Complete the following annual financial statement on the basis of ratios given below: Dr. To Cost of
Question:
Complete the following annual financial statement on the basis of ratios given below:
Transcribed Image Text:
Dr. To Cost of goods sold To Operating expenses To Eamings before interest and tax To Debenture Interest To Income Tax To Net Profit Particulars Networth Share Capital Reserve and Surplus 10% Debentures Sundry Creditors Liabilities (i) Net Profit to Sales 5% (ii) Current Ratio 1.5 (iii) Retum on Networth 20% Profit and Loss Account for the year ended 30th June, 2016 ₹ 6,00,000 By Sales 10,000 By Eamings before Interest and Tax Balance Sheet as at 30th June, 2016 ₹ 60,000 Particulars Fixed Assets Current Assets: Cash Inventories Debtors Assets ₹ 20,00,000 (iv) Inventory tumover (based on cost of goods sold) 15 times (v) Share capital to reserves 4:1 (vi) Rate of income-tax 50% Cr. ₹ 35,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
Lets complete the financial statements based on the given ratios and information i Net Profit to Sales 5 Given the net profit to sales ratio is 5 we c...View the full answer
Answered By
Faith Chebet
In the past two years many of my students have excell with the knowledge I taught them.
0.00
0 Reviews
10+ Question Solved
Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
Question Posted:
Students also viewed these Business questions
-
Ann Carter, Chief Financial Officer of Consolidated Electric Company (Con El), must make a recommendation to Con Els board of directors regarding the firms dividend policy. Con El owns two...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
Truss A-N is loaded with 3 kip loads at joints G, H, and I and is held in static equilibrium by a pin support at L and a short link (which can be treated as a 2-force member) at A. 5 ft FA= C 5 ft 17...
-
Bank Teller Staffing Plan As the teller supervisor at Montana Federal Credit Union you are responsible for developing a staffing plan for tellers that meets customer needs, satisfies the union...
-
Case Development began operations in December 2011. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax...
-
Many employers have both group short-term and long-term disability-income plans. Compare (1) short-term plans with (2) long-term plans with respect to each of the following: a. Definition of...
-
Explain why there must always be some nonzero electric field outside the plates of a parallel-plate capacitor (Figure P26.13a), which means that the idealization shown in Figure P26.13b, with all the...
-
Rick has a $50,000 basis in the RKS General Partnership on January 1 of the current year, and he owns no other investments. He has a 20% capital interest, a 30% profits interest, and a 40% loss...
-
Total Energy (a) Conserved 12. Which one of the following is true in the case of inelastic collisions? Kinetic Energy Conserved Momentum Conserved (b) Conserved Not Conserved Conserved (c) Conserved...
-
The Balance Sheet of Pilcom Ltd. for the last 3 years read as below (all figures in lakhs): Sales excludes excise duty and sales tax at 20%. Calculate for the years 2015 and 2016: (i) Fixed Assets...
-
From the following information of Sakoor Ltd., for the year ending 31st March, 2016 examine the details from the point of view of (i) Solvency position (ii) Profitability position. Also comment on...
-
Which of the following is the super class of all exception classes? (a) Exception (b) Throwable (c) RuntimeException (d) IOException
-
Outline a clear and functional implementation plan with realistic timelines, and what costs are associated with each step. Ensure you are considering each stage of the process and allowing enough...
-
In May 2023, Victor purchased a new, qualified plug-in electric vehicle (EV). The purchase meets both critical mineral and battery component requirements to qualify for the New Clean Vehicle Credit....
-
Outline a review of the definition of organizational culture, the concepts that are the foundation of organizational culture, and the internal organizational factors that influence organizational...
-
Is it possible for the United States to MAKE money by giving out money for these expensive credits? a) Child and dependent care credit b) Earned income credit c) American Opportunity Credit d)...
-
Solve 27. f(x) = x1/3 9(x) = 8x f(g(x)) = 28. f(x) = x5 g(x) = x 4/5 g(f(x)) = f(g(2)) =
-
What effect do the big three of cash management have on a companys cash flow?
-
Uniform electric field in Figure a uniform electric field is directed out of the page within a circular region of radius R = 3.00 cm. The magnitude of the electric field is given by E = (4.50 x 10-3...
-
Cougar Corporation owns 1,000 shares of Western Corporation common stock, which it purchased on March 8, 2011, for $12,000. On October 3, 2017, Cougar purchases an additional 300 shares for $3,000....
-
During the current year, Troy sells land to Berry Corporation for $165,000. Troy purchased the land for investment in 2002 for $170,000. Berry Corporation is owned as follows: Owner Percentage...
-
PIB Partnership is owned 20% by Sara, 40% by Steve, and 40% by Thann. Burnham, Inc. is owned 70% by PIB Partnership, 10% by Ralph, 10% by Thann, and 10% by Sara. Ralph and Thann are brothers. All...
-
2. Write the Boolean function according to the following Verilog source code. Implement it by minimum number of gates. Please sketch the schematic of your circuit. module problem_A_2_2(input a, b, c,...
-
1. If Alice and Bob share the same key, say KAB, but they only agree on a hash algorithm to use (no other good algorithms available), how can they achieve confidential conversation with each other?...
-
How does Functionalism explicate the intricate interdependencies and equilibrium within social systems, emphasizing the role of social institutions in maintaining stability and cohesion?
Study smarter with the SolutionInn App