the company name is NATIONAL BISCUIT INDUSTRIES LTD year 2019-2020 Step -1 : Choose any one company from Muscat Stock Exchange (MSX) Example : Raysut
the company name is NATIONAL BISCUIT INDUSTRIES LTD
year 2019-2020
Step -1: Choose any one company from Muscat Stock Exchange (MSX)
Example: Raysut Cements and get its published financial statement for the financial period 2019-2020 from the Muscat Stock Exchange (MSX) Website (https://www.msx.om/default.aspx), where you find "Financial Reports" icon at the bottom of screen.
Step -2: Using the financial report answer the following questions:
- Brief introduction about the company? ( 1 Mark )
| Company Name : | No. of Employees : |
| Established : | No. of Omani Employees : |
| Principle activities : | No. of Non - Omani Employees : |
| Branches : | Head office Location: |
- List various items (only account heads, no need write figures) appear under the following categories: (1.5 Marks)
| Category | Account Names |
- List of Assets
| |
- List of Liabilities
| |
- Owners' Equity
| |
- List of Revenues
| |
- List of Expenses
| |
- Develop a basic accounting equation (Assets= Liability + Owners Equity) for the year 2019 & 2020. (1 mark)
- Calculate "Net Profit" of the company for the year 2019 & 2020 by using the "Simple Income Statement" format which you learned in the class? (1.5 Mark)
- "Companys net income appears directly on the income statement and the owners equity statements, and it is included indirectly in the companys balance sheet". Do you agree? Explain how the net income is shown in Balance Sheet. ( 1.5 Marks )
- What is a total assets value of the company during 2019 and 2020? Provide calculation ( 1.5 Mark )
- What is a total Liability value of the company during 2019 and 2020? Provide calculation ( 1.5 Mark )
- What is a total Owners Equity value of the company during 2019 and 2020? Provide calculation ( 1 Mark )
- What is the accounting period of the company? ( 0.5 Mark )
- Which method (periodic or perpetual) the company has used to calculate the Cost of Inventory? Explain briefly.
(if the company is service organization, then explain both methods briefly) (1 Mark)
Notes 2020 RO 2019 RO voo 5 6 7 2,349,291 163,054 348,469 2,860,814 2,190,633 172,496 2,363,129 8 9 10 12 1,625,877 2,881,083 3,784,238 1,032,065 9,323,263 12,184,077 1,263,028 2,922,186 2,512,993 383,395 7,081,602 9,444,731 ASSETS Non-current assets: Property, plant and equipment Intangible assets Right-of-use assets Total non-current assets Current assets: Inventories Trade and other receivables Wakala deposits Cash and bank balances Total current assets Total assets EQUITY AND LIABILITIES Shareholders' equity: Share capital Legal reserve Retained earnings Total Shareholders' equity Non-current liabilities: Staff terminal benefits Non-current portion of lease liabilities Deferred tax liability Total non-current liabilities Current liabilities: Trade and other payables Current portion of lease liabilities Provision for tax Total current liabilities Total liabilities Total equity and liabilities 13 14 1,000,000 333,333 5,523,147 6,856,480 1,000,000 333,333 4,797,728 6,131,061 412,136 15 16 25 (C) 450,369 350,800 58,659 859,828 68,674 480,810 17 16 2,674,911 25 (a) 4,271,140 15,774 180,855 4,467,769 5,327,597 12,184,077 157,949 2,832,860 3,313,670 9,444,731 NATIONAL BISCUIT INDUSTRIES LTD SAOG UNAUDITED BALANCE SHEET AS ON 30th SEPTEMBER 2019 Note 30-Sept-19 30-Sept-18 RO RO ASSETS Non-current assets Property, plant and equipment Intangible Assets Total non-current assets 5 21 2,277,224 168,021 2,445,245 2,354,748 140,647 2,495,395 6 7 Current assets Inventories Accounts receivable and prepayments Bank balances and cash Short Term Deposits Total current assets 1,239,101 3,623,782 700,566 2,812,993 8,376,442 1,062,564 3,401,596 661,736 1,539,013 6,664,909 22 10,821,687 9,160,304 Total assets EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital Legal reserve Retained earnings Total equity 8 9 1,000,000 333,333 4,779,692 6,113,025 1,000,000 333,333 4,117,907 5,451,240 Non-current liabilities Deferred taxation End of service benefits Total non-current liabilities 10 18 68,674 417,179 485,853 74,619 361,142 435,761 11 10 Current liabilities Accounts payable and accruals Taxation Total current liabilities Total liabilities Total equity and liabilities Net assets per share 4,185,280 37,529 4,222,809 4,708,662 10,821,687 6.113 3,243,403 29,900 3,273,303 3,709,064 9,160,304 5.451 The financial statements on pages 1 to 15 were approved by Board of Directors on 24.10.2019 Notes 18 19 20 21 22 Sales Cost of sales Gross profit Other income Selling and distribution expenses General and administration expenses Profit from operations Finance costs Profit before tax Income tax expense Profit for the year Other comprehensive income for the year Total comprehensive income for the year Year ended 30 June 