CORPORATE FINANCIAL STATEMENT Q #9 ABC LTD. was registered with an authorized capital of Rs. 6,000,000 divided into 1,000,000 ordinary shares of Rs. 10 each. The following balances appeared in the Balance Sheet of ABC LTD. as on June 30, 2017: ASSETS EQUITY Rs. Rs. 661,000 Accounts payable 655,000 Accumulated dep. (Plants) 25,000 Outstanding Utilities 1,600,000 20% Bonds payable 480,000 Paid up capital 20,000 Sales Revenue 80,000 Retain Earnings 8,000 Mortgage Payable 35,000 30,000 28,000 3,022,000 Cash 75,000 230,000 8,000 500,000 Accounts Receivable Merchandise July 01, 2016 Plants and Equipment Purchases 1,000,000 1,550,000 59,000 200,000 Transportation in Salaries expenses Unexpired insurance Rent expenses Auditor's fee expenses Director's fee expenses Total 3,022,000 Total Data for adjustments on June 30, 2017 i. Outstanding advertising amounted to Rs. 4,000 Insurance expired Rs. 1,000 Machinery be depreciated by 25% for each year Inventory at June 30, 2017 was valued at Rs. 80,000 Salaries unexpired Rs. 5,000 Rent is due Rs. 10,000 Provide 40% for income tax ii iv V. vi. vii viii Cash dividend was declared 15% on paid up capital Required a. Income statement for the year ended June 30, 2017 b. Statement of retain earnings and balance sheet for the year ended June 30, 2017