ABAY DESALE TESEMA

BALANCE SHEET
AT 30 Genbot 2016 E. C.
 Note Birr Birr 30.10.15
(07.07.23)
ASSETS EMPLOYED 1,036,19 Birr
ABAYASSETS
CURRENT
FIXED DESALE
ASSETS TESEMA 1a, 2 8 1,036,19
Stocks 1a, 3 1,329,907 8
INVESTMENT
FOR THEreceivable
YEAR ENDEDAT 30 MEGABIT 2016 -
Accounts 4 443,865E. C. (8 APRIL 1,301,000
2024)
GOVERNMENT SAVING BONDS
Cash on hand and at bank 653,390
-
-

CURRENT LIABILITIES -
Accounts payable 5 2,427,162
Provision for profit tax 1,301,000

6,936,884
NET CURRENT ASSETS 4,641,202
1,995,001
SHAREHOLDERS ACCOUNT
13,573,087

1,996,676
REPRESENTED BY: 878,024

CAPITAL 2,874,700

LEGAL RESERVE 10,698,387

-
CUSTOMS VALUATION RESERVE
11,999,387
PROFIT AND LOSS ACCOUNT

195,437
841,933 100,000

1,037,370 -
1,389,792
-
-
11,899,387
2,425,990
11,999,387

100,000

2,325,990
 2,425,990

PROFIT AND LOSS STATEMENT

Note
SALES

COST OF SALES

GROSS PROFIT

OTHER INCOME

GENERAL AND ADMINISTRATION EXPENSES

Salaries, wages and allowances
Pension
Communications
Utility
Printing and stationery
Fuel
Rent
License, municipality and other taxes
Insurance
Repair and maintenance
Depreciation
Service charge
Travel and transport
Miscellaneous
Other

NET PROFIT

PROVISION FOR PROFIT TAX

ABAY DESALE TESEMA

FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL

2024)
30.10.15
(07.07.23)
TRANSFER TO LEGAL RESERVE Birr
42,340,560
33,872,448
8,468,112
BALANCE BROUGHT FORWARD -
Owners Account
Retained earnings transferred to capital 8,468,112

Additional tax, penalty and interest on assessment 725,000

159,500
55,700
150,000
66,500
56,900
BALANCE CARRIED FORWARD 396,000
1,200
-
60,200
582,765
-
35,449
-

2,289,214
6,178,898
2,144,614

4,034,284
-

4,034,284
8,744,870

(879,767)
-
-
 7,865,103

11,899,387
ABAY DESALE TESEMA
STATEMENT OF CHANGE IN EQUITY
FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL
2024)

LEGAL RETAINED
CAPITAL TOTAL
RESERVE EARNINGS
Birr Birr Birr Birr
- 7,075,242 7,175,242
Balance at 1 Hamle 2013 E. C. 100,000
Change during the year:
Owner’s withdrawal - (980,611) (980,611
)
Additional tax, penalty and interes - - - -
Current year transfer - - 2,650,238 2,650,238

Balance at 30 Sene 2014 E. C. 100,000 - 8,744,870 8,844,87

0

Balance at 1 Hamle 2014 E. C. 100,000 - 8,744,870 8,844,870

Change during the year:

Owner’s withdrawal - (879,767) (879,767

)
Additional tax, penalty and interes - - - -
Current year transfer - - 4,034,284 4,034,284

Balance at 30 Sene 2015 E. C. 100,000 - 11,899,387 11,999,38

7
ABAY DESALE TESEMA

FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL

2024)
Balance at 1 Hamle 2015 E. C. 100,000 - 11,899,387 11,999,387
Change during the year:

Owner’s withdrawal - (11,308,849) (11,308,849

)
Additional tax, penalty and interes - - - -
Current year transfer - - 1,735,452 1,735,452
ABAY DESALE TESEMA

FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL

2024)
Balance at 30 Megabit 2016 E.C. 100,000 - 2,325,990 2,425,99
0
CASH FLOW STATEMENT
 NOTES Birr Birr
(942,873 30.10.15
)- (07.07.23)
NET CASH
TAXATION
NET CASH INFLOW
INFLOW // (OUTFLOW)
(OUTFLOW) FROM
BEFORE Birr
ABAY DESALE
OPERATING TESEMA
Profit tax paid ACTIVITIES 9 (942,873) (398,738
(1,341,611
FINANCING
INVESTING ACTIVITIES ) (1,341,611
Additional tax, penalty and interest on assessment - )
FOR
RETURNSTHE
Purchase ofYEAR
ON ENDEDAT
INVESTMENTS
fixed assets AND 30 MEGABIT 2016 E. C. (8 APRIL
- 1,645,295
SERVICING OF FINANCE
FINANCING -
2024)
Interest paid -
Interest received -
Dividend received - -
-
INCREASE / (DECREASE) IN CASH 10 (1,341,611
)

(1,743,246)
-

(1,743,246)

(97,951)

(97,951)

(97,951)

(97,951)
(1,341,611 )
ABAY DESALE TESEMA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL
2024)
ABAY DESALE TESEMA established in Ethiopia. The address of its registered office and
Principal place of business is Lemi kur Addis Ababa Region and Company TIN is 0065355278 .
The Company is established to engage in Wolesales and retail trade ,repair hotels and
restaurant .

