Trina Haldane

Statement of Profit or Loss

Sales 255,600
Less sales returns (7,500)
less discounts allowed -
Net Sales 248,100

Less: Cost of goods sold

Opening Stock 18,000
Purchases 130,000
Less purchases returns (11,500)
Less drawings (6,000)
Carriage inwards 6,500
Less discounts recevied -
119,000
Cost of goods available for sale 137,000
Less: Closing stock (25,000)
Cost of sales 112,000
GROSS PROFIT 136,100

OTHER INCOME
Commission received 14,800
Accruals 2,000 16,800
Rent received 20,000
Decrease in PFBD 1,600 38,400

Total Income 174,500

Less expenses
Depreciaiton 13,000
Carriage outwards 4,500
Motor Expenses 10,400
Telephone charges 12,000
Wages and Salaries 34,000
- prepaid (2,500) 31,500

Insurance 10,600
- prepaid (600) 10,000

Bad Debt 2,500

(83,900)
Net Profit 90,600
 Trina Haldane
Statement of Financial Position

Non Current Assets COST DEP NBV

Premises 150,000 - 150,000
Motor vehicles 90,000 29,000 61,000
Fixtures and Fittings 65,000 29,000 36,000
305,000 58,000 247,000

Current Assets
Stock 25,000
Debtors 40,000
less: PFBD (2,000) 38,000
Bank 5,500
Cash 7,000
Prepaid expenses 3,100
Accrued income 2,000 80,600
327,600

Current Liabilities
Accounts Payable 55,000

Non-current liabilities
Loans -

Equity
Capital 200,000
Net Profit 90,600
Less Drawings (18,000)
272,600

327,600