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    Abdul Ghaffar F2020277002 (Assigment#2)

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    MUDASSAR ZEESHAN

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Abdul Ghaffar F2020277002 (Assigment#2)

    Uploaded by

    MUDASSAR ZEESHAN
    22 views3 pages

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    Abdul Ghaffar F2020277002(Assigment#2)

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    Copyright:

    © All Rights Reserved
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    22 views3 pages

    Abdul Ghaffar F2020277002 (Assigment#2)

    Uploaded by

    MUDASSAR ZEESHAN

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    UNIVERSITY OF MANAGEMENT AND TECHNOLOGY

    SCHOOL OF PROFESSIONAL ADVANCEMENT

    Financial Accounting Analysis

    Assignment # 02

    Submitted By:
    Abdul Ghaffar
    F2020277002

    1|Page
    Question #01:
    Trending Corporation
    Statement of Comprehensive Income
    For the year ended December 31, 2020

    Particulars Amount Amount Amount


    Sales 645,000
    Sales Return 7,000 638,000
    Less: Cost of Goods Sold
    Opening Balance 60,500
    Purchase 420000
    Less: Purchase Return 8500 411,500
    Add: Wages 25,000
    Add: Carriage Inward 20,200 456,700
    Closing Stock 34,000 483,200
    Gross Profit 154,800
    Add: Incomes
    Discount Received 2,980
    Interest Received 600
    3,580
    Less: All Expense
    Electricity Charges 16,200
    Office General Charges 2,200
    Stationery 11,900
    Salaries 57,500
    Bad Debts 4,600
    Bank Charges 900
    Insurance Premium 4,400
    Taxes 4,860
    Rent 10,000
    Advertisement Expense 11,620 124,180
    Net Profit 34,200

    2|Page
    Trending Corporation
    Statement of Financial Position
    For the year ended December 31, 2020

    Particulars Amount Amount Amount


    Fixed Assets

    plant & Equipment 322,000


    Premises 90,000
    Land & Building 156,000 568,000

    Current Assets

    Sundry Debtors 55,500


    Bill Receivable 10,000
    Petty Cash 30,000
    Cash at Bank 110,000
    Closing Stock 34,000 239,500

    TOTAL ASSETS 807,500

    Working Capital/Owner
    Equity

    Capital 563,250
    Net Profit 34,200 597,450
    Current Libilities

    Sundry Creditors 54,000


    Loan Payable 125,000
    Bill Payable 31,050 210,050
    TOTAL EQUITY AND
    LIABILITIES 807,500

    The End

    3|Page

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