- Q 3 Following Is The Trial Balance Of Shaheen Limited Sl As At June 30 2015 Rs In 000 Dr Sales Revenue Manufacturi 1 (28.25 KiB) Viewed 27 times
- Q 3 Following Is The Trial Balance Of Shaheen Limited Sl As At June 30 2015 Rs In 000 Dr Sales Revenue Manufacturi 2 (59.62 KiB) Viewed 27 times
Other receivable and prepayments Trade payables Provisions for litigation Long term borrowings Deferred tax Share capital (Rs. 10 each and fully paid) Retained earnings 20,000 347.525 347.525 Additional information (i) Sales last year (year ended 30 June 2014) included goods invoiced at Rs. 10 million which were sent to a customer on June 25, 2014 under a sale or return agreement, at cost plus 20%. The goods were returned on August 25, 2014. No correction has been made for the return (ii) The export license has been obtained for exporting a new product and is effective for five years up to December 31, 2019. However, the exports commenced from July 1, 2015. Closing inventories are valued at Rs. 30 million (iv) Details of property, plant and equipment are as follows (iii) Plant and Land Buildings equipment Rs in '000 Cost as at June 30, 2014 20,000 36,000 30,000 3,000 Fully depreciated amounts included in cost Estimated useful life at the date of purchase 20 years 10 years The company uses straight line method for charging depreciation. Depreciation is allocated to manufacturing, distribution and administrative costs at 75%, 15% and 10% respectively. (v) Rs. 6 million of the long term borrowings is of current maturity (ie. will be repaid within 12 months). (vi) During the year Rs. 5 million was paid in full and final settlement of income tax liability against which a provision of Rs. 7.0 million had been made in the previous year. Current year's taxable income exceeds accounting income by Rs. 5 million of which 0.8 million are permanent differences Applicable tax rate for the company is 35%. e year (vii) On July 30, 2015 the board of directors proposed a final dividend at 15% for the y ended June 30, 2015 (2014: at 20%) Required In accordance with the requirements of the Companies Ordinance. 1984 and International Financial Reporting Standards, prepare: (a) The statement of financial position as of June 30, 2015 (b) The statement of profit or loss for the year ended June 30, 2015 (c) The statement of changes in equity for the year ended June 30, 2015. (Comparative figures and notes to the financial statements are not required) (20-Marks) 14,000 LANISH 12,000 31.525 60,000 5,000 5,000