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Long Term and Deff. LiaDeferred Tax 3,000 Obligation Under Lease Finance 15,282
Share Capital 50,000 General Reserve 104,000 Sales -
Gross Sale - Domestic 751,244 Gross Sale - Export 93,305 Sales Tax 106,158
Cost of SalesPurchases - Raw Material 291,569 Purchases - Packing Material 190,295 Overheads
Wages 23,155 Stores Consumed 7,922 Traveling and Conveyance 158 Repairs and Maintenance 10,267 Insurance 345 Fuel and Power 23,339 Wastage and Breakage 6,552 Excise Duty 49,671 Miscellaneous Expenses 7,412
Financial Accounting
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Lecture – 44
Administrative Expenses - Salaries and Wages 36,117 Postage and Telegram 1,652 Traveling and Conveyance 1,075 Repairs and Maintenance 1,272 Insurance 1,179 Printing and Stationery 1,121 Rent, Rates and Taxes 1,155 Auditors' Remuneration 161 Legal and Professional 768 Donations 81 General Expenses 400
Selling and Distribution Expenses - Salaries and Wages 23,227 Postage and Telegram 1,578 Traveling and Conveyance 2,616 Repairs and Maintenance 6,168 Vehicle Running 859 Printing and Stationery 497 Rent, Rates and Taxes 1,954
Financial Charges - Markup on Loans 282 Finance Lease Charges 1,750 Bank Charges 825
Other Expenses and Provisions - Other Income -
Profit on Bank Deposits 974 Dividend Income 25,100 Foreign Exchange Gain 5,732 Gain on Disposal of Fixed Assts. 692 Sale of Scrap 1,470
Income Tax for the year 14,800 Unappropriated Profit B/F 5,555
1,262,100 1,262,100
Financial Accounting
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Lecture – 44
2002 2001Note Rs'000 Rs'000
Sales 14 738,391 xCost of Goods Sold 15 572,210 xGross Profit 166,181 xOther Income 16 33,968 x
Less: Administrative Expenses 17 48,980 xSelling and Distribution Expenses 18 79,364 x
128,344 xOperating Profit 71,805 xLess: Financial Charges 19 2,857 x
Net Profit Before Tax 68,948 xIncome Tax for the Year 14,800 x
Profit After Tax 54,148 xUn-appropriated Profit Brought Forward 5,555 x
59,703 xAppropriation
Transfer to Reserve 21,000 xProposed dividend @ 60% 30,000 x
51,000 xUn-appropriated Profit Carried Forward 8,703 x
Sheraz Ltd.Profit and Loss Account for the Year Ended June 30, 2002
ZOOM 1
ZOOM 2
Profit and Loss Account
Financial Accounting
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Lecture – 44
ZOOM 1
ZOOM 2
Balance Sheet
2002 2001Note Rs'000 Rs'000
Tangible Fixed AssetsOperating Fixed Assets 3 37,859 39,451 Capital Work in Progress 4,075 -
Long Term Investments 4 20,625 21,250 Term Deposits 5 2,778 2,004
65,337 62,705 Current Assets
Stores and Spares 1,114 1,405 Stock in Trade 6 180,826 188,639 Trade Debts 7 16,975 24,984 Advances, Deposits & Prepayments 8 42,034 8,826 Cash and Bank Balances 9 44,875 24,437
285,824 248,291 Current Liabilities
Short Term Running Finances 5,257 3,111 Current Maturity of Obligation under lease finance 13 6,643 3,425 Creditors, Accrued and Other liabilities 10 109,861 99,109 Tax Payable 3,858 5,472 Divided Payable 11 30,200 30,164
155,819 141,281 Working Capital 130,005 107,010 Total Capital Employed 195,342 169,715
Sheraz Ltd.Balance Sheet As At June 30, 2002
Financial Accounting
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Lecture – 44
Financed ByShare Capital and Reserves
Share Capital 12 50,000 50,000 General Reserve 125,000 104,000 Un-appropriated Profit 8,703 5,555
Shareholders Equity 183,703 159,555 Long Term Liabilities
Depreciation 5,977 xProvision for Doubtful Debts 987 xProvision for Dimunition in Value of Investment 625 xProfit on Bank Deposits (974) xDividends Income (25,100) xGain on Disposal of F. Assts. (692) x
