Question

Q3. You are given the following information relating to Padma Ltd. for the year ended 31st December, 2019:

Fixed Assets Tk.20,00,000; Accounts Receivables Tk.7,00,000; Wages Tk.50,000;

Opening Inventory Tk.60,000; Closing Inventory Tk.80,000; Purchases Tk.3,90,000;

Sales Tk.8,50,000; Salaries Tk.50,000; Financial Expenses Tk.10,000;

Interest Income Tk.20,000; Operating Gains Tk.30,000; Tax Paid Tk.70,000

Provision for Taxation (01/01/2019) Tk.40,000.

Adjustments:
a) Provide 4% on Fixed Assets for Depreciation;

b) Maintain a Bad Debt Provision of 3% on Accounts Receivables;

c) Salaries Accrued Tk.20,000;

d)Wages paid in Advance Tk.15,000;

e)Provide 25% on Net Income for Taxation.Prepare a Multi-step Income Statement.

Answer 1