12-03-0002 39,680
Raw Material 12-03-0002 1,217
Trading Goods 12-03-0003 38,463
35 Monoon Industries A/C 10-06-0184 31,343 updated in trial balance
Margalla Textile Mills 10-06-0172 31,343
36 Advance Income Tax 10-07-0001 4,872 updated in trial balance
Ali Akbar Textile Mills 10-06-0427 4,872
(Advance income tax deducted by party not recorded)
Margalla textile Mills 10-06-0172 5,405
M.D. Textile Spinning Mills ( Pvt. ) Ltd. 10-06-0406 15,099
Dewan Farooq Spinning Mills Ltd. 10-06-0403 4,425
Factory Electricity 12-04-0003 26,804
(Advance income tax deducted on electricity bill not recorded )
Telephone & Fax 12-05-0019 3,553
42 FATR A/C 11-02-0002 4,700 updated in trial balance
Purchases-Imports/Raw Material 12-03-0002 4,700
43 WHT A/C 10-07-0001 14,042 updated in trial balance
Bank Charges 12-07-0001 14,042
(WHT deducted from BOP A/C are reversed as these are recorded in bank charges previously)
44 MARKUP ON WPPF 76,873 updated in trial balance
MARKUP PAYBLE WPPF 11-05-0014 76,873
(Being intrest payable on WPPF opening balance)
45 FINISHED GOODS (STOCKS) 10-05-0001 - updated in trial balance
FINISHED GOODS (TRADING) 10-05-0002 11,901,046
RAW MATERIAL (STOCKS) 10-05-0003 10,019,009
WORK IN PROCESS (STOCKS) 10-05-0004 -
GRINDING WHEELS 10-05-0005 97,772
STORE & SPARES - General store 10-05-0007 71,273
PACKING MATERIAL 10-05-0008 135,783
RAW MATERIAL (Local) 12-03-0004 32,323
GRINDING WHEELS (LOCAL) 12-02-0001 100
PLASTISIZING MATERIAL 12-02-0003 29,397
STORE PURCHASES 12-02-0004 71,273
TRADING GOODS (IMPORT) 12-03-0003 11,901,046
RAW MATERIAL (Imported) 12-03-0002 10,021,935
46 Raw material consumption 9,954,431 updated in trial balance
Stores and Spares Consumption 264,632
Trading Goods Consumption 10,959,592
F Goods Adjustment 373,760
WORK IN PROCESS (STOCKS) 10-05-0004 22,194
FINISHED GOODS (STOCKS) 10-05-0001 373,760
FINISHED GOODS (TRADING) 10-05-0002 10,959,592
RAW MATERIAL (STOCKS) 10-05-0003 9,954,431
STORE & SPARES - General store 10-05-0007 71,273
WIP Adjustment 22,194
47 Bank Charges 12-07-0001 169 updated in trial balance
Bank (HBL) 10-12-0003 169
(Being Purchase Accounts closed for the year and purchases debited in stock accounts)
(Being consumpution of raw material being charged for the year to stock accounts)
Sr.
No.
Particulars
Account
Code
Debit
Rs.
Credit
Rs.
Status
(Being bank Charges charged by the bank)
48 Salaries Payable(Head Office) 11-05-0006 66,435 updated in trial balance
Salaries and Allowances(Selling) 12-06-0005 66,435
(Being correction of wrong entry)
49 Provision for bad debts (P&L) 1,786,528 updated in trial balance
Provision for bad debts 11-05-0015 1,786,528
(Provision for bad debts created for debts' balance outstanding for more than 3 years)
50 Advance Income tax 10-07-0001 12,180 updated in trial balance
MARHABA TEXTILE LIMITED 10-06-0411 12,180
KOHAT TEXTILE MILLS LTD. 10-06-0152 1,299
GUL AHMED TEXTILE MILLS LIMITED. 10-06-0327 3,599
SARITOW SPINNING MILLS LTD. 10-06-0250 2,181
54 MARKUP ON SHORT TERM BORROWING 12-07-0006 81,625 updated in trial balance
Accrued mark-up 81,625
(Accrued mark up and related expense not recorded)
Total 47,103,989 47,103,989
Provision for taxation 11-05-0009
Advance income tax u/s 50 10-07-0001
(Being the adjustment of tax liability for 2013 against advance income tax paid) updated in trial balance
Land - free hold 12,526 - 12,526 - - - - - 12,526
Plant and machinery 5,271,902 - 5,271,902 10 4,860,958 41,094 - 4,902,052 369,850
Tools and accessories 43,358 - 43,358 10 40,173 319 - 40,492 2,866
Vehicles 3,476,503 (414,503) 3,062,000 20 2,768,553 137,792 (387,917) 2,518,428 543,572
2013 9,966,424 (414,503) 9,551,921 8,673,074 195,080 (387,917) 8,480,237 1,071,684
Land - free hold 12,526 - 12,526 - - - - - 12,526
Plant and machinery 5,271,902 5,271,902 10 4,815,297 45,661 - 4,860,958 410,944
Tools and accessories 43,358 43,358 10 39,819 354 - 40,173 3,185
Vehicles 3,476,503 3,476,503 20 2,591,565 176,988 - 2,768,553 707,950
2012 9,966,424 - 9,966,424 8,432,433 240,641 - 8,673,074 1,293,350
Rupees Rupees
Additions/
(Deletions)/
Adjustments
As at June
30, 2012
Rate %
As at July 1,
2011
For the year
Additions/
(Deletions)/
Adjustments
PARTICULARS
COST DEPRECIATION
Written down
value as at
June 30, 2012
As at July 1,
2011
As at June
30, 2012
Written down
value as at
June 30, 2013
PARTICULARS
COST DEPRECIATION
Additions/
(Deletions)/
Adjustments
Additions/
(Deletions)/
Adjustments
Rupees Rupees
As at July 1,
2012
As at June
30, 2013
Rate %
As at June
30, 2013
As at July 1,
2012
For the year
PAKISTAN CARD CLOTHING COMPANY (PVT.) LTD.
SEGMENTAL PROFIT & LOSS ACCOUNT
INCOME YEAR ENDED ON JUNE 30, 2013
TAX YEAR: 2013
RATIO
Rental Income Sales agst.
Imported Goods
Sales against
Manufacturing
Goods
Total
Rs. Rs. Rs. Rs.
