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A start - up company, Pace Inc., received funding from two sharks * jointly in the Shark Tank * A new accountant at the company
A startup company, Pace Inc., received funding from two sharks jointly in the Shark Tank
A new accountant at the company has prepared a Trial Balance using the information for the last two years.
Trial balance for the year ended Mar
Account Title Head of Account Debit Amount $ Credit Amount $
Share Capital Owners equity
Bank Loan NonCurrent liability
Share capital Peyush Bansal NonCurrent liability
Trade payable Current liability
Outstanding Rent Current liability
Other current liabilities Current liability
Equipment Noncurrent tangible asset
Furniture Noncurrent tangible asset
Patents Noncurrent intangible asset
Trade receivables Current asset
Cash balance Current asset
Bank balance Current asset
Revenue Indirect Income
Purchases Direct Expense
Salaries Indirect Expense
Rent of building Indirect Expense
Accumulated Depreciation on tangible assets Current liabilities
Dividend expense during the year Indirect Expense
Note: a There is no opening stock for the company.
b Closing Stock as on is
c Dep for the year is :
Equipment on cost
Furniture on cost
d Patents are not to be amortised
e During the year, New equipment was purchased for Dep to be given for the full year
f At the start of the year, Furniture costing Carrying value was sold at a loss of
No Dep for current year to be given
You are provided with the following financial statements:
Income statement
Balance sheet
Cash flow statement
Using the information in the Trial Balance and note, complete the financial statements by computing and filling in the missing numbers.
Statement of Income for the year ended Mar
Particulars Amount in $ Amount in $
Revenue
Less: Cost of goods sold
Purchases
Less: Closing Stock
Gross profit for the year
Less: Indirect expenses
Salaries
Rent of building
Loss on sale of furniture
Depreciation on tangible asset
Dividend expense during the year
Net profit for the year
Balance Sheet as on Mar
Particulars Amount $ Amount $
Noncurrent assets
a Fixed assets
i Tangible assets
Equipment
Furniture
i Intangible assets
Patents
Current assets
Inventories
Trade receivables
Cash balance
Bank balance
Equity and liabilities
Shareholders Funds
a Share Capital
Own capital
Peyush Bansal
a Reserves and Surplus
Balance is Statement of Profit and Loss
Noncurrent liabilities
a Bank Loan
Current liabilities
a Trade payables
a Outstanding rent
a Other current liabilities
The following additional information is provided for the Cash Flow Statement.
a Dividend paid during the year
b Opening balances as on are as follows:
i Patent
ii Investments by Peyush Bansal
iii Trade receivable
iv Cash Balance
v Bank Balance
vi Share capital
vii Bank Loan
viii Trade payables
ix Outstanding Rent
x Other current liabilities
Use the Trial Balance and the additional information to fill in the missing numbers for the Cash Flow Statement.
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