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XTOL Checked Assignment

XTOL Company reported a profit after tax of $72,624,000 for the year ending March 31, 2004, with total revenue of $470,000,000 and a gross profit of $180,400,000. The company's total assets amounted to $297,000,000, with equity of $172,874,000 and liabilities of $124,126,000. The financial statements indicate a strong performance, although there are remarks suggesting improvements in calculations.

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Hassan Mustafa
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30 views4 pages

XTOL Checked Assignment

XTOL Company reported a profit after tax of $72,624,000 for the year ending March 31, 2004, with total revenue of $470,000,000 and a gross profit of $180,400,000. The company's total assets amounted to $297,000,000, with equity of $172,874,000 and liabilities of $124,126,000. The financial statements indicate a strong performance, although there are remarks suggesting improvements in calculations.

Uploaded by

Hassan Mustafa
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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XTOL COMPANY

STATEMENT O PROFIT OR LOSS:


FOR THE YEAR ENDED 31 MARCH 2004
WORKING NO 1
$'000 COST OF SALES:
Revenue 470000
Cost Of Sales (289,600) As per question
Gross Profit : 180400 Agency cost
Distribution Cost (33,500) Depreciation
Admin Cost (36,800)
Operating Income ( Agency Income) 2000
Profit Before Interest And Tax: 112100
Finance Cost (4,576)
Profit Before Tax: 107524 WORKING NO : 3
Tax Expense (34,900) PLANT AND EQUIPMENT
Profit After Tax: 72624
Cost
Accumulated Depreciatio
XTOL COMPANY NBV
STATEMENT OF FINANCIAL POSITION : Depreciation
AS AT 31 MARCH 2004

$'000 $'000

ASSETS: WORKING NO : 5
RETAINED EARNINGS
NON - CURRENT ASSETS:
Land 75000 Opening Balance
Plant and equipment 98,000 PAT
173000 Ending Balance

CURRENT ASSETS:

Inventory 61000
Trade Receivable 63000
124000

TOTAL ASSETS: 297000

EQUITIY AND LIABILITIES:

EQUITY:
Share Capital 66000
Share Premium 15000
Retained Earnings 87824
Equity Option 4050
172874

CURRENT LIABILITIES:
Tax Payable 28000
Bank Overdraft 5500
Trade Payable 35200
68700

NON - CURRENT LIABILITIES:


Deferred tax 8300
Convertible loan at End 47126
55426

TOTAL EQUITIES: 297000

Remarks:
Presentation is excellent but you need to work on calculations.
WORKINGS :
WORKING NO 1 WORKING N0 : 2
COST OF SALES: CORRECTING OF AGENCY SALES:
$'000 $'000 $'000
As per question 290600 Debit Sales 20000
Agency cost (15,000) Credit Payable 3000
Depreciation 14,000 Credit COG 15000
C0S: 289600 Credit Income 2000

WORKING NO : 3 WORKING NO : 4
PLANT AND EQUIPMENT : CONVERTIBLE LOAN NOTES:
$'000
155500 Years Cashflows D.F @8%
Accumulated Depreciation (43,500) $'000
112,000 1 2500 0.93
Depreciation 14,000 2 2500 0.86
NBV: 98,000 3 52500 0.79
LIABILiTY
LOAN
EQUITY
WORKING NO : 5
RETAINED EARNINGS Years Obligation at start Finance Cost @8
$'000 1 45950 3676
Opening Balance 15200
72624
Ending Balance 87824 WORKING NO : 6
FINANCE COST

As Per obligation 3676


Bank Interest 900
Total 4576
P.V
$'000
2325
2150
41475
45950
50000
4050

Payment @5% Obligation at End


2500 47126

WORKING NO : 7

INCOME TAX
Balance b/d 3200 Balance b/d 4600

INCOME STATEMENT 34900

Balance c/d:
Current tax 28000
Deferred tax 8300
39500 39500

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