Sales 14,820,162 18,573,955 33,394,117
Less:Cost of goods sold Actual (10,959,592) (15,277,892) (26,237,484)
Gross Profit 3,860,570 3,296,063 7,156,633
% age GP 0% 54% 46% 100%
ADD: Other income
Rental Income 102,009 102,009
Other Income -
Gain on disposal GP 23,414 23,414
Gross Income 102,009 3,860,570 3,319,477 7,282,056
% age GI 1% 53% 46% 100%
Less: Admin Expense
Salaries G.P Basis 683,618.64 583,657 1,267,276
C.E Remuneration 20:80 - - -
Repair & Maintenance Expenses G.P Basis 9,826.97 8,390 18,217
Other Expenses(excluding dep.) G.P Basis 1,927,803.85 1,645,913 3,573,717
Dep. G.P Basis 23,069.13 19,696 42,765
- 2,644,318.58 2,257,656.42 4,901,975
Selling Exp:
Advertisement & Sales promotion Actual 401,123 401,123
Freight & Vehicle Maintenance G.P Basis 265,358.35 226,556.65 491,915
Other Expenses(excluding dep.) G.P Basis 577,420.82 492,988.18 1,070,409
Dep. G.P Basis 23,815.71 20,333.29 44,149
- 866,594.87 1,141,001.13 2,007,596
Financial Charges: G.P Basis 1,374,874.66 1,173,835.34 2,548,710
Other Operating Expenses G.P Basis -
Total Admin. Selling & Financial expenses - 4,885,788 4,572,493 9,458,281
PROFIT/(LOSS) AS PER ACCOUNTS 102,009 (1,025,218) (1,253,016) (2,176,225)
ADD: Inadmissible expenses
Depreciation on Leased Assets as per a/c
Depreciation-Own Assets (as per Accounts) CGS 108,166 108,166
Admin 23,069 19,696 42,765
Selling 23,816 20,333 44,149
Lease Finance Charges - - -
WWF G.P Basis - - -
Gain on sale of assets G.P Basis - -
Penalties G.P Basis 52,872 45,141 98,013
Charity & donations G.P Basis - - -
Provision for Doubtful Debts G.P Basis 1,786,528 1,786,528
- 99,757 1,979,864 2,079,621
Particulars
Less: Admissible expenses
WWF G.P Basis
Actual Bad Debts - -
Tax loss on assets G.P Basis (2,227) (2,227)
Depreciation-Own Assets (as per Tax CGS 57,925 57,925
charged on A/C Dep basis) Admin 5,341 4,560 9,902
Selling 5,341 4,560 9,902
- 10,683 64,819 75,502
Taxable income/(loss) as per segmental 102,009 (936,144) 662,029 (172,106)
Total Loss - 662,029 -
Adjustment of b/f losses Tax Year b/f for the year c/f
Assessed 2013 - 662,029 662,029
Assessed 2012 (2,076,691) (2,076,691)
Assessed 2011 (1,976,712) (1,976,712)
Assessed 2010 (82,408) (82,408)
Assessed 2009 (1,209,013) (1,209,013)
Assessed 2008 (1,351,864) (1,351,864)
Business income/ (loss) (6,696,688) 662,029 (6,034,659)
Depreciation Losses
2013 - 64,819 64,819
2012 (25,965) (25,965)
2011 (87,756) (87,756)
2010 (75,497) (75,497)
2009 (653,456) (653,456)
Total Loss (842,674) 64,819 (777,855)
Total Loss (Business & Depreciation) c/f (7,539,362) 726,848 (6,812,514)
Tax Calculation Principal Rate Liability
Normal Income Revenue 1% 185,740
Tax On Imports (PTR) Value of Goods 5% and 1% 618,064
Tax on rental income Gross 5% 5,100
Tax Liability 808,904
Total tax liability for the year 808,904
Tax already paid 1,347,658
Net Tax (Refund) (538,754)
PAKISTAN CARD CLOTHING COMPANY (PVT.) LTD.
TAX DEPRECIATION SCHEDULE
INCOME YEAR ENDED ON JUNE 30, 2013
TAX YEAR 2012
PARTICULARS
W.D.V. As at
July 01,
2012(Rupees)
Additions/
(deletion)
Total As at
June 30, 2013
(Rupees)
Rate
(Percentage)
Initial
Allowance
(Rupees)
Depreciation
for the Year
(Rupees)
Total
Depreciation
(Rupees)
W.D.V. As
at June 30,
2013 (Rupees)
Building 47,173 - 47,173 10 - 4,717 4,717 42,456 COS
Machinery 268,535 - 268,535 15 - 40,280 40,280 228,255 COS
Office Equipment 43,739 - 43,739 15 - 6,561 6,561 37,179 OTHERS
312,275 - 312,275 - 46,841 46,841 265,433
Computer Equipments 1,051 - 1,051 30 - 315 315 736 OTHERS
Furniture & Fixture 21,415 - 21,415 15 - 3,212 3,212 18,203 COS
Motor Vehicle 203,181 (52,227) 150,954 15 - 22,643 22,643 128,311 BOTH
Total 585,095 (52,227) 532,867 - 77,729 77,729 455,138
CGS ADMIN SELLING Total
57,925 9,902 9,902 77,729
Cost
Depriciation @
15%
W.D.V
30-06-2001 414,503 82,901 331,602
30-06-2002 66,320 265,282
30-06-2003 39,792 225,490
30-06-2004 33,823 191,666
30-06-2005 28,750 162,916
30-06-2006 24,437 138,479
30-06-2007 20,772 117,707
30-06-2008 17,656 100,051
30-06-2009 15,008 85,043
30-06-2010 12,756 72,287
30-06-2011 10,843 61,444
30-06-2012 9,217 52,227
Written Down Value Sales proceeds Gain/(Loss)
52,227 50,000 (2,227)
Suzuki Van-LXR 5692
Tax Gain on Disposal of vehicle
Depriciation Bifercation