(19,177) - Operating Profit Before Working Capital changes 49,771 x(Increase) / Decrease in Current Assets
Stores and Spares 291 xStock in Trade 7,813 xTrade Debts 7,022 xAdv. Dep. And Prepayments (7,917) x
7,209 x
Increase / (Decrease) in Current Liab.Short Term Running Finances 2,146 xCreditors, Accrued and Other liabilities 10,752 x
12,898 xCash Generated From Operations 69,878 x
Profit on Bank Deposits 974 xIncome Tax Paid (16,414) x
Net Cash Flow from Operating Activities 54,438 x
Sheraz Ltd.Cash Flow for the Year Ended June 30, 2002
Financial Accounting
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Lecture – 44
Cash Flow From Investing ActivitiesPurchase of Fixed Assets (5,009) xCapital Work in Progress (4,075) xSale Proceeds Of Fixed Assets 1,316 xDividend Received 100 xLong Term Deposits (1,065) x
Cash Flow From Investing Activities (8,733) x
Cash Flow from financing ActivitiesRepayment of Lease LiabilityGeneral Reserve 4,697 xdividend PaidUn-appropriated Profit (29,964) xCash Flow from financing Activities (25,267) x
Net Increase in Cash & Cash Equivalents 20,438 x
Opening Bal. of Cash and Cash Equivalents 24,437 x
Closing Bal. of Cash and Cash Equivalents 44,875 x
Financial Accounting
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Lecture – 44
3. Operating Fixed Assets
Rs' 000 Rs' 000R WDV
Particulars As On As On A As On On For As On As OnJul 01 Addition Disposal Jun 01 T Jul 01 Disposal The Jun 01 Jun 012001 2002 E 2001 Year 2002 2002
Note Rs'000 Rs'000Payable from Previous Year 200 164 Accrued During the Year 30,000 30,000
30,200 30,164
Financial Accounting
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Lecture – 44
12. Share Capital2002 2001
Note Rs'000 Rs'000Authorirized Capital
10,000,000 (2000: 10,000,000) ordinary shares of Rs. 10 each 100,000 100,000
Paid Up Capital5,000,000 (2000: 5,000,000) ordinary shares of Rs. 10 each 500,000 500,000
Financial Accounting
25
Lecture – 44
13. Obligation Under Lease Finance2002 2001
Note Rs'000 Rs'000Obligation. Under Lease Finance 15,282 10,585 Less: Current Maturity 6,643 3,425
8,639 7,160
Financial Accounting
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Lecture – 44
16. Other Income2002 2001
Note Rs'000 Rs'000Profit on Bank Deposits 974 xDividends Income 25,100 xForeign Exchange Gain 5,732 xGain on Disposal of F. Assts. 692 xSale of Scrap 1,470 x
33,968 x
Financial Accounting
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Lecture – 44
17. Administrative Expenses2002 2001
Note Rs'000 Rs'000Salaries and Wages 36,117 xPostage and Telegram 1,652 xTraveling and Conveyance 1,075 xRepairs and Maint. 1,272 xInsurance 1,179 xPrinting and Stationery 1,121 xRent, Rates and Taxes 1,155 xAuditors' Remuneration 161 xLegal and Professional 768 xDonations 81 xGeneral Expenses 400 xDepreciation 3.1 2,387 xProvision for Doubtful Debts 987 xProvision for Dimunition in Value of Investment 625 x
48,980 x
Financial Accounting
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Lecture – 44
18. Selling and Distribution Expenses2002 2001
Note Rs'000 Rs'000Salaries and Wages 23,227 xPostage and Telegram 1,578 xTraveling and Conveyance 2,616 xRepairs and Maint. 6,168 xVehicle Running 859 xPrinting and Stationery 497 xRent, Rates and Taxes 1,954 xAdvertising 19,254 xOutward Freight 9,628 xSales Staff Incentives 1,642 xPetrol, Oil etc. 8,561 xMisc. Expenses 1,392 xDepreciation 3.1 1,988 x
79,364 x
Financial Accounting
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Lecture – 44
19. Financial Charges2002 2001
Note Rs'000 Rs'000Markup on Loans 282 xFinance Lease Charges 1,750 xBank Charges 825 x