Business Sports World

Gross profit ratio 40%

Purchase monthly
Sales monthly

###
###

Electricity monthly
Telephone monthly
Salary monthly
Rent monthly
Municipal tax

5,000.00
3,000.00
30,000.00
35,000.00
6,000.00

Assets
Table,Cupboard
Fittings
np-KQ451 motor vechicle

100,000.00
500,000.00
###

Insurance
Year
2

###

Installement
Loan amount
year
Loan instalment
Interest on loan

Rs
###

3*12
14%

Total loan instalment for the year

36
55,555.56
280,000.00

666,666.67
280,000.00
946,666.67

ofit ratio 40%

Requirecd tax particular

SPORTS WORLD
213,1/3, KASTHURIYAR ROAD
JAFFNA

FOR THE YEAR ENDED 31ST MARCH 2016

Sports World
213,1/3,Kasthuriyar Road,Jaffna
Jaffna.
STATEMENT OF FINANCIAL POSITION
AS AT 31ST MARCH 2016.
NON CURRENT ASSETS
Property & Plant Equipments

Notes

Rs.

01

CURRENT ASSETS
Stock as at 31.03.2016
Trade Debtors
Advance to Purchase
People's Bank Savings A/C 144020018420
People's Bank - Savings A/C 284200220033774
People's Bank - Current A/C 144010003652
Cash In Hand

Rs.
3,635,000.00

7,511,850.00
1,206,881.00
750,000.00
958,952.40
111,416.71
22,961.60
55,535.99

###
###

FINANCED BY:Capital
Mr.Sivapalan Luxmikanth
Balance 01.04.2015
Net Profit

5,755,400.00
#NAME?
#NAME?
###

Drawings
NON CURENT LIABALITIES
People's Bank LoanA/C 2848001000006076
CURRENT LIABALITIES
Trade Creditors
People's Bank - Over Draft A/C 144010000510
Accrued Expenditure

#NAME?

108,166.82

02

880,000.00
1,797,951.46
46,000.75

2,723,952.21
#NAME?
#NAME?

.
Proprietor
We have prepared the above Statement of Financial Position as at 31st March 2016 and Statement of
Comprehensive Income for the year ended 31st March 2016 from the books of accounts furnished and
the information given to us.

Jaffna
21st September 2016

V. Ariaratnam & Co
Chartered Accountants.

nd Statement of
nts furnished and

#NAME?

SPORTS WORLD
213,1/3,KASTHURIYAR ROAD, JAFFNA.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2016
Note
Sales Revenue
Cost of sales
Gross profit
Less: Expenses
Administration Expenses
Salary
Depreciation
Electricity
Telephone
Insurance
Accounting Charge
Interest on Loan
Municipal tax
Rent
Net Profit

Rs

03

01

360,000.00
465,000.00
60,000.00
36,000.00
22,800.00
5,000.00
24,721.33
6,000.00
420,000.00

Rs
###
###
7,164,480.00

1,399,521.33
#NAME?

0.40

###

Notes to the Accounts

Balance on
Note I - Property & Plant Equipments 01/04/2015 Addition
Fittings
Vechicle NP-KN0451
Furniture

##
#

800,000.00

###

300,000.00

###

Total
800,000.00
###
300,000.00
###

Accumul
ated
Depreci
ation on Depreciati
Total
01/04/2 on for the Accumulated
015
year
Depreciation
-

120,000.00

120,000.00

300,000.00

300,000.00

45,000.00

45,000.00

###

465,000.00
##

Balance on
31/03/2016
680,000.00
###
255,000.00
###
-

Note 2- Accrued Expenditure

Telephone
Rent
Accounting Charge
Electricity

2,540.25
35,000.00
5,000.00
3,460.50
46,000.75

Note 3-Cost of Sales

Stock 01.04.2015
Purchases
Stock 31.03.2016
Cost of sales

5,790,000.00
###
###
###
###

PURCHASE & SALE FOR THE PERIOD OF APRIL TO SEPTEMBER

01
02
03
04
05
06

April
May
June
July
August
September

Rs
PURCHASE
1,925,000.00
1,824,000.00
1,695,000.00
1,595,000.00
2,142,000.00
1,845,000.00
###

Rs
SALE
1,853,000.00
2,148,500.00
1,747,000.00
1,655,000.00
1,958,500.00
1,674,500.00
###

Computation of income tax

Year of Assessment 2015/2016
Mr.S.Luxmikanth

Year of Assessment 2015/2016

Net Profit as per Account

#NAME?

Total Satutary Income

#NAME?

Assessable Income

#NAME?

Tax free allowance

(500,000)

Taxable Income

#NAME?

Income Tax Computation

Tax payment

4%
8%
###
###
###
###

500,000
500,000
500,000
500,000
1,000,000
4,735,879
7,735,879

20,000
40,000
60,000
80,000
200,000
###
1,536,611
##

### #NAME?