DATE PARTICULARS AMOUNT TOTAL
01) INCOME TAX PAID ON IMPORTED MATERIAL
31-Jul-12 L/C 0052-00219/12 15JV 142,564
31-Aug-12 L/C # 0052-00266/12 18JV 7,109
30-Sep-12 0052-00342/12 41JV 72,509
30-Nov-12 L/C 0052-00409/12 65JV 102,505
30-Nov-12 L/C 0052-00401/12 66JV 10,370
31-Jan-13 L/C 0052-00500/12 83JV 124,895
31-Jan-13 L/C 0052-00504/12 (JV of Rs. 10559) 88JV 11,193
31-Jan-13 L/C 0052-00512/12 91JV 86,379
31-Mar-13 L/C 0052-00015/13 110JV 126,229
30-Apr-13 L/C 0052-00074/13 120JV 39,867
30-Apr-13 L/C 0052-00083/13 123JV 10,891
30-Jun-13 L/C 0052-00144/13 153JV 145,429
30-Jun-13 L/C 0052- 00107/13 200JV 63,600 943,540
02) INCOME TAX DEDUCTED AT SOURCE BY PARTIES (POSTED)
31-Aug-12 TAXILA COTTON MILLS 32JV 8,120
30-Sep-12 SHOAIB SALMAN TEXTILE 42JV 1,470
31-Oct-12 GADOON TEXTILE MILLS 49JV 14,260
30-Nov-12 REDCO TEXTILE MILLS 58JV 4,964
31-Jan-13 TAXILA COTTON MILLS 84JV 4,222
31-Jan-13 NOOR INDUSTRIES, NOORANI SPINNING & NOOR TEXTILE 85JV 18,424
31-Jan-13 SHOAIB SALMAN TEXTILE 93JV 1,960
31-Mar-13 SHOAIB SALMAN TEXTILE 105JV 1,470
30-Apr-13 NOOR GROUP 125JV 10,719
31-May-13 NOORANI SPINNING MILLS 136JV 1,639
31-May-13 NOOR INDUSTRIES 137JV 1,639
31-May-13 IMPERIAL TEXTILE MILLS 138JV 2,939
31-May-13 IMPERIAL TEXTILE MILLS 139JV 4,710
30-Jun-13 SHOAIB SALMAN TEXTILE 141JV 4,025
30-Jun-13 MARHABA TEXTILE MILLS 142JV 14,038
30-Jun-13 ELAHI COTTON MILLS 143JV 2,053
30-Jun-13 ELAHI COTTON MILLS 144JV 4,060
30-Jun-13 GADOON TEXTILE MILLS 145JV 22,143
30-Jun-13 QUETTA TEXTILE MILLS 146JV 1,299
30-Jun-13 TAXILA COTTON MILLS 147JV 20,787
30-Jun-13 SARGODHA SPINNING MILLS 148JV 2,728
30-Jun-13 J. K SPINNIN MILLS LTD. 149JV 730
30-Jun-13 GALAXY TEXTILE MILLS 150JV 33,576
30-Jun-13 SARDARPUR TEXTILE MILLS 151JV 10,990
30-Jun-13 CRESCENT FIBRES LTD (BHIKI) 152JV 3,214
30-Jun-13 CRESCENT FIBRES LTD (NOORI ABAD) 154JV 15,266
30-Jun-13 SHAKARGANJ MILLS LTD (TEXTILE DIVISION) 189JV 61,825
30-Jun-13 IMPERIAL TEXTILE MILLS 191JV 5,294
30-Jun-13 AL-QADIR TEXTILE MILLS 192JV 1,137
30-Jun-13 AMIN TEXTILE MILLS LIMITED 194JV 1,949
30-Jun-13 ASHER IMRAN TEXTILE MILLS 214JV 5,023
30-Jun-13 SHAHBAZ GARMENTS 215JV 57,287 343,960
03) INCOME TAX DEDUCTED AT SOURCE BY PARTIES (UNPOSTED)
30-Jun-13 DEWAN FAROOQ SPINNING MILLS LTD. 4,425
30-Jun-13 M. D. TEXTILE MILLS LTD. 15,099
PAKISTAN CARD CLOTHING PRIVATE LIMITED
DETAIL OF ADVANCE INCOME TAX FOR TAX YEAR 2013
30-Jun-13 MARGALLA TEXTILE MILLS LTD. 5,405
30-Jun-13 ALI AKBER TEXTILE MILLS LTD. 4,872 29,801
04) INCOME TAX PAID ON TELEPHONE & ELECTRICITY BILLS (UPOSTED)
30-Jun-13 Income Tax On Electricity Bills (Detail Attached) 26,804
30-Jun-13 Income Tax On Telephone Bills PTCL (Detail Attached) 3,553 30,357
TOTAL:- 1,347,658
PAJE:
WHT A/C 10-07-0001 14,042
Bank Charges 12-07-0001 14,042
(WHT deducted from BOP A/C are reversed as these are recorded in bank charges previously)
Advance Income tax 10-07-0001 12,180
MARHABA TEXTILE LIMITED 10-06-0411 12,180
As Per trail 1,373,880
CALCULATION OF WPPF AND WWF
WPPF calculation Rs.
Accounting profit before tax (2,176,225)
Adjusted profit before tax (2,176,225)
There was no profit during the year hence no liability arises on WPPF
WPPF @ 5% of adjusted profit NIL
WWF Calculation Rs.
Accounting profit before tax (2,176,225)
Less: WPPF as above NIL
Profit before tax for WWF calculation (2,176,225)
There was no profit during the year hence no liability arises on WWF
WWF @ 2% of profie before tax and after WPPF NIL
Profit before tax after WPPF and WWF (2,176,225)
Calculation of Mark-up on WPPF Rs.
Opening balance 496,516
Average borrowing rate of the Company (14.66+14.67+14.7+12.93) 12.98%
Average borrowing rate of the Company plus 2.5% 2.50%
Rate for Interest on WPPF 15.48%
Interest 76,873
PAJE
MARKUP ON WPPF 76,873
MARKUP PAYBLE WPPF 11-05-0014 76,873
(Being intrest payable on WPPF opening balance)
Instructions
Ensure that WPPF and WWF is zero. Link profit before tax figure from P&L. Paste special as 'Value'.
Link other income figure from P&L.
Link 'Accounting profit before tax' as used in WPPF Calculation.
Take effect of WPPF as calculated above.
Calculate WWF @ 2% of higher of accounting profit before tax or taxable income.
This should be equal to profit before tax as per P&L after all adjustments.
