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Income Statement

for the year ended 20XX

Particulars

Income from Rent (6800 x 12)


Other Incomes

TOTAL REVENUE (A)

Depreciation on Building(347000/10)
Repair & Maintenance
Interest Expenses (245,000 @ 7%)
Exchange Difference

TOTAL EXPENSES (B)

Profit Before Tax (A - B)


Less : Tax
Profit After Tax

RETAINED EARNING STATEMENT


for the year ended 20XX

Particulars

Profit After Tax as per Income Statement


Less : Dividend paid to Parent Co. (Ginvord Co.)
Retained Earnings

Cash
Common stock $ 102,000
Loan $ 245,000
Building $ (347,000)
Rent $ 68,000
Repair $ (4,500)
Dividends $ (6,000)
Closing Balance $ 57,500
Balance Sheet
as on 31st December, 20XX

Particulars

ASSETS

Fixed Assets 347,000.00


Less : Depreciation 34,700.00

Current Assets
Cash 57,500.00
Rent Receivable 13,600.00
71,100.00
Less : Current Liabilities
Interest Payable on Borrowings 17,150.00

TOTAL

LIABILITIES & OWNER'S EQUITY

Owner's Equity
Retained Earnings
Borrowings (Loan)

TOTAL

Notes:
1. Alternatively Fixed assets may be shown of $ 3,47,000 and correspondingly $ 34700 to be shown at the liability side.
2. Repair & Maintenance is of revenue nature, hence it shoule be shown in Income statement.
3. Interest is not paid upto 31st Dec. hence it is outstanding on date of closing. Hence it is shown as current liability.

TRIAL BALANCE Dr Cr
Fixed Assets 347000 2
Acc .Dep 34700 2
Cash 57,500 2.04
Rent receivable 13600 2.04
Interest Payable 17,150 2.04
Own Equity 102000 2
Borrowings 245000 2
Rent Income 81,600 2.08
Repair 4,500 2.05
Interest 17,150 2.04
Depriciation 34700 2
Dividends $ 6,000 2.04
480450 480450

Exchange Difference
Amount in § Conversion Rate Amount in $

81,600.00 2.08 169,728.00


- - -

81,600.00 169,728.00

34,700.00 2.00 69,400.00


4,500.00 2.05 9,225.00
17,150.00 2.04 34,986.00
- 3,219.00

56,350.00 116,830.00

25,250.00 52,898.00
- -
25,250.00 52,898.00

Amount in § Conversion Rate Amount in $

25,250.00 - 52,898.00
6,000.00 2.04 12,240.00
19,250.00 40,658.00
Amount in § Conversion Rate Amount in $

312,300.00 2.00 624,600.00

2.04 117,300.00
2.04 27,744.00
-

53,950.00 2.04 -34,986.00

366,250.00 734,658.00 -

102,000.00 2.00 204,000.00


19,250.00 - 40,658.00
245,000.00 2.00 490,000.00

366,250.00 734,658.00

be shown at the liability side.

shown as current liability.

Dr Cr
694000 0
0 69400
117300 0
27744 0
0 34986
0 204000
0 490000
0 169728
9225 0
34986 0
69400 0
12240 0
964895 968114

3219 to be transferred to Income Statement.


Income Statement
for the year ended 20XX

Particulars

Income from Rent ( 7200 x 12)


Other Incomes

TOTAL REVENUE (A)

Depreciation on Building(354000/10)
Repair & Maintenance
Interest Expenses (250,000 @ 8%)
Exchange Difference

TOTAL EXPENSES (B)

Profit Before Tax (A - B)


Less : Tax
Profit After Tax

RETAINED EARNING STATEMENT


for the year ended 20XX

Particulars

Profit After Tax as per Income Statement


Less : Dividend paid to Parent Co. (Ginvord Co.)
Retained Earnings

Cash
Common stock $ 104,000
Loan $ 250,000
Building $ (354,000)
Rent $ 72,000
Repair $ (4,600)
Dividends $ (6,100)
Closing Balance $ 61,300
Balance Sheet
as on 31st December, 20XX

Particulars

ASSETS

Fixed Assets 354,000.00


Less : Depreciation 35,400.00

Current Assets
Cash 61,300.00
Rent Receivable 14,400.00
75,700.00
Less : Current Liabilities
Interest Payable on Borrowings 20,000.00

TOTAL

LIABILITIES & OWNER'S EQUITY

Owner's Equity
Retained Earnings
Borrowings (Loan)

TOTAL

Notes:
1. Alternatively Fixed assets may be shown of $ 3,54,000 and correspondingly $ 35400 to be shown at the liability side.
2. Repair & Maintenance is of revenue nature, hence it shoule be shown in Income statement.
3. Interest is not paid upto 31st Dec. hence it is outstanding on date of closing. Hence it is shown as current liability.

