PCC - Financial Statements 2013 - Final by Rashid
-
Upload
fahad-chaudry -
Category
Documents
-
view
219 -
download
0
Transcript of PCC - Financial Statements 2013 - Final by Rashid
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
1/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Balance Sheet
As at June 30, 2013
2013 2012
Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share capital 7 8,305,000 8,305,000
Capital reserve 1,039,496 1,039,496
Accumulated loss (13,793,170) (10,808,041)
Total equity (4,448,674) (1,463,545)
Liabilities
CURRENT LIABILITIES
Loan from directors -unsecured 8 3,828,503 2,863,503
Short term borrowings 9 19,561,659 18,814,826
Trade and other payables 10 4,987,554 5,743,927
Accrued mark-up 11 531,476 547,782
Taxation 808,904 778,624
Total current liabilities 29,718,096 28,748,662
Total equity and liabilities 25,269,422 27,285,117
CONTINGENCIES AND COMMITMENTS 12
The annexed notes 1 to 31 form an integral part of these financial statements.
Note
CHIEF EXECUTIVE DIRECTOR
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
2/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Balance Sheet
As at June 30, 2013
2013 2012
Rupees RupeesNote
ASSETS
NON CURRENT ASSETS
Property, plant and equipment 13 1,071,684 1,293,350
Long term deposits 14 223,780 228,780
Total non-current assets 1,295,464 1,522,130
CURRENT ASSETS
Stores, spare parts and loose tools 15 209,431 169,235
Stock in trade 16 10,949,891 10,295,425
Loans and advances 17 47,164 508,903
Trade deposits and short term prepayments 18 71,528 68,624
Other receivables 19 - 263,646
Tax refunds due from Government 20 3,887,005 3,332,258
Trade debts 21 8,785,185 11,091,802
Cash and bank balances 22 23,754 33,094
Total current assets 23,973,958 25,762,987
Total assets 25,269,422 27,285,117
The annexed notes 1 to 31 form an integral part of these financial statements.
CHIEF EXECUTIVE DIRECTOR
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
3/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Profit and Loss Account
For the year ended June 30, 2013
2013 2012
Rupees Rupees
Sales 23 33,394,117 27,481,990
Cost of sales 24 (26,237,484) (24,201,527)
Gross profit 7,156,633 3,280,463
Administrative and general expenses 25 (4,901,975) (4,019,760)
Distribution Cost 26 (2,007,596) (1,499,888)
Operating Profit / (loss) 247,062 (2,239,185)
Finance cost 27 (2,548,710) (2,469,955)
Other operating income 28 102,009 81,900
Gain on sale of property, plant and equipment 29 23,414 -
Loss before taxation (2,176,225) (4,627,240)
Taxation (808,904) (778,624)
Loss after taxation (2,985,129) (5,405,864)
Accumulated loss brought forward (10,808,041) (5,402,177)
Accumulated loss carried to balance sheet (13,793,170) (10,808,041)
The annexed notes 1 to 31 form an integral part of these financial statements.
Note
CHIEF EXECUTIVE DIRECTOR
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
4/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Statement of Comprehensive Income
For the year ended June 30, 2013
2013 2012
Rupees Rupees
Loss for the year (2,985,129) (5,405,864)
Other comprehensive income for the year - -
Total comprehensive loss for the year (2,985,129) (5,405,864)
The annexed notes 1 to 31 form an integral part of these financial statements.
Note
CHIEF EXECUTIVE DIRECTOR
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
5/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Statement of changes in equity
For the year ended June 30, 2013
Rupees Rupees Rupees Ru
Balance as at June 30, 2011 8,305,000 1,039,496 (5,402,177)
Total comprehensive loss for the year - - (5,405,864)
Balance as at June 30, 2012 8,305,000 1,039,496 (10,808,041)
Balance as at June 30, 2012 8,305,000 1,039,496 (10,808,041)
Total comprehensive loss for the year - - (2,985,129)
Balance as at June 30, 2013 8,305,000 1,039,496 (13,793,170)
The annexed notes 1 to 31 form an integral part of these financial statements.
Issued, subscribed
and paid-up capitalCapital reserve Accumulated losses T
CHIEF EXECUTIVE DIRECTOR
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
6/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Cash flow statement
For the year ended June 30, 20132013 2012
Rupees Rupees
Cash flows from operating activities
Loss before tax (2,176,225) (4,627,240)
Adjustments for non-cash items:
Depreciation 13 195,080 240,641
Provision for bad debts 25 1,786,528 -
Interest on workers' profit participation fund 27 76,873 73,174
Finance cost 27 2,471,837 2,396,781
Gain on sale of property, plant and equipment 29 (23,414) -
Cash from operations before working capital changes 2,330,679 (1,916,644)
Net working capital changes:
(Increase) / decrease in current assets
Stores, spare parts and loose tools 15 (40,196) 173,036
Stock in trade 16 (654,466) (2,893,017)
Loans and advances 17 461,739 1,319,354
Trade deposits and short term prepayments 18 (2,904) 23,985
Other receivables 19 263,646 (44,018)
Tax refunds due from Government 20 (554,747) 916,221
Trade debts 21 520,089 (2,859,654)
Increase / (decrease) in current liabilities
Trade and other payables (833,246) 1,521,710
Cash generated from operations 1,490,594 (3,759,027)
Finance cost paid (2,488,143) (2,437,366)Workers' profit participation fund paid - -
Income taxes paid (778,624) (321,117)
Net cash from operating activities (1,776,173) (6,517,510)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment 50,000 -
Long term deposit 5,000 -
Net cash from (used in) investing activities 55,000 -
Cash flows from financing activities
Loan from directors -unsecured 965,000 2,094,037
Short term borrowings 746,833 4,424,301Net cash from financing activities 1,711,833 6,518,338
Net increase (decrease) in cash and cash equivalents (9,340) 828
Cash and cash equivalents at beginning of year 33,094 32,266
Cash and cash equivalents at end of year 16 23,754 33,094
The annexed notes 1 to 31 form an integral part of these financial statements.
Note
CHIEF EXECUTIVE DIRECTOR
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
7/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 2013
STATUS AND NATURE OF BUSINESS
1.1
1.2
2 STATEMENT OF COMPLIANCE
3 ACCOUNTING CONVENTION
4 FUNCTIONAL AND PRESENTATION CURRENCY AND FOREIGN CURRENCY TRANSLATION
These financial statements have been prepared under the historical cost convention.
These financial statements are presented in Pakistan Rupee, which is Companys functional and presentation
currency.
During the year the Company has incurred a net loss of Rs. 2,985,129 (2012: Rs. 5,405,864) resulting inaccumulated losses of Rs. 13,793,170 (2012: Rs. 10,808,041) as at the year end, and, as of that date, theCompany's current liabilities exceeded its current assets by Rs. 5,744,138 (2012: Rs. 2,985,675).Continuation of the Company as a going concern is dependent on its ability to attain satisfactory levels ofprofitability in the future and continuous support of financial institutions by bringing its liabilities toserviceable levels and availability of adequate working capital from the principal lenders and sponsors of
the Company.These financial statements have been prepared on a going concern basis on the grounds that theCompany will be able to achieve satisfactory levels of profitability in the future based on the plans drawnup by the management for this purpose, bringing its liabilities to serviceable levels and availability ofadequate working capital from its lenders and sponsors.
The financial statements consequently do not include any adjustment relating to the realization of theassets and liquidation of its liabilities that might be necessary would the Company be unable to continueas a going concern.
Pakistan Card Clothing Company (Private) Limited (the Company) was incorporated as a private limitedcompany in Pakistan in 1963 under Companies Act, 1913 (now Companies Ordinance, 1984). Theprincipal activity of the Company is manufacturing and sale of card clothing for textile spinning units.The registered office of the Company is situated at 6-M-2, Block H, Gulberg-II, Lahore.
These financial statements have been prepared in accordance with approved accounting standards, as applicablein Pakistan. Approved accounting standards comprise of Accounting and Financial Reporting Standard forSmall-Sized Entities (SSEs) issued by the Institute of Chartered Accountants of Pakistan and provisions of anddirectives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions or directivesof the Companies Ordinance, 1984 shall prevail.
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
8/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20135 USE OF ESTIMATES AND JUDGMENTS
6 SIGNIFICANT ACCOUNTING POLICIES
6.1 Property, plant and equipment
6.2 Trade debts and other receivables
6.3 Trade and other payables
Depreciation is charged to income applying the reducing balance method over the estimated useful life atthe rates specified in property, plant and equipment note 13.
-assumptions and estimates used in the recognition of income taxes; and
-assumptions and estimates used in disclosure and assessment of provision for contingencies.
Property, plant and equipment except free - hold land are stated at cost less accumulated depreciationand impairment in value, if any. Free - hold land is stated at cost.
-assumptions and estimates used in calculating the provision for impairment for trade debts and other
The preparation of financial statements in conformity with approved accounting standards requires the use ofcertain critical accounting estimates. It also requires the management to exercise its judgment in the process of
applying the Company's accounting policies. Estimates and judgments are continually evaluated and are basedon historical experience, including expectation of future events that are believed to be reasonable under thecircumstances. The areas where various assumptions and estimates are significant to the Company's financialstatements or where judgments were exercised in application of accounting policies are as follows:
-assumptions and estimates used in determining the recoverable amount, residual values and useful lives ofproperty and equipment;
-assumptions and estimates used in writing down items of stores, spare parts and loose tools to their netrealizable value;
Depreciation on additions to property, plant and equipment is charged from the month in which an asset
is available for use while no depreciation is charged in the month in which the asset is disposed off.
Maintenance and normal repairs are charged to income as and when incurred. Major renewals andimprovements are capitalized and the assets so replaced, if any, are retired.
Gain and loss on disposal of property, plant and equipment is taken to profit and loss account.
The assets' residual values and useful lives are reviewed at each financial year end, and adjusted if impacton depreciation is significant.
Liabilities for trade and other payables are carried at their cost which is the fair value of the considerationto be paid in the future for goods and services received whether billed to the Company or not.
These are originated by the Company and are stated at cost less provision for any uncollectible amount.An estimate is made for doubtful receivables when collection of the amount is no longer probable.Debts considered irrecoverable are written off.
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
9/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20136.4 Borrowing costs
6.5 Stores, spare parts and loose tools
6.6 Stock in trade
These are valued at lower of cost and net realizable value applying the following basis:
Raw materials Weighted average
Work in process Average manufacturing cost
Finished goods Average manufacturing cost
Packaging material Weighted average
6.7 Revenue recognition
6.8 Provisions
6.9 Taxation
Average manufacturing cost in relation to work in process and finished goods consists of direct materialand labour and a proportion of manufacturing overheads based on normal capacity.
Raw material in transit is stated at invoice price plus other charges paid thereon up to the balance sheetdate.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying asset,which are assets that necessarily take a substantial period of time to get ready for their intended use orsale, are added to the cost of those assets, until such time as the assets are substantially ready for theirintended use or sale. Investment income earned on the temporary investment of specific borrowingspending their expenditure on qualifying asset is deducted from the borrowing costs eligible forcapitalization. All other borrowing cost are recognized in profit and loss account in the period in whichthey are incurred.
Loans and borrowings are initially recorded at proceeds received which is considered to be equal to itsfair value. Financial charges are accounted for on accrual basis and are disclosed as a separate line item on
the face of the balance sheet to the extent of the amount remaining unpaid.
These are stated at cost using moving average method except goods in transit which are stated at cost
comprising invoice value plus other charges paid thereon.
Net realizable value signifies the estimated selling price in the ordinary course of business less estimatedcosts of completion and estimated costs necessary to make the sale.
Revenue from sales is recognized on dispatch of goods to the customers.
Provision for taxation is based on taxable income at the current rates of taxation after consideringrebates and tax credits available, if any. The charge for the tax also includes adjustments where necessary,relating to prior years which arise from assessment framed / finalized during the year.