83,116
Expenses PTR
Sr. No L / C No. Items Raw Material Trading Goods
Grinding Wheel
- Store
Total
Purchase
Income Tax Income Tax Rate
Raw Material as
% of total
Trading
Goods as
% of total
Grinding Wheel
- Store as % of
total
Income Tax
on Raw
Material
Income Tax
on Trading
Goods
Income Tax on
Grinding Wheel
- Store
Income Tax
--------------------------------------------------------------------------------------------------------------------------------------------------- Rupees ---------------------------------------------------------------------------------
1 0052-00219/12 Cylinder + doffer+Takerin 112,053 2,703,046 - 2,815,099 142,564 5% 4% 96% 0% 5,675 136,889 - 142,564
2 0052-00266/12 Foundation cloth 823,333 - - 823,333 7,109 1% 100% 0% 0% 7,109 - - 7,109
3 0052-00342/12 Card wires 1,357,216 - - 1,357,216 72,509 5% 100% 0% 0% 72,509 - - 72,509
4 0052-00401/12 Foundation cloth 1,174,184 - - 1,174,184 10,370 1% 100% 0% 0% 10,370 - - 10,370
8 0052-00512/12 Steel Card wires 1,677,832 - - 1,677,832 86,379 5% 100% 0% 0% 86,379 - - 86,379
9 0052-00015/13 Card wires - 2,464,681 - 2,464,681 126,229 5% 0% 100% 0% - 126,229 - 126,229
10 0052-00074/13 Steel strip, Grinding Wheel, Cylinder 794,293 287,269 83,008 1,164,570 39,867 5% 68% 25% 7% 27,191 9,834 2,842 39,867
12 0052-00107/13 Steel Card wires 1,217,903 - - 1,217,903 63,600 5% 100% 0% 0% 63,600 - - 63,600
10,235,176 12,140,859 83,008 22,459,042 943,540 322,634 618,064 2,842 943,540
Exclusive of Sales Tax Sales Tax Inclusive of Sales Tax Exclusive of Sales Tax Sales Tax Inclusive of Sales Tax
Cylinder Wire 9,018,000 1,449,940 10,467,940
Doffer Wire 2,440,300 392,078 2,832,378
Tops 14,221,000 2,277,110 16,498,110
Takerin Wire 915,850 146,806 1,062,656
Takerin Interloocking 1,283,331 206,485 1,489,816
Willow Wire - - -
Strpping Wire 189,000 30,240 219,240
Blow Room Wire 208,800 33,408 242,208
Hand Brush 1 - 1
Stationery Flats 764,880 122,383 887,263
Stripping Fillets 2,385,225 383,357 2,768,582
Burnishing Fillets 663,080 107,234 770,314
Fly Comb Brush 1,070,150 185,410 1,255,560
Plasticizing & End Milling 234,500 24,314 258,814
Zippex Rored - - -
SK gear - - -
Total 14,820,162 2,381,340 17,201,502 18,573,955 2,977,425 21,551,380
Particulars Exclusive of Sales Tax Sales Tax Inclusive of Sales Tax
Trading Sales 14,820,162 2,381,340 17,201,502
Manufacturing 18,573,955 2,977,425 21,551,380
Total 33,394,117 5,358,765 38,752,882
Trading Sales Manufactured Goods
Particulars
Sales-2013
Sr. No L / C No. Items Raw Material Trading Goods
Grinding Wheel
- Store
Opening
Balance
Income Tax Sales Tax
Pervaiz Umar
Adjustment
PICT adjustment Closing Balance Job No.
1 0052-00219/12 Cylinder + doffer+Takerin 112,053 2,703,046 - 370,384 142,564 405,177 97,449 83,640 - A - 224615
2 0052-00266/12 Foundation cloth 823,333 - - 106,885 7,109 2,796 27,351 18,000 - A - 225486
3 0052-00342/12 Card wires 1,357,216 - - - 72,509 203,748 33,150 13,912 - A - 226729
4 0052-00401/12 Foundation cloth 1,174,184 - - - 10,370 3,759 36,932 26,910 - A - 224615
5 0052-00409/12 Cylinder + doffer+Takerin 113,612 1,906,138 - - 102,505 291,994 60,773 39,680 - A - 228171
8 0052-00512/12 Steel Card wires 1,677,832 - - - 86,379 241,754 31,188 39,680 - A - 230253
9 0052-00015/13 Card wires - 2,464,681 - - 126,229 356,548 61,428 39,680 - A - 231626
10 0052-00074/13 Steel strip, Grinding Wheel, Cylinder 794,293 287,269 83,008 - 39,867 112,392 38,935 39,680 - A - 233165
12 0052-00107/13 Steel Card wires 1,217,903 - - - 63,600 175,448 30,019 39,680 - A - 233823
10,235,176 12,140,859 83,008 477,269 943,540 2,613,730 450,982
--------------------------------------------------------------------------------------------------------------------------------------------------- Rupees ---------------------------------------------------------------------------------
Expenses
Anjum Asim Shahid Rahman
Chartered Accountants
Client Name : Pakistan Card Clothing Company (Pvt.) Ltd
Period ended: June 30, 2013
Workpaper: Movement of Stock Consumed
Opening Balance Purchases Consumption Closing Balance
Raw Materials
Raw Material(Local) - (2,926) (2,926) -
Raw Material 2,516,396 10,021,935 9,957,357 2,580,974
Stores and Spares 28,005 71,273 71,273 28,005
Grinding Wheels 110,945 97,772 117,517 91,200
Packing Material 30,285 135,783 75,842 90,226
2,685,631 10,323,837 10,219,062 2,790,405
Opening Balance Raw Material Received Production Closing Balance
Work in Process 2,802,431 10,219,062 10,196,868 2,824,625 22,194
2,802,431 10,219,062 10,196,868 2,824,625
Opening Balance Received from WIP/Purchased Issuance Closing Balance
Finished Goods
Finished Goods Manufactured 1,343,060 10,196,868 10,570,628 969,300 (373,760)
Finished Goods Trading 3,633,538 11,901,046 10,959,592 4,574,992
4,976,598 22,097,914 21,530,220 5,544,292
Adjusting Entry NO 1 DR. CR.
10-05-0001 FINISHED GOODS (STOCKS) -
10-05-0002 FINISHED GOODS (TRADING) 11,901,046
10-05-0003 RAW MATERIAL (STOCKS) 10,019,009
10-05-0004 WORK IN PROCESS (STOCKS) -
10-05-0005 GRINDING WHEELS 97,772
10-05-0007 STORE & SPARES - General store 71,273
10-05-0008 PACKING MATERIAL 135,783
12-02-0001 GRINDING WHEELS (LOCAL) 100
12-02-0003 PLASTISIZING MATERIAL 29,397
12-02-0004 STORE PURCHASES 71,273
12-03-0003 TRADING GOODS (IMPORT) 11,901,046
12-03-0002 RAW MATERIAL (Imported) 10,021,935
12-03-0004 RAW MATERIAL (Local) (32,323)
22,224,882 22,224,882
Adjusting Entry NO 2 DR. CR.
Raw material consumption 9,954,431
Stores and Spares Consumption 264,631
Trading Goods Consumption 10,959,592
F Goods Adjustment 373,760
10-05-0004 WORK IN PROCESS (STOCKS) 22,194
10-05-0001 FINISHED GOODS (STOCKS) 373,760
10-05-0002 FINISHED GOODS (TRADING) 10,959,592
10-05-0003 RAW MATERIAL (STOCKS) 9,954,431
10-05-0007 STORE & SPARES - General store 71,273
WIP Adjustment 22,194
21,574,608 21,574,608
Workpaper: Stock Valuation
Workpaper: Raw Material- Valuation
Sr.
No.
