Financial Statement Project 1 1

Dipak Industries (Groundnut Oil)
Submitted By:
Rajesh Lohana – IU2081810107
Saransh Agarwal – IU2081810116
Priyanshu Menpara – IU2081810065
Prachi Patel – IU2081810094
Table of Contants :
01 Introduction
02 Financial Statement
03 Advertisement
01
Introduction
Introduction:
➢ Dipak Industries - Manufacturer of groundnut oil & other

products in Keshod, Gujarat.
➢ Total Number of Employees : 20 to 25 People
➢ Year of Establishment : 1997

➢ Legal Status of Firm : Partnership Firm
02
Financial Statement
Financial Statement:
➢ Financial statements are those statements which are prepared to show the
financial performance and position of a business.

➢ Financial statement is a collection of data organized according to logical and
consistent accounting procedures. In other words, financial statements are the outcome
of summarizing process of accounting.
Financial Statement:
There are four types of financial statements:

i. Income Statement (Profit/Loss
Statement) ii. Balance Sheet (Position
Statement) iii. Statement of Cash Flow iv.
Statement of owner's equity
i. Income Statement (Profit/Loss Statement):

➢ Income Statement (Profit & Loss Statement) contains all revenues and
expenses and shows the profitability of the business during specific period
of time.
➢ An Income Statement also known as Profit & Loss includes revenue or sales,
cost of goods sold, expenses, gross profits, taxes, net earnings and earnings
before taxes.
Income Statement for Year Ending March 31, 2022
Sales 16,50,00,000
Cost of Goods Sold
Materials 2,75,00,000
Labour 3,70,00,000
Overhead 1,80,00,000 8,25,00,000
Gross Margin 8,25,00,000
Operating Expenses
Selling Expenses 3,77,14,286
Administrative Expenses 1,88,57,143
Depreciation & Amortization 94,28,571 6,60,00,000
Operating Income 1,65,00,000

Sales
Cost of goods sold
Materials
Labour
Overhead
Gross Margin
Operating Expenses
Selling Expenses
Administrative Expenses
Depreciation & Amortization
Operating Income
Other Income & Expenses
Interest Revenue 16,50,000
Interest Expense (33,00,000)
Extraordinary items 66,00,000 49,50,000
Income Before Tax 2,14,50,000
Income Tax (20%) 42,90,000
Net Income 1,71,60,000

Other Income & Expenses
Interest Revenue
Interest Expense
Extraordinary items
Income Before Tax

Income Tax (20%)
Net Income
ii. Balance Sheet (Position Statement)
➢ The Balance Sheet is a report which shows in a statement form the relationship
between Assets, Liabilities and Owners Equity at a point in time.
➢ The report further refines the information by classifying Assets and Liabilities into
CURRENT AND NON-CURRENT types.
Current Assets: Non-Current Assets:
To be realised (used up or sold) in the next 12 To be kept beyond the next 12 months
months.
Current Liabilities: Non-Current Liabilities:

due for payment within the next 12 months due for payment after the next 12 months
Assets and Liabilities:
Liability
Assets
•
-
-------------------------------------------
• Cash in Hand - 30,00,000
• Depreciation – 12,00,000
• Debtors – 50,00,000
• Maintenance & Charges – 10,00,000
• Machinery – 6,00,00,000 Creditors - 90,00,000
• Salary & Wages – 3,70,00,000
• Land & Building - 3,00,00,000
• Taxes Payable – 90,00,000
• Goodwill - 8,00,00,000
•
iii. Statement of Cash Flow:
Advertisement - 5,00,000
➢ Cash Flow Statement is a report that gives the movement of cash during the
period under consideration. It gives an idea about the inflow and outflow of
cash from operating, investing and financing activities.
➢ Components Of A Cash Flow Statement: a. Operating Activities
b. Investing Activities
Components of a Cash Flow Statement:
a. Operating Activities:
c. Financing Activities
It refers to the main activities of a business of purchase or sale of goods,
providing of services, etc. For Ex.: Purchase or sale of goods, trading P/L
expenses, depreciation, etc.
b. Investing Activities:
It shows the investment a business does in either a property, security or
particular asset, etc. For Ex.: purchase/sale of building, purchase of an investment,

etc.
Components of a Cash Flow Statement:

c. Financing Activities:
When a business needs of finance, it looks for various sources like raising
funds through shares or debts, etc. For Ex.: Issuance of equity or preference
shares, redemption of the same, payment of dividend, etc.

