FIN611 Assignment No. 2 Idea Solution

Assignment No. 02 Marks: 15

ABC Company Ltd. has the following Trial Balance as on 31st December, 2010:

Adjustments• The inventory at the end of the period is valued at Rs.27,500• General expenses include prepayments to the amount of Rs.1,500• A provision for Income tax is necessary to the extent of Rs.7,500• Directors recommended final dividend . 5%• Depreciation should be written of on all fixed assets . 10% p.a.• Company has authorized capital of 40,000 shares of Rs.20 each

Require1. Income Statement for the period ended on 31st December, 20102. Statement of Changes in Equity for the period ended on 31st December, 20103. Balance Sheet as on 31st December, 2010



Schedule
Opening Date and Time June 09, 2011 At 12:01 A.M. (Mid-Night)
Due Date and Time June 15, 2011 At 11:59 P.M. (Mid-Night)