A provision is recognized in the financial statements when the Company has legal or constructiveobligation as a result of a past event and it is probable that an outflow of resources embodying economicbenefits will be required to settle the obligation and a reliable estimate can be made to the amount ofobligation.
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
10/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20136.10 Impairment
6.11 Off setting
6.12 Cash and cash equivalents
6.12 Contingent liability
Contingent liability is disclosed when:
The Company assesses at each balance sheet date whether there is any indication that assets may beimpaired. If such indication exists, the carrying amounts of such assets are reviewed to assess whetherthey are recorded in excess of their recoverable amount. Where carrying values exceed recoverableamount, assets are written down to their recoverable amount and the difference is charged to the profitor loss. The recoverable amount is the higher of an assets fair value less costs to sell and value in use.
Where an impairment loss is recognized, the depreciation charge is adjusted in the future periods toallocate the assets revised carrying amount over its estimated useful life.
A financial asset and a financial liability is offset and the net amount is reported in the financialstatements if the Company has legally enforceable right to set-off the transaction and also intends eitherto settle on a net basis or to realize the asset and settle the liability simultaneously.
For the purpose of cash flow statement, cash and cash equivalents comprise cash in hand and bankbalances and other short term highly liquid investments that are readily convertible to known amounts ofcash and which are subject to an insignificant risk of change in value.
-There is possible obligation that arises from past events whose existence will be confirmed only by theoccurrence or non occurrence of one or more uncertain future events not wholly within the control ofthe Company; or
-There is present obligation that arises from past events but it is not probable that an outflow of
resources embodying economic benefits will be required to settle the obligation or the amount of theobligation cannot be measured with sufficient reliability.
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
11/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20132013 2012
Rupees Rupees
7 SHARE CAPITAL
7.1 Authorized share capital
10,000 (2012: 10,000) ordinary shares of Rs. 1,000 each 10,000,000 10,000,000
Total 10,000,000 10,000,000
7.2 Issued, subscribed and paid up capital
7,905 Ordinary shares of Rs. 1,000 each fully paid up in cash 7,905,000 7,905,000
400 Ordinary shares of Rs. 1,000 each fully paid up for consideration other than c 400,000 400,000
Total 8,305,000 8,305,000
8 LOAN FROM DIRECTORS - UNSECURED
Short term borrowing from directors 8.1 3,828,503 2,863,503
Total 3,828,503 2,863,503
8.1
9 SHORT TERM BORROWINGS
From banking companies - Secured
Running finance
The Bank of Punjab 9.1 14,945,059 14,807,012
Finance against trust receipts (FATR)
The Bank of Punjab 9.2 4,616,600 4,007,814
Total 19,561,659 18,814,826
9.1
9.2
9.3
This facility has been availed from The Bank of Punjab with a sanctioned limit of Rs. 5 million. Mark upis charged on quarterly basis at the rate average 03 Months KIBOR + 275 BPS with a floor rate of 15%.
In addition to the above facility, the Company has obtained letter of credit sight/usance (120 days) to theextent of Rs. 7.5 million (2012:Rs.7.5 million).
Note
Aggregate exposure against import L/C sight/ usance, PAD, acceptance and FATR shall not exceed Rs.7.5 million during the currency of limit.
This un-secured and interest free loan was obtained from directors of the Company for meeting theworking capital requirements.
The running finance facility has been availed with a sanctioned limit of Rs. 15 million. Mark up is chargedon quarterly basis at the rate average 03 Months KIBOR + 275 BPS with a floor rate of 15%.
These facilities will expire on March 31, 2014.
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
12/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20139.4
i -Lien on shipping documents made under L/C.
ii -Undertaking to retire the documents from their own sources upon first presentation.
iii -Acceptance bills of exchange.iv -Execution of trust receipts.
vi -Joint collateral for:
2013 2012
Rupees Rupees
10 TRADE AND OTHER PAYABLES
Creditors 1,357 226,910
Accrued liabilities 2,470,815 3,312,672
Workers' profit participation fund 7.1 740,901 664,028
Advance from customers 1,647,186 957,641
Others 127,295 582,676
Total 4,987,554 5,743,927
10.1
11 ACCRUED MARK-UP
Short term borrowings 531,476 547,782
Total 531,476 547,782
12 CONTINGENCIES AND COMMITMENTS
Contingencies
Commitments
Commitments in respect of letter of credits for import of raw material is Nil as at June 30, 2013 (2012: Rs. 0.66million).
No contingency exists as at June 30, 2013 (2012: NIL ).
-Existing 1st exclusive charge on all present and future current and fixed assets of the Company forRs. 26 million duly registered with SECP.
-Personal guarantee of all the directors of the Company.
-Execution of debt subordination agreement.
v -The bank shall have a banker's lien on all the deposits, accounts and properties held with the bank.
All the facilities are secured against;
This includes interest on Workers' profit participation fund liability amounting to Rs. 76,873 (2012:73,174). However no further liability is created due to losses Rs. Nil (2012: Rs. Nil).
Note
-Existing 1st exclusive charge on all present and future fixed assets of the Company for Rs. 20million registered with SECP.
-Existing token registered mortgage over land, building and machinery of the Company for Rs. 2million and fresh equitable mortgage of industrial property measuring 29 Kanals - 18 Marlas situatedat Mauza Mahmoodabad, 1.5 Km off 22 Km G.T. Road, Tehsil Ferozewala, District Shiekhupura.
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
13/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 201313 PROPERTY, PLANT AND EQUIPMENT
13.1 Depreciation for the year has been allocated as follows:
Cost of sales 24 108,166 132,561
Administrative and general expenses 25 42,765 57,276
Distribution Cost 26 44,149 50,804
Total 195,080 240,641
Land - free hold 12,526 - 12,526 - - - - - 12,526
Building on free hold land 657,112 - 657,112 10 609,941 4,717 - 614,658 42,454
Plant and machinery 5,271,902 - 5,271,902 10 4,860,958 41,094 - 4,902,052 369,850
Furniture and fittings 184,997 - 184,997 10 153,048 3,195 - 156,243 28,754
Tools and accessories 43,358 - 43,358 10 40,173 319 - 40,492 2,866
Electric installation 75,099 - 75,099 10 69,290 581 - 69,871 5,228
Vehicles 3,476,503 (414,503) 3,062,000 20 2,768,553 137,792 (387,917) 2,518,428 543,572
Office equipment 126,802 - 126,802 10 87,446 3,936 - 91,382 35,420Computers and accessories 118,125 - 118,125 10 83,665 3,446 - 87,111 31,014
2013 9,966,424 (414,503) 9,551,921 8,673,074 195,080 (387,917) 8,480,237 1,071,684
Land - free hold 12,526 - 12,526 - - - - - 12,526
Building on free hold land 657,112 - 657,112 10 604,700 5,241 - 609,941 47,171Plant and machinery 5,271,902 5,271,902 10 4,815,297 45,661 - 4,860,958 410,944
Furniture and fittings 184,997 - 184,997 10 149,498 3,550 - 153,048 31,949
Tools and accessories 43,358 43,358 10 39,819 354 - 40,173 3,185
Electric installation 75,099 - 75,099 10 68,645 645 - 69,290 5,809
Vehicles 3,476,503 3,476,503 20 2,591,565 176,988 - 2,768,553 707,950
Office equipment 126,802 - 126,802 10 83,073 4,373 - 87,446 39,356
Computers and accessories 118,125 - 118,125 10 79,836 3,829 - 83,665 34,460
2012 9,966,424 - 9,966,424 8,432,433 240,641 - 8,673,074 1,293,350
Rupees Rupees
Additions/
(Deletions)/
Adjustments
As at June 30,
2012Rate %
As at July 1,
2011For the year
Additions/
(Deletions)/
Adjustments
PARTICULARS
COST DEPRECIATION
Written down
value as at
June 30, 2012As at July 1,
2011
As at June 30,
2012
Written down
value as atJune 30, 2013PARTICULARS
COST DEPRECIATION
Additions/
(Deletions)/
Adjustments
Additions/
(Deletions)/
Adjustments
Rupees Rupees
As at July 1,2012
As at June 30,2013
Rate % As at June 30,2013
As at July 1,2012
For the year
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
14/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20132013 2012
Rupees Rupees
14 LONG TERM DEPOSITS
Security deposit - petrol pump 20,000 20,000
Security deposit - hydrogen gas cylinder 24,000 24,000
Office security 154,000 154,000
Security deposit - telephone 25,780 25,780
Security deposit - Multan office - 5,000
Total 223,780 228,780
15 STORES, SPARE PARTS AND LOOSE TOOLS
General stores 28,005 28,005
Grinding wheels 91,200 110,945
Packing material 90,226 30,285
Total 209,431 169,235
16 STOCK IN TRADE
Raw material 2,580,974 2,516,396
Work in process 2,824,625 2,802,431
Finished goods - manufactured 969,300 1,343,060
Finished goods - trading 4,574,992 3,633,538
Total 10,949,891 10,295,425
17 LOANS AND ADVANCES
Advances to staff 47,164 31,664
Advances against letter of credits - 477,239
Total 17.1 47,164 508,903
17.1
18 TRADE DEPOSITS AND SHORT TERM PREPAYMENTS
Prepayments 71,528 68,624
Total 18.1 71,528 68,624
18.1
19 OTHER RECEIVABLES
Other receivables - 263,646
Total 19.1 - 263,646
19.1
Last year this amount was grouped with advances, deposits, prepayments and other receivables. For
better presentation as per requirements of 5th
schedule of Companies Ordinance 1984, this has beenshown separately.
Last year this amount was grouped with advances, deposits, prepayments and other receivables. For
better presentation as per requirements of 5th
schedule of Companies Ordinance 1984, this has beenshown separately.
Last year this amount was grouped with advances, deposits, prepayments and other receivables. For
better presentation as per requirements of 5th
schedule of Companies Ordinance 1984, this has beenshown separately.
Note
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
15/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20132013 2012
Rupees Rupees
20 TAX REFUNDS DUE FROM GOVERNMENT
Tax deducted at source 2,176,676 1,685,888
Sales tax refundable 1,710,329 1,646,370
Total 20.1 3,887,005 3,332,258
20.1
21 TRADE DEBTS
Debts 11,418,287 11,938,376
Debts - considered doubtful 21.1 (2,633,102) (846,574)
Debts - considered good 8,785,185 11,091,802
21.1
22 CASH AND BANK BALANCES
Cash at bank - current accounts 23,286 29,800
Cash in hand 468 3,294
Total 23,754 33,094
23 SALES
Manufactured goods 18,573,955 14,788,280
Trading goods 14,820,162 12,693,710
Total 33,394,117 27,481,990
- Sales are exclusive of sales tax amounting to Rs. 5,358,765 ( 2012: Rs. 4,397,118 ).
24 COST OF SALES
Raw material consumed 24.1 9,954,431 8,355,377
Stores, spares parts and loose tools consumed 24.2 264,632 448,257
Salaries, wages and other benefits 3,187,192 3,994,915
Electricity 583,847 605,998
Repairs and maintenance 183,981 120,686Oxygen and gas 47,494 34,182
Oil and lubricants 68,354 178,423
Insurance 79,161 106,907
Freight and zila council tax 15,080 20,880
Factory security services 117,690 113,018
Vehicles running & maintenance 316,298 416,888
Depreciation - owned assets 13.1 108,166 132,561
Cost of goods manufactured 14,926,326 14,528,092
Provision for doubtful debts for the year Rs. 1,786,528 (2012 : Nil). Provision written off during the yearRs. Nil (2012: Nil)
Note
Last year this amount was grouped with Advances, deposits, prepayments and other receivables. For
better presentation as per requirements of 5th
schedule of Companies Ordinance 1984, this has beenshown separately.