Description
Closing
Qty
Unit
Rate
per unit
Amount (Rs.) LC No. LC Date
Steel Card Wires
1 Card wire no. 26/30 165.50 kgs 922.00 152,591.00 0052-00144/13 2/May/13
2 Card wire no. 27/31 257.20 kgs 1,034.00 265,944.80 0052-00107/13 10/Apr/13
Card wire no. 27/31 22.80 kgs 980.00 22,344.00 0052-00144/13 2/May/13
5 Card wire no. 28 162.00 kgs 803.48 130,163.76 0052-00512/12 30/Nov/12
6 Card wire no. 30 44.00 kgs 765.95 33,701.80 0052-00512/12 30/Nov/12
7 Card wire no. 32 90.00 kgs 1,006.00 90,540.00 0052-00512/12 30/Nov/12
1,331,589.96
Foundation Cloth
1 Foundation cloth 6 ply 97 mtr 2,855.00 276,935.00 0052-00083/13 13/Mar/13
2 Foundation cloth 4 ply 53 mm 12 roll 15,268.00 183,216.00 0052-00401/12 26/Sep/12
3 Foundation cloth 3 ply 82 mm 9 roll 34,269.00 308,421.00 0052-00074/13 7/Mar/13
768,572.00
Steel Strips
1 Steel strip 24 mm China 3,000 kgs 115.00 345,000.00 0052-00074/13 7/Mar/13
2 Steel strip 24 mm China 433 kgs 114.00 49,362.00 0052-00074/13 7/Mar/13
3 Steel strip 29 mm Local 650 kgs 133.00 86,450.00
480,812.00
Total 2,580,974
Workpaper: WIP- Valuation
Sr.
No.
Description
Closing
Qty
Unit
Rate
per unit
Amount
(Rs.)
Remarks
Top Sets
1 Top sets on sheet setting 21.00 sets 42,200 886,200 90 percent complete
2 Top sets on grinding 8.00 sets 45,600 364,800 95 percent complete
Top sets on inspection B. pair 1.00 sets 19,400 19,400 97 percent complete
3 Top sets on inspection 24.00 sets 45,650 1,095,600 97 percent complete
2,366,000
Burnishing
1 Burnishing Fillet TDAP 400 kgs 108.00 43,200 90 percent complete
43,200
Stripping
1 Stripping Fillet on grinding 600 roll 114.00 68,400 90 percent complete
2 Stripping Fillet on knitting TRDS 800 roll 108.00 86,400 90 percent complete
3 Stripping Fillet on knitting TRDP 800 roll 108.00 86,400 90 percent complete
4 Stripping Fillet on inspection TRDP 400 roll 116.00 46,400 97 percent complete
287,600
Fly Comb Brush
1 Fly Comb Brushes Knitting 100 pcs 108.00 10,800 97 percent complete
2 Fly Comb Brushes on Inspection 151 pcs 775.00 117,025 90 percent complete
127,825
Total 2,824,625
Workpaper: Finished Goods- Valuation
Sr.
No.
Description
Closing
Qty
Unit
Rate
per unit
Amount
(Rs.)
Remarks
Top Sets
1 Top sets 13.00 sets 48,000 624,000
624,000
Burnishing
1 Burnishing Normal 600 feet 120.00 72,000
2 Burnishing TR-AP 400 feet 120.00 48,000
120,000
Stripping
1 Stripping Normal 400 feet 120.00 48,000
2 Stripping TR-DP 460 feet 120.00 55,200
103,200
Fly Comb Brush
1 Fly Comb Brushes 93 pcs 800.00 74,400
74,400
Hand Card
1 Hand card 159 pcs 300.00 47,700
47,700
Total 969,300
Workpaper: Trading Goods Valuation
Sr.
No.
Description
Closing
Qty
Unit
Rate
per unit
Amount
(Rs.)
LC No. LC Date
Cylinder wire
1 AC 2030 x 1550 H 9 set 44,320 398,880 0052-00144/13 2-May-13
2 AC 2035 x 1550 H 3 set 44,324 132,972 0052-00144/13 2-May-13
3 AC 2815 x 1865 H 6 set 29,901 179,406 0052-00144/13 2-May-13
4 AC 2027 x 1365 P 2 set 35,232 70,464 0052-00144/13 2-May-13
5 AC 2027 x 1750 P 9 set 34,504 310,536 0052-00144/13 2-May-13
6 AC 2030 x 1550 P 3 set 35,232 105,696 0052-00144/13 2-May-13
7 AC 2520 x 1560 P 12 set 31,086 373,032 0052-00144/13 2-May-13
8 AC 2520 x 2050 P 3 set 31,078 93,234 0052-00144/13 2-May-13
9 AC 2520 x 1560 C 3 set 22,446 67,338 0052-00144/13 2-May-13
10 AC 2520 x 1560 K 1 set 25,018 25,018 0052-00144/13 2-May-13
11 AC 2525 x 1365 K 10 set 25,018 250,180 0052-00144/13 2-May-13
12 AC 2327 x 1565 C 2 set 28,625 57,250 0052-00144/13 2-May-13
2,064,006
Doffer wire
1 AD 4030 x 1890 P 11 set 13,073.00 143,803 0052-00144/13 2-May-13
2 AD 4030 x 1890 C 30 set 8,835.00 265,050 0052-00144/13 2-May-13
AD 4030 x 1890 C 11 set 10,191.00 112,101 0052-00144/13 2-May-13
3 AD 4030 x 0209 RP 1 set 21,286.00 21,286 0052-00144/13 2-May-13
4 AD 5030 x 2010 P 2 set 11,307.00 22,614 0052-00144/13 2-May-13
5 AD 4030 BR x 2090 P 1 set 10,137.00 10,137 0052-00144/13 2-May-13
6 AC 4030 365 CB 1 set 16,329.00 16,329 0052-00144/13 2-May-13
591,320
Takerin wire
1 AT 5610 x 5011 P 150 kg 397.00 59,550 0052-00144/13 2-May-13
AT 5610 x 5011 P 50 kg 306.00 15,300 0052-00144/13 2-May-13
2 AT 5610 x 5011 C 270 kg 274.00 73,980 0052-00144/13 2-May-13
3 AT 5610 x 4211 C 150 kg 280.00 42,000 0052-00144/13 2-May-13
4 AT 5600 x 5611 C 30 kg 353.00 10,590 0052-00144/13 2-May-13
5 AT 5605 x 5011 C 90 kg 382.00 34,380 0052-00144/13 2-May-13