iv. Statement of owner's equity:
➢ A statement of owner's equity is a one-page report showing the difference
between total assets and total liabilities, resulting in the overall value of
owner's equity.
➢ In simple terms, owner's equity is defined as the amount of money invested by the
owner in the business minus any money taken out by the owner of the business.
➢ A business typically prepares its statement of owner's equity annually.
➢ The formula for owner's equity is: Owner's Equity =Assets - Liabilities.
iv. Statement of owner's equity:
➢The formula for the Statement of Owners Equity is simple:

1. Capital Balance at the start.
2. Add: Any added owner contributions to the business should be incorporated.
3. Add: business's net income.
4. Less: Any withdrawals made by the owners.
5. Less: Losses incurred by the company.
6. =Ending Capital balance.

Particular Values
Opening Balance of Owner’s Equity at Jan 1, 2021 1,10,00,000
Investment During the Period 25,00,000
Net Income For Period 50,00,000
Subtotal 1,85,00,000
Net losses for period 3,00,000
Ending Balance of Owner’s Equity at Dec 31, 2021 1,82,00,000

Particular Values
Opening Balance of Owner’s Equity at Jan
1, 2020
Investment during the period
Net Income for period
Subtotal
Net losses for period
Ending Balance of Owner’s Equity at Dec
31, 2020
03
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Dipak Industries (Groundnut Oil)

➢ Dipak Industries - Manufacturer of groundnut oil & other

➢ Total Number of Employees : 20 to 25 People

➢ Year of Establishment : 1997

financial performance and position of a business.

of summarizing process of accounting.

There are four types of financial statements:

Statement) ii. Balance Sheet (Position

Statement) iii. Statement of Cash Flow iv.

Statement of owner's equity

i. Income Statement (Profit/Loss Statement):

Cost of Goods Sold

Overhead 1,80,00,000 8,25,00,000

Gross Margin 8,25,00,000

Selling Expenses 3,77,14,286

Administrative Expenses 1,88,57,143

Depreciation & Amortization 94,28,571 6,60,00,000

Operating Income 1,65,00,000

Interest Revenue 16,50,000

Interest Expense (33,00,000)

Extraordinary items 66,00,000 49,50,000

Income Before Tax 2,14,50,000

Income Tax (20%) 42,90,000

Net Income 1,71,60,000

Income Before Tax

between Assets, Liabilities and Owners Equity at a point in time.

CURRENT AND NON-CURRENT types.

Current Assets: Non-Current Assets:

Current Liabilities: Non-Current Liabilities:

cash from operating, investing and financing activities.

➢ Components Of A Cash Flow Statement: a. Operating Activities

expenses, depreciation, etc.

It shows the investment a business does in either a property, security or

particular asset, etc. For Ex.: purchase/sale of building, purchase of an investment,

Components of a Cash Flow Statement:

shares, redemption of the same, payment of dividend, etc.

➢ A statement of owner's equity is a one-page report showing the difference

➢ A business typically prepares its statement of owner's equity annually.

➢The formula for the Statement of Owners Equity is simple:

2. Add: Any added owner contributions to the business should be incorporated.

3. Add: business's net income.

4. Less: Any withdrawals made by the owners.

5. Less: Losses incurred by the company.

6. =Ending Capital balance.

Opening Balance of Owner’s Equity at Jan 1, 2021 1,10,00,000

Investment During the Period 25,00,000

Net Income For Period 50,00,000

Net losses for period 3,00,000

Ending Balance of Owner’s Equity at Dec 31, 2021 1,82,00,000

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