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
16/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20132013 2012
Rupees Rupees
Add: Opening stock
Work in process 2,802,431 2,219,830
Finished goods 1,343,060 1,147,995
Total 4,145,491 3,367,825
Less: Closing stock
Work in process 2,824,625 2,802,431
Finished goods 969,300 1,343,060
Total 3,793,925 4,145,491
Cost of sales - manufactured goods 15,277,892 13,750,426
Cost of sales - trading 24.3 10,959,592 10,451,101
Total- Cost of sales 26,237,484 24,201,527
24.1 Raw material consumed
Opening balance 2,516,396 1,808,386
Purchases 10,019,009 9,063,387
12,535,405 10,871,773
Less: Closing balance (2,580,974) (2,516,396)
Raw material consumed 9,954,431 8,355,377
24.2 Stores, spare parts and loose tools
Opening balance 169,235 342,271
Add: Purchases 304,828 275,221
474,063 617,492
Less: Closing balance (209,431) (169,235)
Stores, spare parts and loose tools consumed 264,632 448,257
24.3 Cost of sales - trading
Opening balance 3,633,538 2,226,197
Imports 11,901,046 11,858,442
15,534,584 14,084,639
Less: Closing balance (4,574,992) (3,633,538)
Cost of sale- trading 10,959,592 10,451,101
Note
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
17/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20132013 2012
Rupees Rupees
25 ADMINISTRATIVE AND GENERAL EXPENSES
Chief executive's remuneration - 1,225,000
Staff salaries and benefits 1,267,276 1,191,178
Staff medical expense 70,139 13,227
Office repairs and maintenance 18,217 5,760
Vehicle running and maintenance 393,954 268,455
Travelling and conveyance 39,033 35,506
Electricity, water and gas expenses 251,085 216,989
Postage, telephone and telex 272,446 305,571
Printing and stationery 33,074 45,922
Entertainment and staff welfare 57,180 55,407
Rates, fee and taxes 61,599 65,367
Auditors' remuneration 75,000 75,000Legal and professional charges 25,000 -
News paper, books and periodicals 14,666 7,490
Office rent 396,000 397,897
Charity and donation - 25,000
Provision for bad debts 1,786,528 -
Depreciation - owned assets 13.1 42,765 57,276
Penalties 19.1 98,013 28,715
Total 4,901,975 4,019,760
19.1
26 DISTRIBUTION COST
Director's remuneration - 16,250
Salaries and other benefits 835,900 902,169
Staff medical expense 18,509 7,228
Travelling and conveyance 216,000 33,020
Carriage and freight 151,780 42,262
Sales promotion expenses 401,123 137,357
Vehicle repairs and maintenance 340,135 310,798
Depreciation 13.1 44,149 50,804
Total 2,007,596 1,499,888
27 FINANCE COST
Mark up on short term borrowings 2,310,097 2,251,846
Interest on workers' profit participation fund 76,873 73,174
Bank charges 161,741 144,935
Total 2,548,710 2,469,955
Note
This represents penalty charged by taxation authorities on late payment of sales tax (Rs. 98,013/-) [2012:excise duty (Rs. 10,653/-) and sales tax (Rs. 18,062/-)].
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
18/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Notes To The Financial Statements
For The Year Ended June 30, 20132013 2012
Rupees Rupees
28 OTHER OPERATING INCOMERental income 102,009 81,900
Total 102,009 81,900
29 GAIN ON SALE OF PROPERTY, PLANT AND EQUIPMENT
Gain on sale of property, plant and equipment 23,414 -
Total 23,414 -
30 DATE OF AUTHORIZATION
31 GENERAL
Figures have been rounded off to the nearest Pakistan Rupee.
CHIEF EXECUTIVE
These financial statements were authorized for issue on ___________________ , 2013 by the board ofdirectors of the Company.
DIRECTOR
Note
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
19/56
PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED
Trial Balance
As at June 30, 2013
Debit Credit Debit Credit
10-01-0000 FIXED ASSETS
10-01-0001 LAND 12,526 - - -
10-01-0002 BUILDING 657,112 - - -
10-01-0003 PLANT & MACHINERY 5,271,902 - - -
10-01-0004 FURNITURE & FIXTURE 184,997 - - -
10-01-0005 ACCESSORIES & TOOLS 43,358 - - -
10-01-0006 ELECTRIC INSTALLATION 64,607 - - -
10-01-0007 TUBEWELL/ HAND PUMP 10,492 - - -
10-01-0008 VEHICLES 3,476,503 - - 414,503
10-01-0009 COMPUTER 118,125 - - -
10-01-0010 OFFICE EQUIPMENTS 126,802 - - -
- - - -
9,966,424 - - 414,503
10-02-0000 ACCUMULATED DEPRECIATION
10-02-0001 DEPRECIATION BUILIDNG - 609,941 - -
10-02-0002 DEPRECIATION PLANT & MACHINERY - 4,860,958 - -
10-02-0003 DEPRECIATION FURNITURE & FIXTURE - 153,048 - -
10-02-0004 DEPRECIATION ACCESSORIES & TOOLS - 40,173 - -
10-02-0005 DEPRECIATION ELECTRIC INSTALLATION - 59,727 - -
10-02-0006 DEPRECIATION TUBEWELL - 9,563 - -
10-02-0007 DEPRECIATION VEHICLE - 2,768,553 386,018 -
10-02-0008 DEPRECIATION OFFICE EQUIPMENT - 87,446 - -
10-02-0009 DEPRECIATION COMPUTERS. - 83,665 - -
-
- 8,673,074 386,018 -
10-05-0000 STOCK, STORE & SPARES
10-05-0001 FINISHED GOODS (STOCKS) 1,343,060 - - -
10-05-0002 FINISHED GOODS (TRADING) 3,633,538 - - -
10-05-0003 RAW MATERIAL (STOCKS) 2,516,396 - - -
10-05-0004 WORK IN PROCESS (STOCKS) 2,802,431 - - -
10-05-0005 GRINDING WHEELS 110,945 - - -
10-05-0007 STORE & SPARES - General store 28,005 - - -
10-05-0008 PACKING MATERIAL 30,285 - - -
10,464,660 - - -
10-06-0000 TRADE DEBTORS
10-06-0001 (COLONY) SARHAD TEXTILE MILLS LTD. - 3,381 - -
10-06-0004 A.J. TEXTILE MILLS LTD. (GADOON AMAZAI) 92,099 - 68,672 137,910
10-06-0007 ABID KALEEM SPINNING MILLS (PVT.) LIMITED. 4,500 - - -
10-06-0008 ABU BAKAR TEXTILE MILLS LTD. 82,360 - 250,560 145,000
10-06-0015 AL-AZHAR TEXTILE MILLS LTD. - 6 - -
10-06-0018 AL-QADIR TEXTILE MILLS LIMITED. 8,524 - 32,480 32,480
10-06-0020 AL-ZAMIN TEXTILE MILLS LIMITED. 3,220 - 522,000 504,50210-06-0021 ALI AKBAR SPINNING MILLS LTD. 5,889 - - -
10-06-0025 AMER COTTON MILLS (PVT.) LTD. 5,714 - - -
10-06-0027 AMIN TEXTILE MILLS (PVT.) LTD. 56,750 - - 55,680
10-06-0031 ANMOL TEXTILE MILLS LIMITED 7,288 - - -
10-06-0035 ASHER IMRAN SPINNING MILLS LTD. 24,466 - 80,040 107,880
10-06-0038 ASIA SPINNING MILLS 3,260 - - -
10-06-0040 AYESHA TEXTILE MILLS LIMITED UNIT-1 15,769 - 133,633 149,121
10-06-0041 AYESHA TEXTILE MILLS LTD. UNIT-2 103,098 - - 48,250
10-06-0042 AZAD TEXTILE MILLS LTD. 4,550 - - -
A/c Code DescriptionOpening Balance During the year
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
20/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
10-06-0043 AZAM TEXTILE MILLS LTD. 106,886 - - -
10-06-0046 AZGARD NINE LIMITED. UNIT-1 - - 135,720 133,873
10-06-0048 BABRI COTTON MILLS LTD. 1,309 - - -
10-06-0049 BAJAJ ENTERPRISES. 51,390 - - -10-06-0050 BAJAJ SPINNING MILLS (PVT.) LTD. 20,000 - - -
10-06-0054 BHANERO TEXTILE MILLS LTD. (SHEIKHUPURA) - 3,637 - -
10-06-0055 BHATTI COTTON LINKS. - 150,000 - -
10-06-0059 BILAL TEXTILES (PVT.) LTD. (SPINNING) 28,868 - - -
10-06-0060 BLESSED TEXTILES LIMITED 62,950 - - 16,791
10-06-0062 CHAKWAL SPINNING MILLS LTD. 51,830 - - 42,915
10-06-0065 CHIRAGH TEXTILE MILLS (PVT.) LIMITED 173,768 - 255,200 421,192
10-06-0066 CITY TEXTILES (PVT.) LIMITED. 41,300 - - -
10-06-0069 COLONY THAL TEXTILE MILLS LTD. 74,584 - - -
10-06-0070 COMBINE SPINNING (PRIVATE) LTD. 10,663 - - -
10-06-0071 COMFORT KNITWEAR (SPINNING). - 7,765 - -
10-06-0072 COTTON YARN SPINNING MILLS (PVT.) LTD. 12,272 - - 150,000
10-06-0075 CRESCENT FIBRES LIMITED. (BHIKI) 80,025 - 80,620 80,620
10-06-0078 CRESCENT TEXTILE MILLS LIMITED. 1,159 - - -
10-06-0080 D.M. TEXTILE MILLS LTD. 180,721 - - -
10-06-0081 D.S. INDUSTRIES (PVT.) LIMITED. 280 - - -
10-06-0082 D.S. TEXTILE LIMITED. 840 - - -
10-06-0091 EASTERN SPINNING MILLL LIMITED. 4,301 - - -
10-06-0094 ELLAHI COTTON MILLS LTD. - - 116,000 117,664
10-06-0095 ELLCOT SPINNING MILLS LIMITED. 725 - 30,160 28,844
10-06-0096 EMPIRE TEXTILE MILLS (PVT.) LIMITED. 234,856 - - -
10-06-0097 FAHAD JAVAID SPINNING MILLS (PVT) LTD. - 60,000 295,800 166,830
10-06-0099 FAROOQ SPINNING (PVT) LTD 108,012 - 1,150,140 1,263,512
10-06-0101 FATIMA ENTERPRISES LIMITED UNIT (II). 45,080 - - -
10-06-0105 GADOON TEXTILE MILLS LIMITED 434,268 - 641,292 588,888
10-06-0107 GHAZI FABRICS INTERNATIONAL LIMITED. 21,837 - - -
10-06-0109 GLAMOUR TEXTILE MILLS LTD. 3,150 - - -
10-06-0110 GOLDEN TEXTILE MILLS LIMITED. - 137,586 7,489 48
