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    Rs. RS.: Compass Company Balance Sheet, March 31

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    aditi4garg-1
    The balance sheet and statement of profit and loss of Compass Company show an increase in total assets from Rs. 7,22,000 to Rs. 8,62,000 from 20x4 to 20x5. Property, plant and equipment increased by Rs. 1,08,000 due to purchases of equipment. Inventories and trade receivables increased indicating higher sales. Equity share capital increased by Rs. 1,50,000 from shares issued. Profit for the period was Rs. 43,000 on sales of Rs. 9,25,000.

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    Rs. RS.: Compass Company Balance Sheet, March 31

    Uploaded by

    aditi4garg-1
    188 views2 pages
    The balance sheet and statement of profit and loss of Compass Company show an increase in total assets from Rs. 7,22,000 to Rs. 8,62,000 from 20x4 to 20x5. Property, plant and equipment increased by Rs. 1,08,000 due to purchases of equipment. Inventories and trade receivables increased indicating higher sales. Equity share capital increased by Rs. 1,50,000 from shares issued. Profit for the period was Rs. 43,000 on sales of Rs. 9,25,000.

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    Financial accounting - Compass Company cash flow statement problem

    Original Title

    Compass Company (1)

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    The balance sheet and statement of profit and loss of Compass Company show an increase in total assets from Rs. 7,22,000 to Rs. 8,62,000 from 20x4 to 20x5. Property, plant and equipment increased by Rs. 1,08,000 due to purchases of equipment. Inventories and trade receivables increased indicating higher sales. Equity share capital increased by Rs. 1,50,000 from shares issued. Profit for the period was Rs. 43,000 on sales of Rs. 9,25,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    188 views2 pages

    Rs. RS.: Compass Company Balance Sheet, March 31

    Uploaded by

    aditi4garg-1
    The balance sheet and statement of profit and loss of Compass Company show an increase in total assets from Rs. 7,22,000 to Rs. 8,62,000 from 20x4 to 20x5. Property, plant and equipment increased by Rs. 1,08,000 due to purchases of equipment. Inventories and trade receivables increased indicating higher sales. Equity share capital increased by Rs. 1,50,000 from shares issued. Profit for the period was Rs. 43,000 on sales of Rs. 9,25,000.

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    COMPASS COMPANY

    Balance Sheet, March 31


    Increase or
    Note 20x5 20x4 Change
    Decrease
     
    Assets          
    Non-current assets   Rs. Rs.    
    Property, plant and equipment 1 4,21,000 3,13,000 1,08,000 Increase
    Current assets          
    Inventories   1,76,000 1,18,000 58,000 Increase
    Financial assets          
    Investments   1,17,000 1,42,000 -25,000 Decrease
    Trade receivables 2 1,25,000 93,000 32,000 Increase
    Cash and cash equivalents   20,000 51,000 -31,000 Decrease
    Other current assets 3 3,000 5,000 -2,000 Decrease
    Total assets   8,62,000 7,22,000 1,40,000 Increase
    Equity and Liabilities          
    Equity          
    Equity share capital   3,50,000 2,00,000 1,50,000 Increase
    Other equity 4 71,000 53,000 18,000 Increase
    Liabilities          
    Non-current Liabilities          
    Financial Liabilities          
    Borrowings   60,000 1,37,000 -77,000 Decrease
    Bills Payable   1,11,000 62,000 49,000 Increase
    Current Liabilities          
    Financial Liabilities          
    Borrowings   56,000 57,000 -1,000 Decrease
    Trade Payables   1,79,000 1,93,000 -14,000 Decrease
    Current tax liabilities   35,000 20,000 15,000 Increase
    Total equity and liabilities   8,62,000 7,22,000 1,40,000 Increase

    Statement of Profit and Loss


    For the year ended March 31,20X5
      Note Rs
    Sales   9,25,000
    Other income 5 13,000
        9,38,000
    Expenses    
    Cost of goods sold1   6,69,000
    Finance Costs   22,000
    Depreciation expense   98,000
    Other expenses and losses 6 79,000
    Total expenses   8,68,000
    Profit before tax   70,000
    Tax expense   27,000
    Profit for the period   43,000
    1.Cost of goods sold is used here a shorthand for the sum of the cost of materials consumed, employee benefits expense,
    purchases, change in inventories, and manufacturing expenses

    COMPASS COMPANY
    1
    Notes to the Financial Statements
    1 Property, plant and equipment 20x5 20x4
    Gross block 973,000 818,000
    Deduct Accumulated depreciation 552,000 505,000
    Net block 421,000 313,000
    2 Trade receivables
    Gross 134,000 100,000
    Deduct Allowance for credit losses 9,000 7,000
    Net 125,000 93,000
    3 Other current assets
    Prepaid expenses 3,000 5,000
    4 Other equity
    Retained earnings 71,000 53,000
    5 Other Income
    Interest income 7,000
    Gain on sale of equipment 6,000
    13,000
    6 Other expenses and losses
    Selling and administrative expenses 58,000
    Bad debt expense 12,000
    Loss on sale of investments 9,000
    79,000

    Transaction Information
    1. Purchased equipment for cash, Rs. 173,000.
    2. Sold equipment for cash, Rs. 22,000 (cost, Rs, 67,000; accumulated depreciation, Rs 51,000).
    3. Purchased equipment on credit Rs. 49,000.
    4. Purchased investments for cash Rs. 26,000.
    5. Sold investments for cash Rs. 42,000 (cost Rs. 51,000)
    6. Issued shares at par for cash Rs. 100,000.
    7. Converted debentures into equity shares of Rs. 10 at per Rs. 50,000.
    8. Paid dividends Rs. 25,000.
    9. Redeemed debentures Rs. 27,000.
    10. Repaid a current loan Rs. 1000.
    11. Wrote off a trade receivable Rs. 10,000.
    Compute net cash flow from operating activities, investing activities and financing activities.

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