Question 01 Marks 15 Following are the Two years Income statement and Balance sheet of Kohnoor Limited. Particulars December 31 2017 Decembara 2010 CH Current Assets Cash and Bank Balance Debtors Inventory Other Current Assets (A) Fixed Assets: Land and Building Plant and Machinery Furniture (B) Long Term Investment (C) 23,600 41,800 32,000 6,400 1,03,800 2,000 38,000 26,000 2,600 68,000 (-) 21,600 (-) 3,800 (-) 6,000 (-) 3,800 (-) 35,200 (-) 91.50 (0) 9.10 () 18.80 () 59.40 (-) 33.90 54,000 62,000 5,800 1,21.800 9.200 34,000 1,57,200 9,600 2,00,800 11,800 (-) 20,000 (+) 95,200 (+) 3,800 (+) 79,000 (4) 2,600 (-) 37.00 (+) 153.50 (+) 65.50 (+) 64.90 (+) 28.30 Total Assets IA+B+C) 2,34,800 2,81,200 (+) 46,400 (+) 19.80 Current Liabilities (D) Long-Term Debt (E) 52,400 40,000 25,400 65,000 (-) 27,000 (+) 25,000 (-) 51.50 (-) 62.50 Owner's Equity Equity Share Capital Reserve and Surplus (F) Total Liabilities and Capital (D+ 80,000 62,400 1,42,400 1,20,000 70,800 1,90,800 (+) 40,000 (+) 8,400 (+)48,400 (+) 50.00 (+) 13,50 (+) 34,00 2,34,800 2,81,200 (+) 46,400 (4) 19.80 Institute of Southern Punjab Multan Page 2 Institute of Southern Punjab Multan online Examination Department of Computer Science Subject: Financial Accounitng Class: BSIT, ADPIT, MSCS,BSCS, MIT,MSCS, MIT Semester: 2nd Instructor: Dr. Syed Usman Qadri Date: 21-04-2021 Total Marks 25 Time Allowed: 06 Hrs. Particulars December December 31 2017 2018 Net Sales Less: Cost of Goods Sold Gross Profit (P) 1,70,000 1,05,000 65.000 1,90,400 1,20.000 70,400 13,200 14,960 Administrative Expenses (A) Selling Expenses Advertisement Expenses Other Selling Expenses Total Selling Expenses (B) 3,000 40,800 43,800 4,000 41,800 45,800 57.000 60,760 Operating Expenses (A+B) Operating Profit (D) (D-P- (A+B)) 8,000 9,640 6,400 9,200 Other Incomes (E) 6,800 4,800 Other Expenses (F) 7,600 14,040 Profit Before Tax (PBT) (PBT-DE-F 3,800 6,200 Income Tax (m) 3,800 7,840 Profit After Tax (PAT) (PAT - PBT-T) Required: Find out the reason of changings in assets and Liabilities side of Balnce sheet with proper justification, (keeping main focus debit and credit concepts) Find out the reason of changings in Income statement with profer justification (keeping main focus debit and credit concepts)