Statement of Profit and Loss
By: Ng Kang Yao • Essay • 1,747 Words • November 20, 2014 • 1,202 Views
Statement of Profit and Loss
E19.2
Statement of profit and loss for 'B Good' for the year ended 31 March 20X3 | |||||
£ | £ | ||||
Sales revenue | 189,560 | ||||
Returns inward | (560) | ||||
189,000 | |||||
Cost of goods sold | |||||
Opening inventory | 28,590 | ||||
Purchases | 125,560 | ||||
Carriage inwards | 200 | ||||
Returns outward | (302) | 125,458 | |||
154,048 | |||||
Closing inventory | (35,650) | 118,398 | |||
Gross profit | 70,602 | ||||
Rent income | 300 | ||||
70,902 | |||||
Less: expenses | |||||
Salaries | 4,980 | ||||
General expenses | 1,200 | ||||
Motor expenses | 569 | ||||
Office expenses | 560 | ||||
Telephone | 1,250 | ||||
Rates | 1,000 | ||||
Carriage outward | 546 | ||||
Insurance | 525 | ||||
Rent | 2,000 | 12,630 | |||
Profit for the year | 58,272 |
Statement of financial position for B. Good as at 31 March 20X3
ASSETS | |||||
Non-current assets | £ | £ | |||
Buildings | 230,000 | ||||
Fixtures | 5,365 | ||||
Motor vans | 12,500 | ||||
247,865 | |||||
Current assets | |||||
Inventories | 35,650 | ||||
Trade receivables | 28,560 | ||||
Prepayment | 750 | ||||
Income receivable | 100 | ||||
Cash | 12 | ||||
65,072 | |||||
312,937 |
EQUITY AND LIABILITIES | |||||
Owners equity | |||||
Capital | 178,907 | ||||
Profit for the year | 58,272 | ||||
237,179 | |||||
Drawings | (5,562) | ||||
231,617 | |||||
Current liabilities | |||||
Trade payables | 48,560 | ||||
Accrual | 510 | ||||
Overdraft | 32,250 | ||||
81,320 | |||||
Total equity and liabilities | 312,937 |
E19.3
Statement of profit and loss for Cara Van for the year ended 31/12/20X2
£ | £ | £ | ||
Sales revenue | 131,040 | |||
Sales returns | (1,310) | 129,730 | ||
Cost of sales | ||||
Opening inventory | 42,120 | |||
Purchases | 74,700 | |||
Purchase returns | (747) | 73,953 | ||
116,073 | ||||
Closing inventory | (33,990) | 82,083 | ||
Gross profit | 47,647 | |||
Discount received | 426 | |||
48,073 | ||||
Less: Expenses | ||||
Wages | 18,910 | |||
Heat & light | 1,234 | |||
Stationery & postage | 268 | |||
Carriage outwards | 1,446 | |||
Insurance | 1,598 | |||
Rent & rates | 3,300 | |||
General expenses | 1,460 | 28,216 | ||
Profit for the period | 19,857 |