10-06-0112 GULISTAN TEXTILE MILLS LIMITED UNIT-1. 3,810 - - -10-06-0113 GULISTAN TEXTILE MILLS LTD. (UNIT 4). 6,300 - 1,567,928 1,563,801
10-06-0117 HAJVERI TEXTILE MILLS LIMITED. 63,350 - - -
10-06-0120 HASHIM TEXTILE & KNITWEAR (PVT.) LIMITED. 1,610 - - -
10-06-0121 HASHIR TEXTILE MILLS LIMITED. UNIT-1 2,146 - - -
10-06-0122 HATTAR TEXTILE MILLS LIMITED. 180,760 - - -
10-06-0123 HIRA MILLS LTD. - - 36,192 34,925
10-06-0124 HUSNAIN SPINNING MILLS (PVT.) LTD. 69,066 - - -
10-06-0126 IDREES TEXTILE MILLS LTD. 1 - - -
10-06-0127 IHSAN COTTON PRODUCTS (PVT.) LTD. 746 - - -
10-06-0128 IHSAN SONS (PVT.) LIMITED. 1,223 - - -
10-06-0129 IMPERIAL TEXTILE MILLS LTD. 208,548 - 608,958 782,768
10-06-0136 J.K. FIBRE MILLS LIMITED. 4,931 - - 13,153
10-06-0138 J.K. SPINNING MILLS LIMITED 3,222 - 20,880 12,821
10-06-0139 JAMHOOR TEXTILE MILLS LIMITED. 7,468 - - -
10-06-0145 KASHIR TEXTILE MILLS LIMITED. 37,763 - - -10-06-0147 KHALID NAZIR SPINNING LTD. 34,776 - - -
10-06-0148 KHALID SHAFIQUE SPINNING MILLS LIMITED. - 6,093 383,330 896
10-06-0149 KHAWAJA SPINNING MILLS LTD. 10,940 - 861,880 838,981
10-06-0150 KHOKHAR TEXTILE MILLS LIMITED. 780 - - -
10-06-0152 KOHAT TEXTILE MILLS LTD. - 656 37,120 35,821
10-06-0153 KOHINOOR INDUSTRIES LTD. - 8,752 - -
10-06-0154 KOHINOOR SPINNING MILLS LTD. 14,534 - - -
10-06-0156 LAHORE TEXTILE & GEN. MILLS LTD. UNIT(1) 2,597 - - -
10-06-0158 LASANI SPINNING MILLS (PVT.) LIMITED. 5,322 - - -
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
21/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
10-06-0159 LIAQUAT SPINNING MILLS. - 100 - -
10-06-0161 M.K.B. SPINNING MILLS (PVT.) LTD. 15,292 - - -
10-06-0164 MADNI ENTERPRISES. 107,858 - - -
10-06-0165 MADNI SPINNING MILLS 21,360 - - -10-06-0167 MAKKI ENTERPRISES 30,280 - - -
10-06-0171 MAQBOOL USMAN FIBRES (PVT.) LTD. 1,651 - - -
10-06-0172 MARGALLA TEXTILE MILLS LTD. 64,083 - 339,880 245,879
10-06-0176 MEHR DASTGIR TEXTILE MILLS LTD. 1,804 - - -
10-06-0178 MEZAN TEXTILE MILLS (PVT.) LTD. - - 97,440 94,030
10-06-0179 MGM CORPORATION (PVT.) LTD. - 31,690 - -
10-06-0180 MIAN TEXTILE INDUSTRIES. 7,750 - - -
10-06-0182 MIMA COTTON MILLS LIMITED. 2,590 - - -
10-06-0183 MINHAJ SPINNING (PVT.) LIMITED. 6,923 - - -
10-06-0184 MONNOO INDUSTRIES LTD. 270,372 - 118,320 292,069
10-06-0188 NAFEESA TEXTILES LIMITED. 10,501 - - -
10-06-0189 NAGRA SPINNING MILLS (PVT.) LTD. 980 - - -
10-06-0191 NARAG ENTERPRISES. 3,213 - - -
10-06-0194 NAYAB SPINNING & WEAVING MILLS LTD. 12,164 - - -
10-06-0195 NAZIR COTTON MILLS LTD. 3,907 - - -
10-06-0202 NOOR INDUSTRIES. - 3,803 428,736 428,736
10-06-0204 NOOR TEXTILE MILLS 1,820 - 388,368 391,184
10-06-0205 NOORANI SPINNING INDUSTRIES 1,983 - 459,360 459,360
10-06-0206 NORTH STAR TEXTILES LIMITED 27,980 - 63,800 76,408
10-06-0207 OLYMPIA BLENDED FIBRE MILLS LIMITED. - 60,111 60,111 -
10-06-0208 OLYMPIA TEXTILE MILLS LIMITED. 5,751 - - -
10-06-0209 PAK KUWAIT TEXTILES LIMITED - 2,442 - -
10-06-0210 PARADISE FIBRES (PVT.) LTD. - 12 - -
10-06-0211 PARADISE SPINNING MILLS (PVT) LTD. 91,729 - 180,960 174,681
10-06-0214 PRIDE SPINNING MILLS (PVT.) LIMITED. 4,478 - 547,520 528,357
10-06-0216 QUETTA TEXTILE MILLS LIMITED. # 4 - - 37,120 35,821
10-06-0218 RAFIQ SPINNING MILLS (PVT.) LTD. 4,060 - - -
10-06-0220 RAI TEXTILE MILLS LIMITED. 5,810 - - -
10-06-0222 RAVI SPINNING LIMITED. 5,391 - 65,714 63,41710-06-0225 REDCO TEXTILE LTD. 24,515 - 238,960 237,800
10-06-0230 RIAZ TEXTILE MILLS (PVT.) LIMITED. 11,000 - - -
10-06-0231 RIZWAN TEXTILE MILLS LIMITED. 1,650 - - -
10-06-0232 ROYAL TEXTILE MILLS LIMITED 50,832 - 217,848 371,080
10-06-0233 RUBY TEXTILE MILLS LTD. 19,390 - - -
10-06-0235 S.N. TEXTILE MILLS (PVT.) LTD. - 550 - -
10-06-0238 SADIQUE FIBRES 10 - - -
10-06-0240 SAIF TEXTILE MILLS LIMITED. 14,607 - 110,386 106,522
10-06-0241 SAITEX SPINNING MILLS LIMITED. 4,950 - - -
10-06-0242 SALLY TEXTILE MILLS LIMITED. 5,831 - - -
10-06-0243 SALMAN NOMAN ENTERPRISES LTD. 65,958 - 61,248 61,248
10-06-0244 SAPPHIRE FIBRES LTD. UNIT-1 14,546 - - -
10-06-0245 SAPPHIRE FIBRES LTD. UNIT-3 455 - - -
10-06-0246 SAPPHIRE TEXTILE MILLS LTD. UNIT-5 2,562 - - -
10-06-0247 SARGODHA SPINNING MILLS LTD. - - 102,312 78,62410-06-0249 SARHAD TEXTILE MILLS LTD. 102,400 - - -
10-06-0250 SARITOW SPINNING MILLS LTD. - 60,085 119,735 87,927
10-06-0251 SEHAR SPINNING MILLS (PVT.) LTD. 433,199 - - 150,000
10-06-0252 SERVICE INDUSTRIES TEXTILES LTD. 14,107 - 15,660 15,660
10-06-0254 SHADMAN COTTON MILLS LTD. (UNIT-3) 19,107 - 206,480 235,533
10-06-0255 SHADMAN COTTON MILLS LTD. UNIT-2 15,505 - 187,920 71,002
10-06-0256 SHAFI SPINNING MILLS LTD. 1,879 - -
10-06-0258 SHAHBAZ GARMENTS (PVT.) LTD. (SPINNING UNIT) 534,408 - 1,353,720 1,741,672
10-06-0260 SHAHNAWAZ TEXTILES LIMITED. 1,210 - - -
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
22/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
10-06-0261 SHAHPUR TEXTILE MILLS LIMITED 36,582 - - -
10-06-0262 SHAHZAD TEXTILE MILLS LTD. -1 2,660 - - -
10-06-0263 SHAMS TEXTILE MILLS LIMITED. (CHINIOT) 3,201 - 78,881 76,120
10-06-0265 SHEIKH SPINNING MILLS LIMITED. 2,275 - - -10-06-0266 SHOAIB SALMAN TEXTILE MILLS 25,640 - 296,950 191,425
10-06-0268 SILVER FIBRE SPINNING MILLS LTD. 3,852 - 31,320 31,752
10-06-0269 SITARA CHEMICAL IND. LTD. (TEXTILE DIVISION) 2,873 - - -
10-06-0270 SITARA SPINNING MILLS LTD. 4,819 - - -
10-06-0275 TAHA SPINNING MILLS LIMITED 100,076 - - -
10-06-0277 TANVEER SPINNING & WEAVING MILLS (PVT.) LTD. 8,121 - 64,960 58,363
10-06-0279 TARIQ SPINNING. 117,010 - - -
10-06-0280 TAXILA COTTON MILLS LIMITED. 23,235 - 593,920 601,142
10-06-0282 TRIBAL TEXTILE MILLS LIMITED 630 - - -
10-06-0283 TRITEX COTTON MILLS LTD. 51,775 - 546,360 513,816
10-06-0286 WISAL KAMAL FABRICS (PVT.) LTD. 867,431 - 414,816 953,779
10-06-0287 YAN TEXTILE INDUSTRIES (PVT.) LIMITED. 234,932 - - -
10-06-0291 ZIA-UL-QAMAR SPINNING MILLS (PVT.) LTD. 439,894 - - 350,000
10-06-0294 A.M.Z. SPINNING & WEAVING MILLS (PVT.) LTD. 17,920 - 31,320 31,320
10-06-0296 AHMAD HASSAN TEXTILE MILLS LIMITED. 7,889 - - -
10-06-0297 AL-AHMED TEXTILE MILLS (PVT.) LIMITED. 5,248 - 279,864 -
10-06-0299 AL-KARAM TEXTILE MILLS LTD. 204,721 - 1,232,616 1,231,151
10-06-0300 ALI ASGHAR TEXTILE MILLS LTD. 630 - - -
10-06-0302 AMNA INDUSTRIES (PVT.) LTD. 115,870 - 102,080 151,800
10-06-0303 ANWAR TEXTILE MILLS LIMITED 2,939 - - -
10-06-0305 ARTISTIC DENIM LTD. 1,400 - - -
10-06-0307 AZGARD NINE LIMITED UNIT-II 30,794 - - -
10-06-0309 BAJWA SPINNING MILLS (PVT.) LTD. 1,230 - - -
10-06-0310 BHANERO TEXTILE MILLS. (KOTRI). 10,635 - - -
10-06-0311 BLUE STAR SPINNING MILLS LIMITED. 906 - - -
10-06-0312 CRESCENT FIBRES LIMITED (NOORIABAD) 668,041 - 111,360 751,680
10-06-0313 CRESCENT FIBRES LIMITED - 29,818 - -
10-06-0315 DEWAN KHALID TEXTILE MILLS LTD. 204,464 - 648,324 784,284
10-06-0316 DEWAN MUSHTAQ TEXTILE MILLS 5,880 - - -10-06-0317 DEWAN TEXTILE MILLS LTD NO.2 19,486 - 470,960 454,476
10-06-0318 DEWAN TEXTILE MILLS LIMITED UNIT-1. - - 836,360 779,520
10-06-0321 FAMOUS TEXTILE MILL 410 - - -
10-06-0325 GLOBE TEXTILE MILLS (OE) LTD. - - 1,479,000 880,032
10-06-0327 GUL AHMED TEXTILE MILLS LIMITED. 317,177 - 262,624 346,639
10-06-0328 INDUS DYEING & MFG. CO. LTD. 105 - 69,600 67,164
10-06-0329 ISLAND TEXTILE MILLS LTD. 1,061 - - -
10-06-0331 JUBILEE SPINNING & WEAVING MILLS LTD. 30,552 - - -
10-06-0334 LUCKY COTTON MILLS (PVT.) LIMITED. 4,669 - 595,080 588,941
10-06-0336 MEKOTEX (PVT.) LTD. 6,238 - - -
10-06-0337 METROPOLITAN TRADERS. 13,404 - - -
10-06-0338 MUHAMMAD FAROOQ TEXTILE MILLS LTD. 7,244 - - -
10-06-0339 N.P. COTTON MILLS (PVT.) LTD. 190,650 - 584,640 707,907
10-06-0340 NAGARIA TEXTILE MILLS LIMITED (PVT) LTD. 613 - - -
10-06-0342 OLYMPIA SPINNING & WEAVING MILLS LTD. 9,569 - - -10-06-0343 PREMIUM TEXTILE MILLS LTD. 18,600 - 338,720 297,306
10-06-0344 QUETTA TEXTILE MILLS LIMITED. 115,617 - - 104,284
10-06-0346 SANA INDUSTRIES LTD. 3,433 - - -
10-06-0347 SAPPHIRE TEXTILE MILLS LTD. (3 ) 378 - 37,584 35,232
10-06-0350 STANDARD TEXTILE MILLS LTD. 1,200 - - -
10-06-0351 SUNRAYS TEXTILE MILLS LTD. 488,266 - 1,408,098 606,503
