Activity Prepare final accounts for sloe traders, partnerships and limited companies in according with appropriate principles, conventions and standards Part (A) Sole Proprietorship Saman Trading is a sole proprietorship owned by saman The trial balance of Saman Trading as at 31 st March 2019 is as follows Saman Trading Trial Balance as at 31st March 2019 Description Dr (Rs 000) Cr (Rs 000) Property Plant and Equipment (at cost) Land and Building 51000 Motor Vehicle 8800 Office Equipment 5500 Accumulated Depreciation as at 01st April 2018 Building 10000 Motor Vehicle 2880 Office Equipment 1080 Trade Recievables Trade Payables 13000 15200 Purchases Sales 30000 71000 Provision for doughtful debts as at 01st April 2018 1240 Stocks as at 01st April 2018 7700 Drawings 2400 Sales Commision 4300 Telephone and Electricity 7600 Insurance 3660 Salaries and Wages 13000 Bank loan 14 19000 Cash in hand 5240 Bank Overdraft 3800 Capital as at 01st April 2018 28000 152200 152200 Additional Information Land Value of Rs 11,000,000 included in the Land and Building cost The deprecation policy of the Saman Trading is straight line basis on cost Depreciation rates as follows Building 5 Motor Vehicle 20 Office Equipment 12 Closing Inventory as at 31 st March 2019 was Rs 6,900,000 The telephone and electricity bill of Rs 710,000 for the month of march 2019 was not paid as at 31 st March 2019 Insurance expense of Rs 1,060,000 is relevant for the next financial year of 2019 20 Trade Recievables from Nuwan Distributors amounting Rs 300,000 to be written off as a bad debt and provision for doubtful debts to be made for the remaining receivable balance at the year end (Rate 2 ) The bank loan was obtained on 01 st April 2018, payable in two equal instalments with the interest It is due as at 31 st march 2019 And it has been paid on 10 th April 2019 You are required to prepare following Statement of Comprehensive Income for the year ended 31 st March 2019 Statement of Financial position as at 31 st March 2019

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Activity : Prepare final accounts for sloe traders, partnerships and limited companies in according with appropriate principles, conventions and standards. Part (A) Sole Proprietorship Saman

Activity : Prepare final accounts for sloe traders, partnerships and limited companies in according with appropriate principles, conventions and standards.

Part (A) Sole Proprietorship

Saman Trading is a sole proprietorship owned by saman. The trial balance of Saman Trading as at 31^st March 2019 is as follows.

Saman Trading
Trial Balance as at 31st March 2019
Description	Dr (Rs. 000)	Cr (Rs. 000)
Property Plant and Equipment (at cost)
Land and Building	51000
Motor Vehicle	8800
Office Equipment	5500
Accumulated Depreciation as at 01st April 2018
Building		10000
Motor Vehicle		2880
Office Equipment		1080
Trade Recievables / Trade Payables	13000	15200
Purchases / Sales	30000	71000
Provision for doughtful debts as at 01st April 2018		1240
Stocks as at 01st April 2018	7700
Drawings	2400
Sales Commision	4300
Telephone and Electricity	7600
Insurance	3660
Salaries and Wages	13000
Bank loan - 14%		19000
Cash in hand	5240
Bank Overdraft		3800
Capital as at 01st April 2018		28000
	152200	152200

Additional Information

Land Value of Rs. 11,000,000 included in the Land and Building cost.
The deprecation policy of the Saman Trading is straight line basis on cost. Depreciation rates as follows.

Building 5%

Motor Vehicle 20%

Office Equipment 12%

Closing Inventory as at 31^st March 2019 was Rs. 6,900,000
The telephone and electricity bill of Rs. 710,000 for the month of march 2019 was not paid as at 31^st March 2019.
Insurance expense of Rs. 1,060,000 is relevant for the next financial year of 2019/20.
Trade Recievables from Nuwan Distributors amounting Rs 300,000 to be written off as a bad debt and provision for doubtful debts to be made for the remaining receivable balance at the year end.(Rate 2%)
The bank loan was obtained on 01^st April 2018, payable in two equal instalments with the interest It is due as at 31^st march 2019.And it has been paid on 10^th April 2019.

You are required to prepare following