6 AT 5610 x 3611 C 150 kg 273.00 40,950 0052-00144/13 2-May-13
7 AT 5600 x 5011 P 30 kg 347.00 10,410 0052-00144/13 2-May-13
287,160
Takerin interlocking wire
1 AT 5010 x 5032 VP 144 kg 869.00 125,136 0052-00144/13 2-May-13
AT 5010 x 5032 VP 96 kg 697.68 66,977 0052-00144/13 2-May-13
AT 5010 x 5032 VC 240 kg 350.00 84,000 0052-00144/13 2-May-13
AT 5010 x 5032 VC 240 kg 635.00 152,400 0052-00144/13 2-May-13
2 AT 5010 x 4232 VP 144 kg 650.00 93,600 0052-00144/13 2-May-13
3 AT 5010 x 4232 VC 144 kg 850.00 122,400 0052-00144/13 2-May-13
4 5010 x 5032 VP 11 kg 1,072.00 11,792 0052-00144/13 2-May-13
5 5000 x 5032 VP 36 kg 570.36 20,533 0052-00144/13 2-May-13
6 5010 x 4232 VP 108 kg 651.00 70,308 0052-00144/13 2-May-13
747,146
Stripping Wire
1 CB2 CRY. 39.5 kg 582.00 22,989 last year rate
2 AS 4028 x 3418 C 480.0 kg 443.00 212,640 last year rate
3 AS 4028 x 3010 200.0 kg 443.00 88,600 last year rate
324,229 last year rate
Blow Room Wire
1 Blow room wire V055x10.028 30 kg 1,200.00 36,000 last year rate
Blow room wire V06-20-029 25 kg 1,200.00 30,000 last year rate
2 7510 x 5142 FECC 144 kg 649.00 93,456 last year rate
159,456
Stationary Flats
1 140 Z 2 Nos. 2,698.00 5,396 last year rate
2 M 320 Z 1 Nos. 2,855.00 2,855 last year rate
4 DH 140 19 Nos. 2,679.26 50,906 last year rate
5 BH 90 12 Nos. 1,326.00 15,912 last year rate
6 FT 560 3 Nos. 1,878.00 5,634 last year rate
7 RD 240 1 Nos. 2,698.00 2,698 last year rate
291,502
Ring Cups
1 Ring cups 4254 1,000 pcs 0.00 - obsolete
2 Ring cups 4554 1,500 pcs 0.00 - obsolete
-
Rubber Aprons
1 83 x 30 x 1 - 1 450 pcs 7.89 3,551 last year rate
10,550
Tops
1 MCH 52 D Geron 2 set 49,811 99,622 last year rate
99,622
Total 4,574,992
Workpaper: Stores, Spare parts and Loose tools- Valuation
Sr.
No.
Description
Closing
Qty
Unit
Rate
per unit
Amount
(Rs.)
Grinding Wheels
1 Grinding wheels Face attachment 1 nos. 3,400.00 3,400
2 Grinding Discs Rough Grain 800 nos. 83.00 66,400
3 Grinding Discs Fine Grain 100 nos. 214.00 21,400
91,200
General Store
1 Empty gas cylinder Walk Gas 3 nos. 1,487.00 4,461
2 Empty gas cylinder Commercial 2 nos. 3,000.00 6,000
3 Empty gas cylinder- oxygen 4 nos. 2,200.00 8,800
4 Electric motor- 25 AMP 1 nos. 8,744.00 8,744
5 CSM Unit 1 nos. 0.00 -
6 CSM Unit Shaft 2 nos. 0.00 -
28,005
Packing Material
1 Wooden spools 8 nos. 0.00 -
Corrugated Cartons tops 130 nos. 165.00 21,450
2 Corrugated Cartons fillets 118 nos. 200.00 23,600
3 Poly Bags for tops 18x54 115.75 kgs 235.00 27,201
4 Poly Bags for fillets 40x44 76.49 kgs 235.00 17,975
90,226
Total 209,431
Workpaper: NRV Test
Sr.
No.
Description
Closing
Qty
Unit
Rate
per unit
Subsequent
Sale Price
Remarks
Finished Goods
Manufactured Goods
1 Top sets 13.00 sets 48,000 66,000
2 Burnishing 1,000 feet 120.00 150
3 Stripping 860 feet 120.00 170
4 Fly Comb Brushes 93 pcs 800.00 1,400
5 Hand card 159 pcs 300.00 No Sales
Trading Goods
Avg./Unit
1 Cylinder wire 63.00 set 32,762 57,000
2 Doffer wire 57.00 set 10,374 20,000
3 Takerin wire 920.00 kg 312 850
4 Takerin interlocking wire 1,163.00 kg 642 1,375
5 Stripping Wire 719.50 kg 451 No Sales
6 Blow Room Wire 199.00 kg 801 No Sales
7 Stationary Flats 111.00 Nos. 2,626 No Sales
8 Rubber Aprons 1,802.00 pcs 6 No Sales
9 Tops 2.00 set 49,811 52,000
Anjum Asim Shahid Rahman Annexure - A
Workpaper: Provision for bad debts
Sr #
Outstandin
g From
Current Year
Years
Outstanding
A/C Codes Party Name
Outstanding for
More than 5 years
Outstanding
More than 3 Years
Balances Outstanding more than 3 are taken in provison for the year while balances outstanding more than five years to be written off
1 30-Jun-09 30-Jun-13 5.0 10-06-0287 YAN TEXTILE INDUSTRIES (PVT.) LIMITED. 234,932
2 30-Jun-09 30-Jun-13 5.0 10-06-0122 HATTAR TEXTILE MILLS LIMITED. 180,760
3 30-Jun-09 30-Jun-13 5.0 10-06-0360 GANI SPINNING MILLS 73,000
4 30-Jun-09 30-Jun-13 5.0 10-06-0124 HUSNAIN SPINNING MILLS (PVT.) LTD. 14,000
5 30-Jun-09 30-Jun-13 5.0 10-06-0107 GHAZI FABRICS INTERNATIONAL LIMITED. 21,837
13 30-Jun-09 30-Jun-13 5.0 10-06-0338 MUHAMMAD FAROOQ TEXTILE MILLS LTD. 7,244
14 30-Jun-09 30-Jun-13 5.0 10-06-0357 IMRAN SPINNING MILLS LIMITED. 6,762
15 30-Jun-09 30-Jun-13 5.0 10-06-0352 SURAJ COTTON MILLS LIMITED (NOORIABAD) 6,000
16 30-Jun-09 30-Jun-13 5.0 10-06-0220 RAI TEXTILE MILLS LIMITED. 5,810
17 30-Jun-09 30-Jun-13 5.0 10-06-0208 OLYMPIA TEXTILE MILLS LIMITED. 5,751