10-06-0352 SURAJ COTTON MILLS LIMITED (NOORIABAD) 6,000 - - -
10-06-0353 TAQEES (PRIVATE) LIMITED. 158,910 - 345,680 490,239
10-06-0356 ZAMAN TEXTILE MILLS LIMITED. 7,927 - - -
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
23/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
10-06-0357 IMRAN SPINNING MILLS LIMITED. 6,762 - - -
10-06-0358 ALI AKBAR TEXTILE MILLS - 7,950 - -
10-06-0359 STAR TEXTILE MILLS LTD. 9,800 - - -
10-06-0360 GANI SPINNING MILLS 73,000 - - -10-06-0362 OLYMPIA BLENDED FIBRE MILLS LIMITED -I 100,222 - 121,800 123,438
10-06-0363 MANSOOR TRADERS - 72,750 - -
10-06-0366 AWAIS QARNI SPINNING MILLS (PVT.) LTD. 52,605 - - -
10-06-0367 DOSTSONS COTTON (PVT.) LTD. 5,610 - - -
10-06-0368 USMAN LIMITED. 1,050 - - -
10-06-0369 BILAL SPINNING MILLS LTD 600 - - -
10-06-0370 GULISTAN TEXTILE MILLS LIMITED UNIT-2 2,520 - - -
10-06-0371 POINEER SPINNING MILLS LTD. 2,352 - - -
10-06-0372 GALAXY TEXTILE MILLS LTD. 433,048 - 3,717,430 3,303,504
10-06-0373 TANVEER COTTON MILLS (PVT.) LTD. 6,282 - 129,920 125,373
10-06-0374 MODEL SPINNING. 34,244 - - -
10-06-0375 QUETTA TEXTILE MILLS LIMITED. # 6 7,322 - - -
10-06-0376 IHSAN RAWIND MILLS (PVT.) LTD. 9,140 - - -
10-06-0377 COSMOS TRADING COMPANY 30,800 - - -
10-06-0378 S.FAZALILAHI & SONS (PVT.) LTD. - 1,260 - -
10-06-0379 AHMAD ENTERPRIESES 140 - - -
10-06-0380 SARDAR PUR TEXTILE MILLS LTD. 5,376 - 334,312 328,776
10-06-0382 CHAUDHRY SUGAR MILLS LIMITED (TEXTILE DIVISI 11,888 - 703,424 686,123
10-06-0383 AL-BARAKAH INDUSTRIES (PVT.) LTD. 1,820 - - -
10-06-0384 BILAL FIBRES LIMITED. 88,772 - 322,480 208,208
10-06-0385 MOIZ TEXTILE MILLS LTD. 1,960 - - -
10-06-0386 YOUSAF WEAVING MILLS LIMITED. 2,065 - - 5,472
10-06-0387 SOHAIL TEXTILE MILLS LTD. 22,652 - 74,240 35,821
10-06-0389 SUPERIOR TEXTILE MILLS LTD - 1,600 - -
10-06-0391 GHULAM MUJTABA - 7,200 - -
10-06-0393 A.R.Y SPINNING 42,500 - - -
10-06-0398 MULTAN SPINNING MILLS 38,436 - 174,000 207,200
10-06-0399 FAISAL FABRICS LIMITED (TEXTILE DIVISION) 5,012 - - -
10-06-0400 ZAT TEXTILE (PVT) LIMITED 1,050 - - -10-06-0402 HUSSAIN MILLS LIMITED 735 - - -
10-06-0403 DEWAN FAROOQUE SPINNING MILLS LTD. 3,814 - 198,360 193,402
10-06-0404 ZEENAT ENTERPRISES - 120 29,580 29,580
10-06-0405 K.D ENTERPRISES - 19,500 - -
10-06-0406 M.D TEXTILE SPINNING MILLS (PVT) LTD. 24,091 - 726,062 710,771
10-06-0409 PAK TRADERS - 1 - -
10-06-0411 MARHABA TEXTILE LIMITED 1,820 - 538,240 407,394
10-06-0412 FINE TEXTILE MILLS 15,000 - - -
10-06-0413 NISHAT CHUNIAN LTD. 3,230 - 40,600 1,120
10-06-0414 GULISTAN SPINNING MILLS LIMITED 5,229 - 78,880 76,119
10-06-0415 AHMED TEXTILE 1,250 - 1,354,648 1,190,462
10-06-0416 ACRO SPINNING & WEAVING MILLS LIMITED 671,290 - - 648,568
10-06-0417 SHEIKHUPURA TEXTILE MILLS LTD. 1,056 - - -
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
24/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
10-06-0418 YUNUS TEXTILE MILLS LIMITED - - 36,192 34,749
10-06-0419 N.P. SPINNING MILLS LIMITED 25,993 - - -
10-06-0420 KARM-E-KARIM SPINNING - 21,819 - -
10-06-0421 LATIF TEXTILE MILLS (PVT) LTD. 1,945 - 77,430 76,21210-06-0423 ANOUD TEXTILE MILLS LTD. - - 1,071,840 1,056,502
10-06-0427 ALI AKBER TEXTILES (PVT.) LIMITED 348,000 - - 362,728
10-06-0428 SIDDIQA TEXTILE MILLS 3,392 - - -
10-06-0429 FKN TEXTILES 1,578 - - -
10-06-0430 FANZ SPINNING MILLS 181,888 - - 181,888
10-06-0432 LAHORE SPINNING MILLS (PVT.) LIMITED - 116,000 - 116,000
10-06-0434 MR. NAVEED ANJUM - 139,892 - -
10-06-0435 MAKKAH SPINNING MILLS - 3,062 - -
10-06-0436 SPINCOT TEXTILE MILLS (PVT.) LIMITED 137,170 - - 137,170
10-06-0437 ZULEKHA TEXTILE MILLS LIMITED 32,480 - - 31,343
10-06-0438 OLYMPIA BLENDED FIBER MILLS LIMITED-II - - 222,720 214,925
10-06-0439 FAISAL MUSTAFA TEXTILE MILLS (PVT.) LIMITED - - 67,280 64,843
10-06-0440 SKY TEXTILE MILLS - - 64,032 50,000
10-06-0441 MUHAMMAD ANWER & BROTHERS - - 446,600 260,480
10-06-0442 SHAKARGANJ MILLS LIMITED (TEXTILE DIVISION) - - 2,035,800 2,036,800
10-06-0443 ALI HAJVERI TEXTILE - - 1,612,400 1,479,773
10-06-0444 TERRY WORLD TEXTILES - - 768,192 551,232
10-06-0445 SAPHIRE TEXTILE MILLS LTD (1) - - 37,584 37,306
10-06-0446 FEROZE 1888 MILLS LTD - - 242,208 242,208
10-06-0447 MUNAWARRA TEXTILE MILLS LTD - - - 443,120
10-06-0448 ELAHI COTTON MILLS LTD - - 60,320 58,656
10-06-0449 YOUSUF WEAVING MILLS LIMITED (SPINNING UNIT - - 198,360 -
11,938,376 957,641 39,063,743 40,224,317
10-07-0000 ADVANCES OTHERS
10-07-0001 ADVANCE INCOME TAX U/S 50 1,685,888 - 1,287,500 890,171
10-07-0002 AIJAZ BROHTERS - 226,910 226,910 -
10-07-0004 PERVAIZUMER ENTERPRISES 222,377 - 5,000 679,916
10-07-0005 PREPAYMENTS 68,624 - 71,528 68,62410-07-0007 SALES TAX REFUNDABLE 1,646,370 - - -
10-07-0011 ASK ADVERTISEMENT 18,800 - - 18,800
10-07-0012 AFZAL HYDER SHAH - HELPER 4,500 - - 4,500
3,646,559 226,910 1,590,938 1,662,011
10-08-0000 ADVANCES TO STAFF
10-08-0001 BASHIR AHMED (DRIVER) - 2,000 - -
10-08-0004 MUHAMMMAD HANIF - 6,950 504 -
10-08-0005 ABID HUSSAIN (FITTER) 5,000 - 1,000 6,000
10-08-0010 SHAHID PERVAIZ 1,000 - - -
10-08-0013 MUHAMMAD IMRAN KHAN - 500 - 1,000
10-08-0014 SALEEM MASIH (OFFICE BOY) 7,060 - 10,000 8,500
10-08-0016 MR.NASIR HAMEED, DIRECTOR OPERATIONS 59,962 - - 59,962
10-08-0018 SHAHID HANIF 3,500 - 10,000 2,000
10-08-0020 SAEED AHMAD 1,000 - - -
10-08-0022 M. TANVEER SALES ENG - 14,381 5,000 -10-08-0023 SHAHID PERVAIZ - 1,500 - -
10-08-0024 ILYAS HUSSAIN 500 - 10,000 4,000
10-08-0025 IJAZ HUSSAIN 500 - - -
10-08-0026 M. ABBAS - 2,000 - -
10-08-0027 SHAD KHAN 8,604 - - 4,500
10-08-0028 IMRAN KHAN - - 5,030 2,530
10-08-0029 RIAZ GOGA - - 20,000 8,000
87,126 27,331 61,534 96,492
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
25/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
10-09-0000 SECURTIES
10-09-0001 ELECTRICITY - - 9,985 -
10-09-0002 GAS CYLINDER 24,000 - - -
10-09-0003 OFFICE SECURITY (6 M-2 GULBERG-II, LHR) 154,000 - - -10-09-0005 TELEPHONES 25,780 - 2,640 -
10-09-0006 OTHERS - PETROL PUMP 20,000 - - -
10-09-0008 SECURITY - MULTAN OFFICE 5,000 - - 5,000
228,780 - 12,625 5,000
10-10-0000 LETTER OF CREDIT & MARGIN
10-10-0084 L/C 0052-00219/12 Cyl, dof, takerin 370,384 - 2,997,456 3,367,840
10-10-0085 L/C 0052-00266/12 Foundation cloth 106,855 - 726,383 833,238
10-10-0086 L/C 0052-00342/12 (CARD WIRES) - - 1,633,453 1,633,453
10-10-0087 L/C 0052-00401/12 (FOUNDATION CLOTH) - - 1,188,312 1,188,312
10-10-0088 L/C 0052-00409/12 (CYL, DOFF, TAKERIN) - - 2,585,500 2,585,500
10-10-0089 L/C 0052-00500/12 (CYL, DOFF, TAKERIN) - - 2,934,613 2,934,613
10-10-0090 L/C 0052-00504/12 (FOUNDATION CLOTH) - - 1,356,563 1,356,563
10-10-0091 L/C 0052-00512/12 (STEEL CARD WIRE) - - 2,005,965 2,005,965
10-10-0092 L/C 0052-00015/13 - - 2,947,458 2,947,458
10-10-0093 L/C 0052-00074/13 (STEEL STRIP,F.CLOTH,GRINDING - - 1,316,829 1,316,829
10-10-0094 L/C 0052-00083/13 (FOUNDATION CLOTH) - - 1,232,455 1,232,455
10-10-0095 L/C 0052-00107/13 (STEEL CARD WIRES) - - 1,456,951 1,456,95110-10-0097 L/C 0052-00144/13 (CYLINDER, DOFFER, TAKERIN) - - 3,333,367 3,333,367
477,239 - 25,715,307 26,192,546
10-11-0000 CASH BALANCES
10-11-0001 CASH IN HAND (HEAD OFFICE) 2,608 - 2,224,644 2,227,184
10-11-0002 CASH IN HAND (FACTORY OFFICE) 686 - 1,027,486 1,027,772
3,294 - 3,252,130 3,254,956
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
26/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
10-12-0000 BANK BALANCES
10-12-0001 BOP A/C # 0140-CD-000918-0003 2,581 - 38,220,037 38,219,578
10-12-0002 BAHL A/C # 081-049663-01-5 19,463 - 107,880 114,634
10-12-0003 HBL A/C # 23848-06 7,756 - - -29,800 - 38,327,917 38,334,212
11-01-0000 SHARE CAPITAL ACCOUNT
11-01-0001 GENERAL RESERVE - 1,039,496 - -
11-01-0002 PAID UP CAPITAL - 8,305,000 - -
11-01-0003 PROFIT & LOSS ACCOUNT 10,808,041 - - -
10,808,041 9,344,496 - -
11-02-0000 BANK BORROWINGS
11-02-0001 BOP A/C # 0140-CFM-000918-001-1 - 14,807,012 38,660,890 38,798,938
11-02-0002 FATR BOP - 4,007,814 15,655,514 16,269,000
- 18,814,826 54,316,404 55,067,938
11-03-0000 DIRECTOR'S LOAN
11-03-0001 MR.JAVAID SHAMSHAD LODHI - 1,111,823 650,000 380,000
