Shashaank Industries Ltd.

Profit and Loss Account for the Year ended 31st March 2006
Expenses Amount

Opening Inventory 675000

Purchases 2205000
Less: Returns 90000 2115000

Freight Inwards 8550

Wages 270000

Gross Profit c/d 783450

Total 3852000
Salaries 67500
Add: Outstanding Salaries 8100 75600
Managing Director's Remuneration 55737

Depreciation on:
Plant and Machinery 36540
Furniture 27540 64080

Amortisation of Patent 2160

Rent 36000
Add: Rent Outstanding 7200 43200
Sundry Expenses 63450
Provision for Doubtful Debts 4590
Provision for Income Tax 175572

Net Profit c/d 326061

Total 810450
Transfer to general reserve 16303
Proposed dividend 30976
Balance carried to balance sheet 332782
Total 380061
aank Industries Ltd.
for the Year ended 31st March 2006
Income Amount

Sales 3060000
3060000
Closing Inventory 792000

Total 3852000
Gross Profit b/d 783450
Discount 27000

Total 810450
Balance as on 1st April 2005 54000
Net Profit for the year b/d 326061
Total 380061
 Shashaank Industries Ltd.
Balance Sheet as on 31st March 2006
Liabilities Amount

Share Capital
Authorized

2,00,000 equity shares of Rs. 10 each 2000000

Issued, Subscribed, Called-up and Paid-up:
90,000 Equity shares of Rs. 10 each 900000

Reserves and Surplus

Reserve 139500
General Reserve: 16303
Balance in P&L Account 332782

Current Liabilities and Provisions

A. Current Liabilities
Creditors 157500
Bills Payable 63000
Outstanding Rent 7200
Outstanding Salaries 8100
Managing Director's Remuneration 55737
B. Provisions
Income Tax 175572
Proposed Dividend 30976

Total 1886670
 Shashaank Industries Ltd.
nce Sheet as on 31st March 2006
Assets Amount

Fixed Assets
Patent and Trademarks 43200
Less: Amortisation @5% 2160
41040 41040
Plant and Machinery 261000
Less: Dep @ 14% 36540 224460

Furniture 153000
Less: Dep @ 18% 27540 125460

Investments

Current Assets, Loans & Advances

A. Current Assets:
Inventory 792000
Debtors 247500
Less: Provision for Doubtful debts 4590 242910
Bill Receivable 45000

Cash at bank 415800

Miscellaneous Expenditure

Total 1886670