ACOUSTIC MAN STUDIOS- PROFIT AND LOSS ACCOUNT- FOR THE YEAR END 31st DECEMBER 2016

Student Name:
Class: HN MUSIC BUSINESS

Month Jan Feb March April May June July August September October November December Total

Revenue-Studio Hire 8,768.96 4,480.00 6,970.00 3,506.00 6,387.00 4,240.00 1,250.00 1,188.00 4,260.00 3,565.00 5,280.00 7,960.00 57,854.96

Revenue- Sponsorship 602.89 605.66 609.02 544.86 525.05 602.89 522.86 1,011.00 322.88 405.66 880.00 600.92 7,233.69

Cost of sales 200.00 590.00 300.00 600.00 52.00 99.00 250.00 560.00 320.00 400.00 200.00 600.00 4,171.00

Gross Profit 9,171.85 4,495.66 7,279.02 3,450.86 6,860.05 4,743.89 1,522.86 1,639.00 4,262.88 3,570.66 5,960.00 7,960.92 60,917.65

Expenses/overheads
Premises (rent, rates) 285.00 285.00 285.00 285.00 285.00 285.00 285.00 285.00 285.00 285.00 285.00 285.00 3,420.00
Electricity 223.00 115.00 145.00 85.00 85.00 85.00 65.00 55.00 80.00 150.00 250.00 250.00 1,588.00
Broadband 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 30.00 15.00 345.00
Telephone 29.00 33.00 40.00 110.00 110.00 123.00 200.00 180.00 160.00 140.00 110.00 50.00 1,285.00
Insurance 190.00 190.00 190.00 190.00 190.00 190.00 190.00 190.00 190.00 190.00 190.00 190.00 2,280.00
Postage and carriage 85.00 15.00 45.00 90.00 100.00 380.00 410.00 66.00 49.00 51.00 62.00 40.00 1,393.00
Advertising 250.00 295.00 295.00 325.00 425.00 110.00 150.00 150.00 295.00 395.00 395.00 395.00 3,480.00
Interest and bank charges payable 0.00 0.00 0.00 0.00 0.00 28.00 15.00 28.00 28.00 0.00 0.00 0.00 99.00
Stationery 15.00 15.00 15.00 30.00 30.00 50.00 52.00 19.00 20.00 20.00 15.00 35.00 316.00
Salaries 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 4,800.00
Car Finance 180.00 180.00 180.00 180.00 180.00 180.00 180.00 180.00 180.00 180.00 180.00 180.00 2,160.00
Accountancy fees 350.00 228.00 0.00 0.00 450.00 450.00 220.00 210.00 0.00 0.00 150.00 90.00 2,148.00
Legal/professional fees 0.00 0.00 0.00 229.00 359.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 588.00
Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24,233.33 24,233.33
Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,500.09 6,500.09
Total expenses/overheads 2,037.00 1,786.00 1,625.00 1,954.00 2,644.00 2,311.00 2,197.00 1,793.00 1,717.00 1,841.00 2,067.00 32,663.42 54,635.42

Net profit 7,134.85 2,709.66 5,654.02 1,496.86 4,216.05 2,432.89 -674.14 -154.00 2,545.88 1,729.66 3,893.00 -24,702.50 6,282.23

Equipment depreciation 23,333.33

Computer depreciation 900.00
ACOUSTIC MAN STUDIOS-YEAR END 2016
ASSETS

Fixed Assets

Office 19,500.00
Website Domain 60.00
Equipment 126,666.67
Computers ###
Copyright 20,000.00
Total: 168,326.67

Current Assets

Stock 600.50
Cash 450.99
Total: 1,051.49

Total assets 169,378.16

LIABILITIES

Current Liabilities
Loan 7,000.00
Taxes 6,500.09
Overdrafts 400.00
Car Finance 2,160.00
Electricity 500.00

Total: 16,560.09

Long Term Liabilities

Car Finance 4,320.00
Loans 14,000.00

Total: 18,320.00

Total liabilities 34,880.09

NetAssetValue 134,498.07

Opening capital 128,215.84

Profit made in year 6,282.23
134,498.07
Instructions
You should make sure all figures are under the correct headings, fi
well presented and inclusive of financial calculations such as depr
r the correct headings, financially correct,
alculations such as depreciation.