1. ACCOUNTING POLICIES

The principal accounting policies adopted by the Company, which are consistent with those
applied in the preceding years are stated below:

(a) Fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is charged
as a percentage of net book value at the following rates per annum.

%
Store 5
Motor vehicles 20
Office furniture and equipment 20
Computers and accessories 25
(b) Stocks

Stocks are valued at moving average cost.

2. FIXED ASSETS
Balance at Balance at
01.11.15 30.07.16
(08.07.23) Additions (08.04.24)
Birr Birr Birr

COST
Store - - -
Office furniture 2,146,362 - 2,146,36
2
Office equipment 231,861 - 231,86
1
Computers and accessories 215,000 - 215,00
0
ABAY DESALE TESEMA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL
2024)
2,593,223 - 2,593,22
3

DEPRECIATION
Store - - -
Office furniture 1,054,977 218,277 1,273,25
4
Office equipment 114,275 23,517 137,79
2
Computers and accessories 122,972 23,007 145,97
9
1,557,02
1,292,223 264,801 5

NET BOOK VALUE 1,301,000 1,036,19

8

3. STOCK

30.10.15
(07.07.23)
Birr Birr

Wisky 506,649
Vodka 407,735 Wine 270,217 2,970,174
1,404
Water 90,553 Soft drink 15,290 Oil
,900
25,119
776,300
Vagitables 6,904 Cleaning materials
6,392
145,880
Others 1,048 204
,661
1,329,907
1,190,452
122,740
99,077

22,700

6,936,884
ABAY DESALE TESEMA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL
2024)
4. ACCOUNTS RECEIVABLE

30.10.15
(07.07.23)
Birr Birr

Trade debtors 304,270 3,279,985

Sundry trade 119,037 1,205,427
Advance prepayment 20,558 155,790
Ethiopian Revenues and Customs Authority - withholding tax - -

443,865
5. ACCOUNTS PAYABLE 4,641,202
30.10.15
30.10.15
(07.07.23)
Birr (07.07.23)
Birr
Birr Birr
Trade creditors 88,520 948,58
Sundary creditors 6,936,884 - 4,681,364
8
Ethiopian Revenues and Customs Authority - VAT 1,106 425,010
Accural 12,597,35628,903 342,280
Ethiopian Revenues and Customs Authority - income tax 37,891 34,444,74
189,905
Pension contribution payable 19,534,24039,017 7
43,887
195,437 39,126,11
6. COST OF SALES 47,006
1

1,329,907
1,996,676
6,936,884

Total Opening Balance 32,189,22

18,204,333
7
Add:- Purchase During the year
Available for sales
Less: - Ending Balance 784,000 924,000

Total 894,102
725,000
Add:- House rent
Add:- Salary 9,160
Add:- Transport 34,221

19,891,595 33,872,44
8
ABAY DESALE TESEMA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL
2024)
Consumption for the year
ABAY DESALE TESEMA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL 2024)
7. OTHER INCOME

30.10.15
(07.07.23)
Birr Birr

Interest income - -
Others - -

-
-

8. PROVISION FOR PROFIT TAX

30.10.15
(07.07.23)
Birr Birr

Net profit 2,642,234 6,178,898

Less: Interest income - -

2,642,234
Add: Non taxable - 6,178,898
Add: Entertainment - -
-
Taxable profit 2,642,234

6,178,898
Provision for profit tax 906,782

Less:- Current year withholding tax (64,849 )

2,144,614

(1,266,590)

878,024
 Provision for profit tax after withholding 841,933
ABAY DESALE TESEMA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEDAT 30 MEGABIT 2016 E. C. (8 APRIL 2024)

9. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW / (OUTFLOW)

FROM OPERATING ACTIVITIES

30.10.15
(07.07.23)
Birr Birr

Net profit 2,642,234 6,178,898

Interest expense - -
Interest income - -

Operating profit 2,642,234

Depreciation 264,801 6,178,898
Decrease / (Increase) in stocks 5,606,977 582,765
Decrease / (Increase) in accounts receivable 4,197,337 (2,255,520
(Decrease) in accounts payable (1,801,239) Retained earnings - )
Owner’s withdrawal (11,308,849) (1,392,081)
Increase in capital - transfer from retained earnings -
(589,000)
NET CASH INFLOW / (OUTFLOW) FROM OPERATING -
ACTIVITIES (398,738)
(879,767)
-

10. ANALYSIS OF THE BALANCES OF CASH AS SHOWN IN THE BALANCE SHEET

01.11.15 30.07.16 1,645,295

(08.07.23) (08.04.24)

Change in the year

 Birr Birr Birr

Cash on hand and at bank 1,995,001 653,390 (1,341,611)