Mellisa O'Connor Statement of Profit or Loss for year ended March 31, 2016

$ $ $

Sales 180,000
Less discount allowed (3,400)
less return inwards (10,180)
Net Sales 166,420

Cost of Sales
Opening stock 9,700
add Purchases 58,200
add carriage inwards 2,200
less discount received (2,200)
less return outwards (8,730)
less good consumed by owner (3,000)
Net Purchases 46,470
Cost of goods available for sale 56,170
less closing stock (10,000)
Cost of goods sold (46,170)
Gross Profit 120,250

Other Income
Rent received 65,000
Rent received owing 7,000 72,000
Decrease in PFBD 525
Total revenue 72,525
192,775

LESS EXPENSES
Wages 88,520
Wages owing 11,480 100,000
Bad Debts 9,600
Insurance 40,000
Insurance prepaid (8,000) 32,000
Carriage outwards 1,800
Utilities 17,900
Sundry expenses 6,400
Depreciation Charge Motor vehicle 2,916
Depreciation Charge Building 5,600
(176,216)
Net Profit 16,559

PFBD
New PFBD (calculated) 665
Old PFBD (Trial Balance) 1,190
Decrease (525)

Depreciation Charge

Motor Vehicles (Reducing Balance)

Cost 40,000
Provision for depreciation (10,840)
Written down value to date 29,160
Depreciation rate 10%
Depreciation charge 2,916

Buildings (Straight Line)

Cost 70,000
Depreciation rate 8%
Depreciation charge 5,600

Accoumulated depreciation on the Statement of financial position

Depreciation Provision for Accumulated

Charge Depreciation depreciation
Motor Vehicle 2,916 10,840 13,756
Building 5,600 33,600 39,200
Mellisa O'Connor Statement of Financial Position as at March 31, 2016

Non Current Assets

Accumulated Net Book
Cost Depreciation Value
Land 160,000 - 160,000
Building 70,000 (39,200) 30,800
Motor Vehicle 40,000 (13,756) 26,244
270,000 (52,956) 217,044
Current Assets
Stock (closing) 10,000
Debtors 13,300
Less provision for bad debt (new) (665) 12,635
Cash 4,160
Insurance prepaid 8,000
Rent received owing 7,000
41,795
258,839

Current Liabilities
Creditors 15,500
Bank 21,300
Wages owing 11,480
48,280
Non Current Liabilities

Loan 105,000

Equity
Capital 104,000
add net profit 16,559
less drawing (15,000)
105,559
258,839