18 30-Jun-09 30-Jun-13 5.0 10-06-0367 DOSTSONS COTTON (PVT.) LTD. 5,610
19 30-Jun-09 30-Jun-13 5.0 10-06-0241 SAITEX SPINNING MILLS LIMITED. 4,950
20 30-Jun-09 30-Jun-13 5.0 10-06-0195 NAZIR COTTON MILLS LTD. 3,907
21 30-Jun-09 30-Jun-13 5.0 10-06-0112 GULISTAN TEXTILE MILLS LIMITED UNIT-1. 3,810
22 30-Jun-09 30-Jun-13 5.0 10-06-0109 GLAMOUR TEXTILE MILLS LTD. 3,150
23 30-Jun-09 30-Jun-13 5.0 10-06-0303 ANWAR TEXTILE MILLS LIMITED 2,939
24 30-Jun-09 30-Jun-13 5.0 10-06-0262 SHAHZAD TEXTILE MILLS LTD. -1 2,660
25 30-Jun-09 30-Jun-13 5.0 10-06-0182 MIMA COTTON MILLS LIMITED. 2,590
26 30-Jun-09 30-Jun-13 5.0 10-06-0246 SAPPHIRE TEXTILE MILLS LTD. UNIT-5 2,562
27 30-Jun-09 30-Jun-13 5.0 10-06-0370 GULISTAN TEXTILE MILLS LIMITED UNIT-2 2,520
28 30-Jun-09 30-Jun-13 5.0 10-06-0371 POINEER SPINNING MILLS LTD. 2,352
29 30-Jun-09 30-Jun-13 5.0 10-06-0265 SHEIKH SPINNING MILLS LIMITED. 2,275
30 30-Jun-09 30-Jun-13 5.0 10-06-0121 HASHIR TEXTILE MILLS LIMITED. UNIT-1 2,146
31 30-Jun-09 30-Jun-13 5.0 10-06-0385 MOIZ TEXTILE MILLS LTD. 1,960
32 30-Jun-09 30-Jun-13 5.0 10-06-0383 AL-BARAKAH INDUSTRIES (PVT.) LTD. 1,820
33 30-Jun-09 30-Jun-13 5.0 10-06-0176 MEHR DASTGIR TEXTILE MILLS LTD. 1,804
34 30-Jun-09 30-Jun-13 5.0 10-06-0231 RIZWAN TEXTILE MILLS LIMITED. 1,650
35 30-Jun-09 30-Jun-13 5.0 10-06-0305 ARTISTIC DENIM LTD. 1,400
36 30-Jun-09 30-Jun-13 5.0 10-06-0260 SHAHNAWAZ TEXTILES LIMITED. 1,210
37 30-Jun-09 30-Jun-13 5.0 10-06-0350 STANDARD TEXTILE MILLS LTD. 1,200
Client Name : Pakistan Card Clothing Co. (Pvt.) Ltd.
38 30-Jun-09 30-Jun-13 5.0 10-06-0078 CRESCENT TEXTILE MILLS LIMITED. 1,159
39 30-Jun-09 30-Jun-13 5.0 10-06-0329 ISLAND TEXTILE MILLS LTD. 1,061
40 30-Jun-09 30-Jun-13 5.0 10-06-0368 USMAN LIMITED. 1,050
41 30-Jun-09 30-Jun-13 5.0 10-06-0082 D.S. TEXTILE LIMITED. 840
42 30-Jun-09 30-Jun-13 5.0 10-06-0150 KHOKHAR TEXTILE MILLS LIMITED. 780
43 30-Jun-09 30-Jun-13 5.0 10-06-0300 ALI ASGHAR TEXTILE MILLS LTD. 630
44 30-Jun-09 30-Jun-13 5.0 10-06-0369 BILAL SPINNING MILLS LTD 600
45 30-Jun-09 30-Jun-13 5.0 10-06-0245 SAPPHIRE FIBRES LTD. UNIT-3 455
46 30-Jun-09 30-Jun-13 5.0 10-06-0321 FAMOUS TEXTILE MILL 410
47 30-Jun-09 30-Jun-13 5.0 10-06-0238 SADIQUE FIBRES 10
48 30-Jun-10 30-Jun-13 4.0 10-06-0096 EMPIRE TEXTILE MILLS (PVT.) LIMITED. 234,856
49 30-Jun-10 30-Jun-13 4.0 10-06-0164 MADNI ENTERPRISES. 107,858
50 30-Jun-10 30-Jun-13 4.0 10-06-0117 HAJVERI TEXTILE MILLS LIMITED. 63,350
51 30-Jun-10 30-Jun-13 4.0 10-06-0366 AWAIS QARNI SPINNING MILLS (PVT.) LTD. 52,605
52 30-Jun-10 30-Jun-13 4.0 10-06-0393 A.R.Y SPINNING 42,500
53 30-Jun-10 30-Jun-13 4.0 10-06-0066 CITY TEXTILES (PVT.) LIMITED. 41,300
54 30-Jun-10 30-Jun-13 4.0 10-06-0377 COSMOS TRADING COMPANY 30,800
55 30-Jun-10 30-Jun-13 4.0 10-06-0331 JUBILEE SPINNING & WEAVING MILLS LTD. 30,552
56 30-Jun-10 30-Jun-13 4.0 10-06-0165 MADNI SPINNING MILLS 21,360
57 30-Jun-10 30-Jun-13 4.0 10-06-0194 NAYAB SPINNING & WEAVING MILLS LTD. 12,164
58 30-Jun-10 30-Jun-13 4.0 10-06-0296 AHMAD HASSAN TEXTILE MILLS LIMITED. 7,889
59 30-Jun-10 30-Jun-13 4.0 10-06-0336 MEKOTEX (PVT.) LTD. 6,238
60 30-Jun-10 30-Jun-13 4.0 10-06-0316 DEWAN MUSHTAQ TEXTILE MILLS 5,880
61 30-Jun-10 30-Jun-13 4.0 10-06-0242 SALLY TEXTILE MILLS LIMITED. 5,831
62 30-Jun-10 30-Jun-13 4.0 10-06-0269 SITARA CHEMICAL IND. LTD. (TEXTILE DIVISION) 2,873
63 30-Jun-10 30-Jun-13 4.0 10-06-0156 LAHORE TEXTILE & GEN. MILLS LTD. UNIT(1) 2,597
64 30-Jun-10 30-Jun-13 4.0 10-06-0256 SHAFI SPINNING MILLS LTD. 1,879
65 30-Jun-10 30-Jun-13 4.0 10-06-0120 HASHIM TEXTILE & KNITWEAR (PVT.) LIMITED. 1,610
66 30-Jun-10 30-Jun-13 4.0 10-06-0048 BABRI COTTON MILLS LTD. 1,309
67 30-Jun-10 30-Jun-13 4.0 10-06-0128 IHSAN SONS (PVT.) LIMITED. 1,223
68 30-Jun-10 30-Jun-13 4.0 10-06-0400 ZAT TEXTILE (PVT) LIMITED 1,050
69 30-Jun-10 30-Jun-13 4.0 10-06-0311 BLUE STAR SPINNING MILLS LIMITED. 906
70 30-Jun-10 30-Jun-13 4.0 10-06-0402 HUSSAIN MILLS LIMITED 735
71 30-Jun-10 30-Jun-13 4.0 10-06-0282 TRIBAL TEXTILE MILLS LIMITED 630
72 30-Jun-10 30-Jun-13 4.0 10-06-0081 D.S. INDUSTRIES (PVT.) LIMITED. 280
73 30-Jun-10 30-Jun-13 4.0 10-06-0379 AHMAD ENTERPRIESES 140
74 30-Jun-11 30-Jun-13 3.0 10-06-0279 TARIQ SPINNING. 117,010
75 30-Jun-11 30-Jun-13 3.0 10-06-0049 BAJAJ ENTERPRISES. 51,390
76 30-Jun-11 30-Jun-13 3.0 10-06-0147 KHALID NAZIR SPINNING LTD. 34,776