TRIAL BALANCE Dr Cr
Fixed Assets 354000 2.1
Acc .Dep 35400 2.1
Cash 61,300 2.14
Rent receivable 14400 2.14
Interest Payable 20,000 2.14
Own Equity 104000 2.1
Borrowings 250000 2.1
Rent Income 86,400 2.18
Repair 4,600 2.15
Interest 20,000 2.14
Depriciation 35400 2.1
Dividends $ 6,100 2.14
495800 495800

Exchange Difference
Amount in § Conversion Rate Amount in $

86,400.00 2.18 188,352.00


- - -

86,400.00 188,352.00

35,400.00 2.10 74,340.00


4,600.00 2.15 9,890.00
20,000.00 2.14 42,800.00
- 3,410.00

60,000.00 130,440.00

26,400.00 57,912.00
- -
26,400.00 57,912.00

Amount in § Conversion Rate Amount in $

26,400.00 - 57,912.00
6,100.00 2.14 13,054.00
20,300.00 44,858.00
Amount in § Conversion Rate Amount in $

318,600.00 2.10 669,060.00

2.14 131,182.00
2.14 30,816.00
-

55,700.00 2.14 -42,800.00

374,300.00 788,258.00 -

104,000.00 2.10 218,400.00


20,300.00 - 44,858.00
250,000.00 2.10 525,000.00

374,300.00 788,258.00

be shown at the liability side.

shown as current liability.

Dr Cr
743400 0
0 74340
131182 0
30816 0
0 42800
0 218400
0 525000
0 188352
9890 0
42800 0
74340 0
13054 0
1045482 1048892

3410 to be transferred to Income Statement.


Income Statement
for the year ended 2012

Particulars Amount in §

Income from Rent ( 6000 x 12) 72,000.00


Other Incomes -

TOTAL REVENUE (A) 72,000.00

Depreciation on Building 17,000.00


Repair & Maintenance 5,000.00
Interest Expenses (1,20,000 @ 10%) 12,000.00
Exchange Difference -

TOTAL EXPENSES (B) 34,000.00

Profit Before Tax (A - B) 38,000.00


Less : Tax -
Profit After Tax 38,000.00

RETAINED EARNING STATEMENT


for the year ended 2012

Particulars Amount in §

Profit After Tax as per Income Statement 38,000.00


Less : Dividend paid to Parent Co. (Ginvord Co.) 6,000.00
Retained Earnings 32,000.00

Balance Sheet
as on 31st December, 2012
Particulars Amount in §

ASSETS

Fixed Assets 170,000.00


Less : Depreciation 17,000.00 153,000.00

Current Assets
Cash 49,000.00
Rent Receivable 12,000.00
61,000.00
Less : Current Liabilities
Interest Payable on Borrowings 12,000.00 49,000.00

TOTAL 202,000.00

LIABILITIES & OWNER'S EQUITY

Owner's Equity 50,000.00


Retained Earnings 32,000.00
Borrowings (Loan) 120,000.00

TOTAL 202,000.00

Notes:
1. Alternatively Fixed assets may be shown of $ 1,70,000 and correspondingly $ 17000 to be shown at the liability side.
2. Repair & Maintenance is of revenue nature, hence it shoule be shown in Income statement.
3. Interest is not paid upto 31st Dec., 2001 hence it is outstanding on date of closing. Hence it is shown as current liability

TRIAL BALANCE Dr Cr Dr
Fixed Assets 170000 2.4 408000
Dep 17000 2.4 0
Cash 49000 2.16 105840
Rent 12000 2.16 25920
Intee Payable 12000 2.16 0
Own Equity 50000 2.4 0
Borrowings 120000 2.4 0
Rent Income 72000 2.28 0
Repair 5000 2.22 11100

Interest 12000 2.16 25920


17000 2.4 40800
6000 2.16 12960
271000 271000 630540

Exchange Difference 8340


Conversion Rate Amount in $

2.28 164,160.00
- -

164,160.00

2.40 40,800.00
2.22 11,100.00
2.16 25,920.00
8,340.00

86,160.00

78,000.00
-
78,000.00

Conversion Rate Amount in $

- 78,000.00
2.16 12,960.00
65,040.00
Conversion Rate Amount in $

2.40 367,200.00

2.16 105,840.00
2.16 25,920.00
-

2.16 -25,920.00

473,040.00

2.40 120,000.00
- 65,040.00
2.40 288,000.00

473,040.00

7000 to be shown at the liability side.


me statement.
ng. Hence it is shown as current liability.

Cr
0
40800
0
0
25920
120000
288000
164160
0

0
0
0
638880

to be transferred to Income Statement.

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