STATEMENT OF COMPREHENSIVE INCOME (For the year ended 31 December, 2017)

Sales Revenue (13,700,000 - 30000)

Cost of Sales
Gross Profit
Depreciation (4800000 / 20 years)
Amortization on patents
Bad Debt Expense
Operating Expenses
Capitalized Development Expense (2400000/10)
Profit before interest and taxes
Interest Expense
Profit before tax
Tax Expense (assuming 30% Tax rate)
Profit after tax
Add: Gain from the sale proceeds of plant
Less: Loss on revaluation of assets (5270000 - 4800000)
Total Comprehensive income attribuitable to shareholders
he year ended 31 December, 2017)
in Pounds
13,670,000 Accounts Receivable
9,200,000 Age in days
4,470,000 30-60
240000 30-60
42000 60-120
267375
282000 Over 120
240000
4,188,000 Total
50000
4,138,000
2606940
1,531,060
30,000
470000
1,091,060
Accounts Receivable 3450000
Trade Receivable balance Provision
60% of year-end balance 0.00% 0
20% of year-end balance 5.00% 34500
15% of year-end balance 20.00% 103500

5% of year-end balance 75.00% 129375

Total 267375
STATEMENT OF FINANCIAL POSITION (At the year ended 31 Dec 2017)
Assets
Current Assets in Pounds
Bank 1,350,000
Trade Receivables 3182625
Inventory 1,750,000
Total Current Assets 6,282,625
Non-Current Assets
Land 10000000
Property plant & equipment 52700000
Less: Accumulated Depreciation 3930000
Net: PP&E 48770000
Total Non-Current Assets 58770000
Toatal assets 20761060
Liabililities & Owners equity
Currrent Liabilities
Trade Payables 3450000
Total Current Liabilities 3450000
Non-Current Liabilities
10% Bank Loan Repayable 2020 450000
Total Current & Non-Current Liabilities 3900000
Ordinary Shares 25p each 1000000
Share Premium 600000
Retained Earnings (Including gains & losses) 15261060
Total Shareholders' Equity 16861060
Total Liabilities & Owners' equity 20761060
2017)

in Pounds
1,350,000
3182625
1,750,000
6,282,625

10000000
52700000
3930000
48770000
58770000
20761060

3450000
3450000

450000
3900000 Beg RE 13,700,000
1000000 Net income 1,531,060
600000 Gains 30000
15261060 Losses 470000
16861060 Ending RE 15,261,060
20761060