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  • New Millennium Assignment2 School of Practical Accounting Darrel Samuel

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    Darrel Samueld
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    New Millennium's income statement for the period ending December 31, 2018 shows net sales of $30,800 with a gross profit of $17,250 after deducting the cost of goods sold of $13,550. Total expenses for the period were $11,336, resulting in a net profit of $5,814. The statement of financial position as of December 31, 2018 lists total assets of $12,690, including current assets of $7,840 and fixed assets of $4,400. Total liabilities were $6,826, consisting of short-term loans, accrued expenses, salaries payable, and creditors. Equity was $10,264, comprising initial capital

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    New Millennium's income statement for the period ending December 31, 2018 shows net sales of $30,800 with a gross profit of $17,250 after deducting the cost of goods sold of $13,550. Total expenses for the period were $11,336, resulting in a net profit of $5,814. The statement of financial position as of December 31, 2018 lists total assets of $12,690, including current assets of $7,840 and fixed assets of $4,400. Total liabilities were $6,826, consisting of short-term loans, accrued expenses, salaries payable, and creditors. Equity was $10,264, comprising initial capital

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    41 views2 pages

    New Millennium Assignment2 School of Practical Accounting Darrel Samuel

    Uploaded by

    Darrel Samueld
    New Millennium's income statement for the period ending December 31, 2018 shows net sales of $30,800 with a gross profit of $17,250 after deducting the cost of goods sold of $13,550. Total expenses for the period were $11,336, resulting in a net profit of $5,814. The statement of financial position as of December 31, 2018 lists total assets of $12,690, including current assets of $7,840 and fixed assets of $4,400. Total liabilities were $6,826, consisting of short-term loans, accrued expenses, salaries payable, and creditors. Equity was $10,264, comprising initial capital

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    New Millennium

    Income Statement for the period ending 31 st dec 2018


    $ $

    Sales 30,000

    Commission received 800


    Add: accured commission ___ 200_ 1,000
    Less returns in (200)
    Net sales 30,800
    Less: cost of good sold:
    Opening stock 4,000
    Purchases 17,000
    Carriage in 50
    21,050
    Less: Closing stock (7,000)
    Returns out (500)
    Cost of good sold (13,550)
    Gross profit 17,250
    Less:increase in bad debt provision (100)

    Less expenses:
    Salaries (7,900+256) 8156
    Carriage out 200
    Electricity (2,050+70) 2120
    Insurance (500-120) 380
    Sundry expense 130
    Stationery 250
    Discount allowed 100

    Total expenses 11’336


    Netprofit 5,814
    New millennium
    Statement of financial positions as at 31st dec,2018
    $ $
    Assets
    Fixed assets
    Plant and machinery 3,000
    Furniture 1,400
    4,400

    Current asset:
    Closing stock 7,000
    Debtors 5,000
    Less provision for bad debts (500) 4,500
    Prepaid insurance 120
    Accured commission 200
    Cash at bank 840
    Cash in hand 30
    Total asset 12,690

    Liabilities:
    Loan-short term 1,000
    Accured-eclectricity 70
    Salaries payable 256
    Creditors 5,500
    Total liablilities (6826)
    10,264

    Equity:
    Capital 6,450
    Net income 5,814
    Less drawings ( 2,000)
    Total liabilities and equity 10,624

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