11-03-0003 MR.NASIR HAMEED - 548,426 59,962 -
- 1,660,249 709,962 380,000
11-05-0000 PAYABLES
11-05-0001 ACCRUED EXPENSES - 1,220,826 725,468 632,496
11-05-0003 C.E.O REMUNERATION PAYABLE - 779,423 1,517,784 1,040,548
11-05-0005 SALARIES PAYABLE - FACTORY - 1,570,579 4,006,667 2,939,251
11-05-0006 SALARY PAYABLE - HEAD OFFICE - 289,626 1,489,807 1,913,203
11-05-0007 INCOME TAX PAYABLE( Salaries WHT) - 23,761 191,439 153,571
INCOME TAX PAYABLE (WHT on parties)
11-05-0009 PROVISION FOR TAXATION - 778,624 778,624 -
11-05-0010 SALES TAX PAYABLE - 302,932 279,293 -
11-05-0012 WORKER WELFARE FUND PAYABLE - 62,638 - -
11-05-0013 WORKERS PROFIT PARTICIPATION FUND - 496,516 - 94,338
11-05-0014 MARKUP PAYBLE WPPF - 167,512 94,338
11-05-0015 PROVISION FOR BAD DEBTS (30-06-09) - 846,574 - -
11-05-0016 BRILLIANT AGENCIES - 45,265 45,265 -
11-05-0017 GERON CARD CLOTHING PAYABLE 22,469 - - 22,46911-05-0020 SURCHARGE PAYABLE ON INCOME TAX - 3,906 3,906 -
22,469 6,588,182 9,132,591 6,795,876
11-06-0000 DUE TO OTHERS
11-06-0001 MR.JUNAID LODHI - 1,263,216 965,000 2,200,000
11-06-0003 ASSOCIATED TEXTILE CONSULTANTS (PVT.) LTD. - 14,735 - -
11-06-0004 NATIONAL FOODS LTD. - 102,009 102,009 -
11-06-0006 MR. AMIR FEROZE - 99 - -
11-06-0007 MR. DANIYAL MEHMOOD - - 270,000 270,000
11-04-0012 MR. ASIF - - 50,000 50,000
- 1,380,059 1,387,009 2,520,000
12-01-0000 SALES
12-01-0001 SALES ACCOUNT - - 5,604,221 38,998,338
- - 5,604,221 38,998,338
12-02-0000 RAW MATERIAL LOCAL
12-02-0001 GRINDING WHEELS (LOCAL) - - 100 -12-02-0002 PACKING MATERIAL - - 154,460 18,677
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
27/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
12-02-0003 PLASTISIZING MATERIAL - - 29,397 -
12-02-0004 STORE PURCHASES - - 71,273 -
- - 255,230 18,677
12-03-0000 RAW MATERIAL IMPORTED12-03-0002 RAW MATERIAL (Imported) - - 10,235,176 -
12-03-0003 FINISHED GOODS (IMPORTED) - - 12,140,859 -
12-03-0004 RAW MATERIAL (LOCAL) - - 194,587 226,910
- - 22,570,622 226,910
12-04-0000 MANUFACTURING EXPENSES
Raw material consumption - -
Stores and Spares Consumption - -
Trading Goods Consumption - -
F Goods Adjustment - -
WIP Adjustment - -
12-04-0001 DIES & PUNCHES - - 25,700 -
12-04-0002 E.O.B.I. - - 100,400 -
12-04-0003 ELECTRICITY FACTORY - - 705,171 84,272
12-04-0004 FACTORY SALARIES & WAGES - - 3,432,991 868,210
12-04-0005 FREIGHT, OCTROI & ZILA TAX (INWARD) - - 15,080 -
12-04-0006 GRINDING WHEELS - - 100,500 -
12-04-0007 GROUP INSURANCE - - 15,511 -
12-04-0008 MEDICAL EXPENSES (FACTORY) - - 1,591 -
12-04-0009 OIL & LUBRICANTS - - 73,306 4,952
12-04-0010 OVER TIME - - 60,741 -
12-04-0011 OXYGEN & FON GAS - - 47,494 -
12-04-0012 REPAIR & MAINTENANCE FACTORY - - 8,181 -
12-04-0013 REPAIR & MAINTENANCE MACHINERY - - 150,100 -
12-04-0014 SECURITY SERVICES CHARGES - - 116,561 -
12-04-0015 SOCIAL SECURITY - - 144,758 -
12-04-0016 VEHICLE RUNNING & MAINTENCE FACTORY - - 316,298 -
12-04-0019 INSURANCE EXPENSES - - 80,733 1,572
DEPRECIATION - OWNED ASSETS - - - -
DEPRECIATION - LEASED ASSETS - - - -- - 5,395,116 959,006
12-05-0000 ADMINISTRATION & GENERAL EXPENSES
12-05-0001 ADUIT FEE - - - -
12-05-0002 C.E. REMUNERATION - - 1,100,000 1,100,000
12-05-0003 CHARITY & DONATION - - - -
12-05-0004 ELECTRICITY CHAGES - - 239,220 -
12-05-0006 LEGAL & PROFESSIONAL CHARGES - - 25,000 -
12-05-0007 LOCAL CONVEYANCE - - 39,033 -
12-05-0008 NEWS PAPER, BOOKS & PERIODICALS - - 14,666 -
12-05-0009 OFFICE REPAIR & MAINTENCE - - 18,217 -
12-05-0010 POSTAGE & COURIER - - 93,417 9,958
12-05-0011 MEDICAL (JAVAID S.LODHI) - - 61,773 -
12-05-0014 MEDICAL (MR.HANIF) - - 3,366 -
12-05-0016 VEHICLE RUNNING & MAINTENCE (ADMIN) - - 393,954 -
12-05-0017 PRINTING & STATIONERY - - 33,074 -12-05-0018 STAFF WELFARE - - 57,180 -
12-05-0019 TELEPHONE & FAX - - 189,900 -
12-05-0020 SALARY & ALLOWANCES (HEAD OFFICE) - - 1,267,276 -
12-05-0021 MEDICAL EXPENSES - - 5,000 -
12-05-0022 WATER & GAS (HEAD OFFICE) - - 1,880 -
12-05-0023 RENT EXPENSE - - 392,700 -
12-05-0024 RATE FEE & TAXES - - 61,599 -
12-05-0025 MEDICAL EXPENSES (IFTIKHAR SHIGRI) - - 11,750 -
12-05-0026 MEDICAL EXPENSES (JUNAID LODHI) - - 6,759 -
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
28/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
PROVISION FOR BAD DEBTS (30-06-13) - - - -
DEPRECIATION - OWNED ASSETS - - - -
- - 4,015,764 1,109,958
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
29/56
Debit Credit Debit CreditA/c Code Description
Opening Balance During the year
12-06-0000 SELLING & DISTRIBUTION EXPENSES
12-06-0001 ADVERTISEMENT - - - -
12-06-0002 COMMISSION ON SALES - - - -
12-06-0003 FREIGHT & OCTROI (OUTWARD) - - 151,780 -12-06-0005 SALAREIS & ALLOWANCES (SELLING) - - 922,335 -
12-06-0006 SALES PROMOTION - - 401,123 -
12-06-0007 SALES TAX - - 5,420,080 5,366,369
12-06-0008 TRAVELLING & CONVEYANCE - - 216,000 -
12-06-0009 VEHICLE RUNNING & MAINTENCE (SELLING) - - 340,135 -
12-06-0010 PENALTY - - 98,013 -
DEPRECIATION - - - -
- - 7,549,466 5,366,369
12-07-0000 FINANCIAL EXPENSES
12-07-0001 BANK CHARGES - - 175,563.7800 -
12-07-0002 EXCISE DUTY - - - -
12-07-0006 MARKUP ON SHORT TERM BORROWING - - 2,290,696 62,225
WORKERS WELFARE FUND - - - -
WORKERS PROFIT PARTICIPATION FUND - INTERES - - - -
MARKUP ON WORKERS PROFIT PARTICIPATION FU - - - -
- - 2,466,260 62,225
12-08-0000 OTHER INCOME
SME BUSINESS SUPPORTS FUND - -
12-08-0002 RENTAL INCOME - - - 102,009
12-08-0001 PROFIT ON SALE OF FIXED ASSETS - - - 21,515
- - - 123,524
TOTAL 47,672,768 47,672,768 221,812,857 221,812,857
Difference - -
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
30/56
Client : Pakistan Card Clothing Company (Pvt.) Ltd
Period : June 30, 2013
Subject : Adjusting Entries
Sr.
No.Particulars
Account
Code
1 Depreciation - Owned Assets-Manufacturing
Depreciation - Owned Assets-AdministrativeDepreciation - Owned Assets-Selling
Depreciation Builidng 10-02-000
Depreciation Plant & Machinery 10-02-000
Depreciation Furniture & Fixture 10-02-000
Depreciation Accessories & Tools 10-02-000
Depreciation Electric Installation 10-02-000
Depreciation Tubewell 10-02-000
Depreciation Vehicle 10-02-000
Depreciation Office Equipment 10-02-000
Depreciation Computers. 10-02-000
(Being Depreciation charged for the year which has not being charged by mangement)
2 Acc Depreciation 10-02-0007
Gain On Sale Of Fixed Assets 12-08-000
(Gain on disposal of vehicle is less charged by an amount of Rs. 1899 so entry propsed .)
3 Sales tax Refundable 10-07-000
Sales tax - selling expenses - input 12-06-000
(Adjusting Entry for Input sales tax against Sales tax Refundable)
4 Sales Tax expense 12-06-000
Factory electricity Expense 12-04-000
(Full amount of factory electricity Expense has been charged against Sales Tax expense. Sales Tax Expense has not been
Sales Tax refundable 10-07-000
Sales Tax expense 12-06-000(Sales Tax refundable has been wrongly charges as Sales Tax expense)
5 Bank Charges 12-07-000
Bank (BOP) 10-12-000
(Being bank Charges charged by the bank)
6 Auditors' remuneration 12-05-000
Accrued Expenses - Auditors' remuneration payable 11-05-0001
(Being the recording of auditors' remuneration for the audit of financial statements for the year ended June 30, 2013)
7 Rent expense - Admin expenses 12-05-002
Income tax payable
(Being the recording of tax deducted on rent payment for head office in rent expense account)
8 Accrued Expenses 11-05-000
Rent expense - Admin expenses 12-05-002
(Being the incorrect recording of tax deducted on rent payment for head office in rent expense account - it relates to
9 Salaries(COS) 12-04-0004
Salaries Selling 12-06-000
(BP# 263 wrongly accounted for)
10 Factory salaries expense 12-04-0004
Factory salaries payable 11-05-000
(Being wages of factory workers under-recorded Jan. 2013 wrongly debited in factory salary payable account)
11 Factory salaries expense 12-04-0004Factory salaries payable 11-05-000
(Being wages of factory workers under-recorded Feb. 2013 wrongly debited in factory salary payable account)
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
31/56
Sr.