2020 RO 12,694,553 (10,391,055) 2,303,498 133,766 (633,813) (731,638) 1,071,813 (39,708) 1,032,105 (156,686) 875,419 Year ended 30 June 2019 RO 12,551,496 (10,169,171) 2,382,325 86,598 (888,686) (651,817) 928,420 (20,244) 908,176 (137,879) 770,297 24 25 (a) 875,419 770,297 Earnings per share (RO/share) 27 0.875 0.770 NATIONAL BISCUIT INDUSTRIES LTD SAOG UNAUDITED STATEMENT OF INCOME FOR THE FIRST QUARTER ENDING 30TH SEPTEMBER 2019 Three Months Three Months Note 30-Sept-19 30-Sept-18 RO RO INCOME Sales Cost of sales Gross profit 19 14 3,185,747 (2,646,153) 539,593 2,845,385 (2,445,562) 399,823 Other income 20 25,893 565,486 22,780 422,604 EXPENSES Selling and distribution General and administration Directors' meeting attendance fees Finance costs 15 16 (258,647) (144,388) (3,400 (3,712) (164,605) (143,219) (2,800) (5,728) 17 (410,147) (316,352) Profit before taxation 155,339 106,252 10 Income Tax Profit (Loss) for the Period (23,375) 131,964 (15,775) 90,477 Attributable to: Equity holders of the Company 131,964 90,477 131,964 90,477 Earnings per share 0.132 0.090 Notes 2020 RO 2019 RO voo 5 6 7 2,349,291 163,054 348,469 2,860,814 2,190,633 172,496 2,363,129 8 9 10 12 1,625,877 2,881,083 3,784,238 1,032,065 9,323,263 12,184,077 1,263,028 2,922,186 2,512,993 383,395 7,081,602 9,444,731 ASSETS Non-current assets: Property, plant and equipment Intangible assets Right-of-use assets Total non-current assets Current assets: Inventories Trade and other receivables Wakala deposits Cash and bank balances Total current assets Total assets EQUITY AND LIABILITIES Shareholders' equity: Share capital Legal reserve Retained earnings Total Shareholders' equity Non-current liabilities: Staff terminal benefits Non-current portion of lease liabilities Deferred tax liability Total non-current liabilities Current liabilities: Trade and other payables Current portion of lease liabilities Provision for tax Total current liabilities Total liabilities Total equity and liabilities 13 14 1,000,000 333,333 5,523,147 6,856,480 1,000,000 333,333 4,797,728 6,131,061 412,136 15 16 25 (C) 450,369 350,800 58,659 859,828 68,674 480,810 17 16 2,674,911 25 (a) 4,271,140 15,774 180,855 4,467,769 5,327,597 12,184,077 157,949 2,832,860 3,313,670 9,444,731 NATIONAL BISCUIT INDUSTRIES LTD SAOG UNAUDITED BALANCE SHEET AS ON 30th SEPTEMBER 2019 Note 30-Sept-19 30-Sept-18 RO RO ASSETS Non-current assets Property, plant and equipment Intangible Assets Total non-current assets 5 21 2,277,224 168,021 2,445,245 2,354,748 140,647 2,495,395 6 7 Current assets Inventories Accounts receivable and prepayments Bank balances and cash Short Term Deposits Total current assets 1,239,101 3,623,782 700,566 2,812,993 8,376,442 1,062,564 3,401,596 661,736 1,539,013 6,664,909 22 10,821,687 9,160,304 Total assets EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share capital Legal reserve Retained earnings Total equity 8 9 1,000,000 333,333 4,779,692 6,113,025 1,000,000 333,333 4,117,907 5,451,240 Non-current liabilities Deferred taxation End of service benefits Total non-current liabilities 10 18 68,674 417,179 485,853 74,619 361,142 435,761 11 10 Current liabilities Accounts payable and accruals Taxation Total current liabilities Total liabilities Total equity and liabilities Net assets per share 4,185,280 37,529 4,222,809 4,708,662 10,821,687 6.113 3,243,403 29,900 3,273,303 3,709,064 9,160,304 5.451 The financial statements on pages 1 to 15 were approved by Board of Directors on 24.10.2019 Notes 18 19 20 21 22 Sales Cost of sales Gross profit Other income Selling and distribution expenses General and administration expenses Profit from operations Finance costs Profit before tax Income tax expense Profit for the year Other comprehensive income for the year Total comprehensive income for the year Year ended 30 June 2020 RO 12,694,553 (10,391,055) 2,303,498 133,766 (633,813) (731,638) 1,071,813 (39,708) 1,032,105 (156,686) 875,419 Year ended 30 June 2019 RO 12,551,496 (10,169,171) 2,382,325 86,598 (888,686) (651,817) 928,420 (20,244) 908,176 (137,879) 770,297 24 25 (a) 875,419 770,297 Earnings per share (RO/share) 27 0.875 0.770 NATIONAL BISCUIT INDUSTRIES LTD SAOG UNAUDITED STATEMENT OF INCOME FOR THE FIRST QUARTER ENDING 30TH SEPTEMBER 2019 Three Months Three Months Note 30-Sept-19 30-Sept-18 RO RO INCOME Sales Cost of sales Gross profit 19 14 3,185,747 (2,646,153) 539,593 2,845,385 (2,445,562) 399,823 Other income 20 25,893 565,486 22,780 422,604 EXPENSES Selling and distribution General and administration Directors' meeting attendance fees Finance costs 15 16 (258,647) (144,388) (3,400 (3,712) (164,605) (143,219) (2,800) (5,728) 17 (410,147) (316,352) Profit before taxation 155,339 106,252 10 Income Tax Profit (Loss) for the Period (23,375) 131,964 (15,775) 90,477 Attributable to: Equity holders of the Company 131,964 90,477 131,964 90,477 Earnings per share 0.132 0.090