77 30-Jun-11 30-Jun-13 3.0 10-06-0374 MODEL SPINNING. 34,244
78 30-Jun-11 30-Jun-13 3.0 10-06-0167 MAKKI ENTERPRISES 30,280
79 30-Jun-11 30-Jun-13 3.0 10-06-0412 FINE TEXTILE MILLS 15,000
80 30-Jun-11 30-Jun-13 3.0 10-06-0244 SAPPHIRE FIBRES LTD. UNIT-1 14,546
81 30-Jun-11 30-Jun-13 3.0 10-06-0154 KOHINOOR SPINNING MILLS LTD. 14,534
82 30-Jun-11 30-Jun-13 3.0 10-06-0252 SERVICE INDUSTRIES TEXTILES LTD. 14,107
83 30-Jun-11 30-Jun-13 3.0 10-06-0188 NAFEESA TEXTILES LIMITED. 10,501
84 30-Jun-11 30-Jun-13 3.0 10-06-0359 STAR TEXTILE MILLS LTD. 9,800
85 30-Jun-11 30-Jun-13 3.0 10-06-0376 IHSAN RAWIND MILLS (PVT.) LTD. 9,140
86 30-Jun-11 30-Jun-13 3.0 10-06-0375 QUETTA TEXTILE MILLS LIMITED. # 6 7,322
87 30-Jun-11 30-Jun-13 3.0 10-06-0031 ANMOL TEXTILE MILLS LIMITED 7,288
88 30-Jun-11 30-Jun-13 3.0 10-06-0183 MINHAJ SPINNING (PVT.) LIMITED. 6,923
89 30-Jun-11 30-Jun-13 3.0 10-06-0021 ALI AKBAR SPINNING MILLS LTD. 5,889
90 30-Jun-11 30-Jun-13 3.0 10-06-0158 LASANI SPINNING MILLS (PVT.) LIMITED. 5,322
91 30-Jun-11 30-Jun-13 3.0 10-06-0042 AZAD TEXTILE MILLS LTD. 4,550
92 30-Jun-11 30-Jun-13 3.0 10-06-0007 ABID KALEEM SPINNING MILLS (PVT.) LIMITED. 4,500
93 30-Jun-11 30-Jun-13 3.0 10-06-0038 ASIA SPINNING MILLS 3,260
94 30-Jun-11 30-Jun-13 3.0 10-06-0191 NARAG ENTERPRISES. 3,213
95 30-Jun-11 30-Jun-13 3.0 10-06-0205 NOORANI SPINNING INDUSTRIES 1,983
96 30-Jun-11 30-Jun-13 3.0 10-06-0127 IHSAN COTTON PRODUCTS (PVT.) LTD. 746
97 30-Jun-11 30-Jun-13 3.0 10-06-0340 NAGARIA TEXTILE MILLS LIMITED (PVT) LTD. 613
701,176 1,085,352
k k
Opening Provision 846,574
Addition during the year 1,786,528
Bad Debts written Off -
Closing Provison 2,633,102
PAJE: Dr. Cr.
Provision for bad debts (P&L) 1,786,528
11-05-0015 Provision for bad debts 1,786,528
(Provision for bad debts created for debts' balance outstanding for more than 3 years)
Work Done:
Obtained debtors aging from the client
Analysed the aging
Disscussed the amount to be provided in the accounts
Selected the debtors outstanding for more than three years for amount of provision.
Finalized the amount of debtors to be written off.
Check old provision for debtors so that amount outstanding more than 3 years are not taken again in current year provision.
Debtors outstanding before 30 June 2009 are considered for provison because its companys' practise to make provison for debotrs outstanding more than 3 years
Operating activities
Loss before tax (2,176,225) (2,176,225)
Add Non-Cash item :
Depreciation for the year 195,080 195,080
Provision for bad debts 1,786,528 1,786,528
Interest on workers' profit participation fund 76,873 76,873
Finance cost 2,471,837 2,471,837
Gain on sale of property, plant and equipment (23,414) (23,414)
Working Capital Changes:
Stores, spare parts and loose tools (40,196) (40,196)
Stock in trade (654,466) (654,466)
Loans and advances 461,739 461,739
Trade deposits and short term prepayments (2,904) (2,904)
Other receivables 263,646 263,646
Tax refunds due from Government (554,747) (554,747)
Trade debts 520,089 520,089
Trade and other payables (833,246) (833,246)
Tax expense (808,904)
Taxation 30,280 (778,624)
Markup accrued on finances (16,306)
Finance cost (2,471,837) (2,488,143)
WPPF Paid - -
Investing activities
Proceeds from disposal of property, plant and equipment 50,000 50,000.00
Long term deposit 5,000 5,000.00
Financing activities
Loan from directors -unsecured 965,000 965,000
Short term borrowings 746,833 746,833
(9,340) (9,340)
Opening cash and cash equivalents 33,094 33,094
Total 23,754 23,754
Closing 23,754 23,754
Difference (0.20) (0)
Description 2013
(0.10)
(4,627,240) (4,627,240)
240,641 240,641
- -
73,174 73,174
2,396,781 2,396,781
- -
173,036 173,036
(2,893,017) (2,893,017)
1,319,354 1,319,354
23,985 23,985
(44,018) (44,018)
916,221 916,221
(2,859,654) (2,859,654)
1,521,710 1,521,710
(778,624)
457,507 (321,117)
(40,585)
(2,396,781) (2,437,366)
- -
- -
- -
2,094,037 2,094,037
4,424,301 4,424,301
828 828
32,266 32,266
33,094 33,094
33,094 33,094
- -
2,012

PCC - Financial Statements 2013 - Final by Rashid

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PCC - Financial Statements 2013 - Final by Rashid

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PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED

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