No.Particulars
Account
Code
17 Electricity Charges 12-05-0004
Electricity-Long Term Security deposits 10-09-000
(Being expense for the year wrongly charged as security deposits)
18 Telephone & Fax 12-05-001
Telephones-Long Term Security deposits 10-09-0005
(Being wrong posting)
19 Telephone & Fax 12-05-001
Telephones-Long Term Security deposits 10-09-0005
(Being bill of mobile phone 0300-8402263 wrongly charged as security deposits)
20 Accrued Expenses 11-05-000
Advances To Staff: M. Hanif 10-08-0004
(Being adjusttment of Telephone and Sui Gas bill for the month of June-12 not entered)
21 Accrued Expenses 11-05-000
Security Servuces Charges 12-04-0014
(Being adjustment of WHT paid which was deducted on June-12 bill but wrongly charged to the Security services account)
LCs Entries
22 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00219/12)
23 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00266/12)
24 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00342/12)
25 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00401/12)
26 Pervaiz Umer Enterprise 10-07-0004Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00409/12)
27 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00500/12)
28 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00504/12)
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
32/56
Sr.
No.Particulars
Account
Code
33 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00107/13)
34 Pervaiz Umer Enterprise 10-07-0004
Raw Material 12-03-0002
Trading Goods 12-03-0003
Grinding Wheels 12-04-000
(Being the adjustment of PICT Charges on LC # 0052-00144/13)
35 Monoon Industries A/C 10-06-0184
Margalla Textile Mills 10-06-0172
36 Advance Income Tax 10-07-000
Ali Akbar Textile Mills 10-06-0427
(Advance income tax deducted by party not recorded)
37 Advance Income Tax 10-07-000
Margalla textile Mills 10-06-0172
(Advance income tax deducted by party not recorded)
38 Advance Income Tax 10-07-000
M.D. Textile Spinning Mills ( Pvt. ) Ltd. 10-06-040
(Advance income tax deducted by party not recorded)
39 Advance Income Tax 10-07-000
Dewan Farooq Spinning Mills Ltd. 10-06-040
(Advance income tax deducted by party not recorded)
40 Advance Income Tax 10-07-000
Factory Electricity 12-04-000
(Advance income tax deducted on electricity bill not recorded )
41 Advance Income Tax 10-07-000
Telephone & Fax 12-05-0019
42 FATR A/C 11-02-0002
Purchases-Imports/Raw Material 12-03-0002
43 WHT A/C 10-07-000
Bank Charges 12-07-000
(WHT deducted from BOP A/C are reversed as these are recorded in bank charges previously)
44 MARKUP ON WPPF
MARKUP PAYBLE WPPF 11-05-0014
(Being intrest payable on WPPF opening balance)
45 FINISHED GOODS (STOCKS) 10-05-000
FINISHED GOODS (TRADING) 10-05-0002
RAW MATERIAL (STOCKS) 10-05-000
WORK IN PROCESS (STOCKS) 10-05-0004
GRINDING WHEELS 10-05-000
STORE & SPARES - General store 10-05-000
PACKING MATERIAL 10-05-000
RAW MATERIAL (Local) 12-03-0004
GRINDING WHEELS 12-04-000
GRINDING WHEELS (LOCAL) 12-02-000
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
33/56
Sr.
No.Particulars
Account
Code
(Being bank Charges charged by the bank)
48 Salaries Payable(Head Office) 11-05-000
Salaries and Allowances(Selling) 12-06-000
(Being correction of wrong entry)
49 Provision for bad debts (P&L)
Provision for bad debts 11-05-001
(Provision for bad debts created for debts' balance outstanding for more than 3 years)
50 Advance Income tax 10-07-000
MARHABA TEXTILE LIMITED 10-06-041
(Advance income tax deducted by party not recorded)
51 Advance Income tax 11-05-000
KOHAT TEXTILE MILLS LTD. 10-06-0152
(Advance income tax deducted by party not recorded)
52 Advance Income tax 11-05-000
GUL AHMED TEXTILE MILLS LIMITED.10-06-0327
(Advance income tax deducted by party not recorded)
53 Advance Income tax 11-05-0006
SARITOW SPINNING MILLS LTD. 10-06-0250
(Advance income tax deducted by party not recorded)
54 MARKUP ON SHORT TERM BORROWING 12-07-0006
Accrued mark-up
(Accrued mark up and related expense not recorded)
Total
Provision for taxation 11-05-000
Advance income tax u/s 50 10-07-000(Being the adjustment of tax liability for 2013 against advance income tax paid)
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
34/56
Land - free hold 12,526 - 12,526 - - -
Building on free hold land 657,112 - 657,112 10 609,941 4,717
Plant and machinery 5,271,902 - 5,271,902 10 4,860,958 41,094
Furniture and fittings 184,997 - 184,997 10 153,048 3,195
Tools and accessories 43,358 - 43,358 10 40,173 319
Electric installation 75,099 - 75,099 10 69,290 581
Vehicles 3,476,503 (414,503) 3,062,000 20 2,768,553 137,792 (387,9
Office equipment 126,802 - 126,802 10 87,446 3,936
Computers and accessories 118,125 - 118,125 10 83,665 3,446
2013 9,966,424 (414,503) 9,551,921 8,673,074 195,080 (387,9
Land - free hold 12,526 - 12,526 - - -
Building on free hold land 657,112 - 657,112 10 604,700 5,241
Plant and machinery 5,271,902 5,271,902 10 4,815,297 45,661
Furniture and fittings 184,997 - 184,997 10 149,498 3,550
Tools and accessories 43,358 43,358 10 39,819 354
Electric installation 75,099 - 75,099 10 68,645 645
Vehicles 3,476,503 3,476,503 20 2,591,565 176,988
Office equipment 126,802 - 126,802 10 83,073 4,373
Computers and accessories 118,125 - 118,125 10 79,836 3,829
2012 9,966,424 - 9,966,424 8,432,433 240,641
Rupees Rupees
Additions/
(Deletions)/
Adjustments
As at June
30, 2012Rate %
As at July 1,
2011For the year
Addition
(Deletion
Adjustme
PARTICULARS
COST DEPRECIATION
As at July 1,
2011
PARTICULARS
COST DEPRECIATION
Additions/
(Deletions)/
Adjustments
Addition
(Deletion
Adjustme
Rupees Rupees
As at July 1,
2012
As at June
30, 2013Rate %
As at July 1,
2012For the year
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
35/56
PAKISTAN CARD CLOTHING COMPANY (PVT.) LTD.
SEGMENTAL PROFIT & LOSS ACCOUNT
INCOME YEAR ENDED ON JUNE 30, 2013
TAX YEAR: 2013
RATIO
Rental Income Sales agst.
Imported Goods
Sales against
Manufacturing
Goods
Total
Rs. Rs. Rs. Rs.
Sales 14,820,162 18,573,955 33,394,117Less:Cost of goods sold Actual (10,959,592) (15,277,892) (26,237,484)
Gross Profit 3,860,570 3,296,063 7,156,633
% age GP 0% 54% 46% 100%
ADD: Other income
Rental Income 102,009 102,009
Other Income -
Gain on disposal GP 23,414 23,414
Gross Income 102,009 3,860,570 3,319,477 7,282,056
% age GI 1% 53% 46% 100%
Less: Admin Expense
Salaries G.P Basis 683,618.64 583,657 1,267,276
C.E Remuneration 20:80 - - -
Repair & Maintenance Expenses G.P Basis 9,826.97 8,390 18,217
Other Expenses(excluding dep.) G.P Basis 1,927,803.85 1,645,913 3,573,717
Dep. G.P Basis 23,069.13 19,696 42,765
- 2,644,318.58 2,257,656.42 4,901,975
Selling Exp:
Advertisement & Sales promotion Actual 401,123 401,123
Freight & Vehicle Maintenance G.P Basis 265,358.35 226,556.65 491,915
Other Expenses(excluding dep.) G.P Basis 577,420.82 492,988.18 1,070,409
Dep. G.P Basis 23,815.71 20,333.29 44,149
- 866,594.87 1,141,001.13 2,007,596
Financial Charges: G.P Basis 1,374,874.66 1,173,835.34 2,548,710
Other Operating Expenses G.P Basis -
Total Admin. Selling & Financial expenses - 4,885,788 4,572,493 9,458,281
PROFIT/(LOSS) AS PER ACCOUNTS 102,009 (1,025,218) (1,253,016) (2,176,225)
ADD: Inadmissible expenses
Depreciation on Leased Assets as per a/c
Depreciation-Own Assets (as per Accounts) CGS 108,166 108,166
Admin 23,069 19,696 42,765
Selling 23,816 20,333 44,149
Lease Finance Charges - - -
WWF G.P Basis - - -
Gain on sale of assets G.P Basis - -
Penalties G.P Basis 52,872 45,141 98,013
Charity & donations G.P Basis - - -
Provision for Doubtful Debts G.P Basis 1,786,528 1,786,528
- 99,757 1,979,864 2,079,621
Particulars
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
36/56
Less: Admissible expenses
WWF G.P Basis
Actual Bad Debts - -
Tax loss on assets G.P Basis (2,227) (2,227)
Depreciation-Own Assets (as per Tax CGS 57,925 57,925
charged on A/C Dep basis) Admin 5,341 4,560 9,902
Selling 5,341 4,560 9,902
- 10,683 64,819 75,502
Taxable income/(loss) as per segmental 102,009 (936,144) 662,029 (172,106)
Total Loss - 662,029 -
Adjustment of b/f losses Tax Year b/f for the year c/f
Assessed 2013 - 662,029 662,029
Assessed 2012 (2,076,691) (2,076,691)
Assessed 2011 (1,976,712) (1,976,712)
Assessed 2010 (82,408) (82,408)
Assessed 2009 (1,209,013) (1,209,013)
Assessed 2008 (1,351,864) (1,351,864)Business income/ (loss) (6,696,688) 662,029 (6,034,659)
Depreciation Losses
2013 - 64,819 64,819
2012 (25,965) (25,965)
2011 (87,756) (87,756)
2010 (75,497) (75,497)
2009 (653,456) (653,456)
Total Loss (842,674) 64,819 (777,855)
Total Loss (Business & Depreciation) c/f (7,539,362) 726,848 (6,812,514)
Tax Calculation Principal Rate Liability
Normal Income Revenue 1% 185,740
Tax On Imports (PTR) Value of Goods 5% and 1% 618,064
Tax on rental income Gross 5% 5,100
Tax Liability 808,904
Total tax liability for the year 808,904
Tax already paid 1,347,658
Net Tax (Refund) (538,754)
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
37/56
PAKISTAN CARD CLOTHING COMPANY (PVT.) LTD.
