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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 has

A start-up 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.
*The Shark Tank is a reality television show that involves aspiring entrepreneurs, inventors, and small business owners, who pitch their business ideas or products to a panel of wealthy investors, known as the "sharks," in the hope of securing investment deals.
Trial balance for the year ended Mar 31,2022
Account Title
Head of Account
Debit Amount ($)
Credit Amount ($)
Share Capital
Owner`s equity
500,000
Bank Loan
Non-Current liability
100,000
Share capital Peyush Bansal
Non-Current liability
100,000
Trade payable
Current liability
50,000
Outstanding Rent
Current liability
5,000
Other current liabilities
Current liability
80,000
Equipment
Non-current tangible asset
200,000
Furniture
Non-current tangible asset
400,000
Patents
Non-current intangible asset
100,000
Trade receivables
Current asset
80,000
Cash balance
Current asset
105,000
Bank balance
Current asset
200,000
Revenue
Indirect Income
360,000
Purchases
Direct Expense
100,000
Salaries
Indirect Expense
20,000
Rent of building
Indirect Expense
10,000
Accumulated Depreciation on tangible assets
Current liabilities
50,000
Dividend expense during the year
Indirect Expense
30,000
1,245,000
1,245,000
Note:
a) There is no opening stock for the company
b) Closing Stock as on 31.03.2022 is 50,000
c) Dep for the year is:
Equipment-10% on cost
Furniture-7.5% on cost
d) Patents are not to be amortised
e) During the year, new equipment was purchased for 100,000(Dep to be given for the full year)
f) At the start of the year, Furniture costing 50,000(Carrying value 40,000) was sold at a loss of 35,000(No Dep for current year to be given)
You are provided with the following financial statements:
Income Statement
Balance Sheet
Cash flow Statement
Complete the financial statements by computing and filling in the missing numbers.
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 31 Mar 2022
Particulars
Amount (in $)
Amount (in $)
Revenue
360,000
Less: Cost of goods sold
Purchases
------------
Less: Closing Stock
(50,000)
50,000
Gross profit for the year
------------
Less: Indirect expenses
Salaries
20,000
Rent of building
----------
Loss on sale of furniture
----------
Depreciation on tangible asset
----------
Dividend expense during the year
30,000
125,000
Net profit for the year
-----------
Balance Sheet as on 31 March 2022
Particulars
Amount ($)
Amount ($)
Non-current assets
a)Fixed assets
i)Tangible assets
Equipment
----------
Furniture
300,000
550,000
i)Intangible assets
Patents
----------
100,000
Current assets
Inventories
50,000
Trade receivables
----------
Cash balance (5000+100000+35000-1,00,000)
40,000
Bank balance
------------
370,000
----------
Equity and liabilities
Shareholders Funds
a)Share Capital
Own capital
500,000
Peyush Bansal
-----------
a)Reserves and Surplus
Balance is Statement of Profit and Loss
-------------
785,000
Non-current liabilities
a)Bank Loan
-------------
Current liabilities
a)Trade payables
-------------
a)Outstanding rent
-------------
a)Other current liabilities
-------------
235,000

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