TAX DEPRECIATION SCHEDULE
INCOME YEAR ENDED ON JUNE 30, 2013
TAX YEAR 2012
PARTICULARS
W.D.V. As at
July 01,
2012(Rupees)
Additions/
(deletion)
Total As at
June 30, 2013
(Rupees)
Rate
(Percentage)
Initial
Allowance
(Rupees)
Depreciation
for the Year
(Rupees)
Total
Depreciation
(Rupees)
W.D.V
at J
2013 (R
Building 47,173 - 47,173 10 - 4,717 4,717
Machinery 268,535 - 268,535 15 - 40,280 40,280 2
Office Equipment 43,739 - 43,739 15 - 6,561 6,561
312,275 - 312,275 - 46,841 46,841 2
Computer Equipments 1,051 - 1,051 30 - 315 315
Furniture & Fixture 21,415 - 21,415 15 - 3,212 3,212
Motor Vehicle 203,181 (52,227) 150,954 15 - 22,643 22,643 1
Total 585,095 (52,227) 532,867 - 77,729 77,729 4
CGS ADMIN SELLING Total
57,925 9,902 9,902 77,729
CostDepriciation @
15%W.D.V
30-06-2001 414,503 82,901 331,602
30-06-2002 66,320 265,282
30-06-2003 39,792 225,49030-06-2004 33,823 191,666
30-06-2005 28,750 162,916
30-06-2006 24,437 138,479
30-06-2007 20,772 117,707
30-06-2008 17,656 100,051
30-06-2009 15,008 85,043
30-06-2010 12,756 72,287
30-06-2011 10,843 61,444
30-06-2012 9,217 52,227
Written Down Value Sales proceeds Gain/(Loss)
52,227 50,000 (2,227)
Suzuki Van-LXR 5692
Tax Gain on Disposal of vehicle
Depriciation Bifercation
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
38/56
DATE PARTICULARS AMOUNT TOTAL
01) INCOME TAX PAID ON IMPORTED MATERIAL
31-Jul-12 L/C 0052-00219/12 15JV 142,564
31-Aug-12 L/C # 0052-00266/12 18JV 7,10930-Sep-12 0052-00342/12 41JV 72,509
30-Nov-12 L/C 0052-00409/12 65JV 102,505
30-Nov-12 L/C 0052-00401/12 66JV 10,370
31-Jan-13 L/C 0052-00500/12 83JV 124,895
31-Jan-13 L/C 0052-00504/12 (JV of Rs. 10559) 88JV 11,193
31-Jan-13 L/C 0052-00512/12 91JV 86,379
31-Mar-13 L/C 0052-00015/13 110JV 126,229
30-Apr-13 L/C 0052-00074/13 120JV 39,867
30-Apr-13 L/C 0052-00083/13 123JV 10,891
30-Jun-13 L/C 0052-00144/13 153JV 145,429
30-Jun-13 L/C 0052- 00107/13 200JV 63,600 943,540
02) INCOME TAX DEDUCTED AT SOURCE BY PARTIES (POSTED)
31-Aug-12 TAXILA COTTON MILLS 32JV 8,12030-Sep-12 SHOAIB SALMAN TEXTILE 42JV 1,470
31-Oct-12 GADOON TEXTILE MILLS 49JV 14,260
30-Nov-12 REDCO TEXTILE MILLS 58JV 4,964
31-Jan-13 TAXILA COTTON MILLS 84JV 4,222
31-Jan-13 NOOR INDUSTRIES, NOORANI SPINNING & N 85JV 18,424
31-Jan-13 SHOAIB SALMAN TEXTILE 93JV 1,960
31-Mar-13 SHOAIB SALMAN TEXTILE 105JV 1,470
30-Apr-13 NOOR GROUP 125JV 10,719
31-May-13 NOORANI SPINNING MILLS 136JV 1,639
31-May-13 NOOR INDUSTRIES 137JV 1,639
31-May-13 IMPERIAL TEXTILE MILLS 138JV 2,939
31-May-13 IMPERIAL TEXTILE MILLS 139JV 4,71030-Jun-13 SHOAIB SALMAN TEXTILE 141JV 4,025
30-Jun-13 MARHABA TEXTILE MILLS 142JV 14,038
30-Jun-13 ELAHI COTTON MILLS 143JV 2,053
30-Jun-13 ELAHI COTTON MILLS 144JV 4,060
30-Jun-13 GADOON TEXTILE MILLS 145JV 22,143
30-Jun-13 QUETTA TEXTILE MILLS 146JV 1,299
30-Jun-13 TAXILA COTTON MILLS 147JV 20,787
30-Jun-13 SARGODHA SPINNING MILLS 148JV 2,728
30-Jun-13 J. K SPINNIN MILLS LTD. 149JV 730
30-Jun-13 GALAXY TEXTILE MILLS 150JV 33,576
30-Jun-13 SARDARPUR TEXTILE MILLS 151JV 10,990
30-Jun-13 CRESCENT FIBRES LTD (BHIKI) 152JV 3,214
30-Jun-13 CRESCENT FIBRES LTD (NOORI ABAD) 154JV 15,266
30-Jun-13 SHAKARGANJ MILLS LTD (TEXTILE DIVISION) 189JV 61,825
30-Jun-13 IMPERIAL TEXTILE MILLS 191JV 5,294
30-Jun-13 AL-QADIR TEXTILE MILLS 192JV 1,137
30-Jun-13 AMIN TEXTILE MILLS LIMITED 194JV 1,949
30-Jun-13 ASHER IMRAN TEXTILE MILLS 214JV 5,023
30-Jun-13 SHAHBAZ GARMENTS 215JV 57,287 343,960
03) INCOME TAX DEDUCTED AT SOURCE BY PARTIES (UNPOSTED)
30-Jun-13 DEWAN FAROOQ SPINNING MILLS LTD. 4,425
30-Jun-13 M. D. TEXTILE MILLS LTD. 15,099
PAKISTAN CARD CLOTHING PRIVATE LIMITED
DETAIL OF ADVANCE INCOME TAX FOR TAX YEAR 2013
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
39/56
30-Jun-13 MARGALLA TEXTILE MILLS LTD. 5,405
30-Jun-13 ALI AKBER TEXTILE MILLS LTD. 4,872 29,801
04) INCOME TAX PAID ON TELEPHONE & ELECTRICITY BILLS (UPOSTED)
30-Jun-13 Income Tax On Electricity Bills (Detail Attached) 26,804
30-Jun-13 Income Tax On Telephone Bills PTCL (Detail Attached) 3,553 30,357
TOTAL:- 1,347,658
PAJE:
WHT A/C 10-07-0001 14,042
Bank Charges 12-07-0001 14,042
(WHT deducted from BOP A/C are reversed as these are recorded in bank charges previously)
Advance Income tax 10-07-0001 12,180
MARHABA TEXTILE LIMITED 10-06-0411 12,180
(Advance income tax deducted by party not recorded)
As Per trail 1,373,880
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
40/56
PAKISTAN CARD CLOTHING PRIVATE LIMITED
CALCULATION OF WPPF AND WWF
WPPF calculation Rs.
Accounting profit before tax (2,176,225)
Adjusted profit before tax (2,176,225)
There was no profit during the year hence no liability arises on WPPF
WPPF @ 5% of adjusted profit NIL
WWF Calculation Rs.
Accounting profit before tax (2,176,225)
Less: WPPF as above NIL
Profit before tax for WWF calculation (2,176,225)
There was no profit during the year hence no liability arises on WWF
WWF @ 2% of profie before tax and after WPPF NIL
Profit before tax after WPPF and WWF (2,176,225)
Calculation of Mark-up on WPPF Rs.
Opening balance 496,516
Average borrowing rate of the Company (14.66+14.67+14.7+12.93) 12.98%
Average borrowing rate of the Company plus 2.5% 2.50%
Rate for Interest on WPPF 15.48%
Interest 76,873
PAJE
MARKUP ON WPPF 76,873
MARKUP PAYBLE WPPF 11-05-0014 76,873
(Being intrest payable on WPPF opening balance)
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
41/56
Instructions
Ensure that WPPF and WWF is zero. Link profit befo re tax figure from P&L. Paste spe cial as 'Value'.
Link other income figure from P&L.
Link 'Accounting profit before tax' as used in WPPF Calculation.
Take effect of WPPF as calculated above.
Calculate WWF @ 2% of higher of accounting profit before tax or taxable income.
This should be equal to profit before tax as per P&L after all adjustments.
83,116
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
42/56
Expenses
Sr. No L / C No. Items Raw Material Trading Goods Grinding Wheel- Store TotaPurcha
------------------------------------------------------------------------------------------------------------------ Ru ees ---------------------------------------
1 0052-00219/12 Cylinder + doffer+Takerin 112,053 2,703,046 - 2,815
2 0052-00266/12 Foundation cloth 823,333 - - 823
3 0052-00342/12 Card wires 1,357,216 - - 1,357
4 0052-00401/12 Foundation cloth 1,174,184 - - 1,174
5 0052-00409/12 Cylinder + doffer+Takerin 113,612 1,906,138 - 2,019
6 0052-00500/12 Cylinder + doffer+Takerin 343,550 2,109,718 - 2,453
7 0052-00504/12 Foundation cloth 1,340,620 - - 1,340
8 0052-00512/12 Steel Card wires 1,677,832 - - 1,677
9 0052-00015/13 Card wires - 2,464,681 - 2,464
10 0052-00074/13 Steel stri , Grindin Wheel, C 794,293 287,269 83,008 1,164
11 0052-00083/13 Foundation cloth 1,196,084 - - 1,196
12 0052-00107/13 Steel Card wires 1,217,903 - - 1,217
13 0052-00015/13 Cylinder + doffer+Takerin 84,496 2,670,007 - 2,754
10,235,176 12,140,859 83,008 22,459
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
43/56
Exclusive of Sales Tax Sales Tax Inclusive of Sales Tax Exclusive of Sales Tax Sales T
Cylinder Wire 9,018,000 1,449,940 10,467,940
Doffer Wire 2,440,300 392,078 2,832,378
Tops 14,221,000 2,2
Takerin Wire 915,850 146,806 1,062,656
Takerin Interloocking 1,283,331 206,485 1,489,816
Willow Wire - - -
Strpping Wire 189,000 30,240 219,240
Blow Room Wire 208,800 33,408 242,208
Hand Brush 1 - 1
Stationery Flats 764,880 122,383 887,263
Stripping Fillets 2,385,225 3
Burnishing Fillets 663,080 1
Fly Comb Brush 1,070,150 1
Plasticizing & End Milling 234,500
Zippex Rored -
SK gear - Total 14,820,162 2,381,340 17,201,502 18,573,955 2,9
Particulars Exclusive of Sales Tax Sales Tax Inclusive of Sales Tax
Trading Sales 14,820,162 2,381,340 17,201,502
Manufacturing 18,573,955 2,977,425 21,551,380
Total 33,394,117 5,358,765 38,752,882
Trading Sales ManufactuParticulars
PAKISTAN CARD CLOTHING PRIVATE LIMITED
a es-
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
44/56
Sr. No L / C No. Items Raw Material Trading GoodsGrinding Wheel
- Store
Opening
BalanceIn
1 0052-00219/12 Cylinder + doffer+Takerin 112,053 2,703,046 - 370,384
2 0052-00266/12 Foundation cloth 823,333 - - 106,885
3 0052-00342/12 Card wires 1,357,216 - - -
4 0052-00401/12 Foundation cloth 1,174,184 - - -
5 0052-00409/12 Cylinder + doffer+Takerin 113,612 1,906,138 - -
6 0052-00500/12 Cylinder + doffer+Takerin 343,550 2,109,718 - -
7 0052-00504/12 Foundation cloth 1,340,620 - - -
8 0052-00512/12 Steel Card wires 1,677,832 - - -
9 0052-00015/13 Card wires - 2,464,681 - -
10 0052-00074/13 Steel strip, Grinding Wheel, C 794,293 287,269 83,008 -
11 0052-00083/13 Foundation cloth 1,196,084 - - -
12 0052-00107/13 Steel Card wires 1,217,903 - - -
13 0052-00015/13 Cylinder + doffer+Takerin 84,496 2,670,007 - -
10,235,176 12,140,859 83,008 477,269
---------------------------------------------------------------------------------------------------------------
Expenses
PAKISTAN CARD CLOTHING PRIVA
-
8/11/2019 PCC - Financial Statements 2013 - Final by Rashid
45/56
Anjum Asim Shahid Rahman
Chartered Accountants
Client Name : Pakistan Card Clothing Company (Pvt.) Ltd
Period ended: June 30, 2013
Workpaper:Movement of Stock Consumed
Opening Balance Purchases Consumption Closing Ba
Raw Materials
Raw Material(L