FORMAT OF THE TRADING, PROFIT & LOSS ACCOUNT OF A SOLE

TRADER

John Brown
Trading & Profit & Loss Account (Income Statement)
For the year ended December 31, 2017
    $ $ $
XXXX
  Sales   X  
LESS Returns Inwards   XX  
  NET SALES     XXXXX
LESS Costs of Goods Sold:      
  Opening Stock   XXX  
XXX
 ADD Purchases X    
 ADD Carriage inwards XX    
XXX
  TOTAL PURCHASES  X    
 LESS Returns outwards XX    
  NET PURCHASES   XXXX  
COSTS OF GOODS AVAILABLE FOR XXXX
  SALE   X  
LESS Closing Stock   XXX  
  (COST OF GOODS SOLD)     XXXX
  GROSS PROFIT     XXXXX
ADD REVENUES: FOR EXAMPLE :      
  Dis. Received   XXX  
  Rent Receivable   XXX  
  Reduction in the provision for bad debt   XX  
  TOTAL REVENUE     XXX
  TOTAL GROSS PROFIT     XXXXX
LESS EXPENSES. FOR EXAMPLE:      
Discount Allowed XX
  (Salaries – salary prepaid)   XX  
Carriage Outwards
  ( Rent + Rent owing)   XX  
  Commission Payable   XX  
  Bad Debt   XX  
  Loan Interest   XX  
  Bank Charges   XX  
  TOTAL EXPENSES     XXX
  NET PROFIT     XXXX
         

FORMAT OF A SOLE TRADER BALANCE SHEET

John Brown
 Balance Sheet (Statement of Financial Position)
As at December 31, 2017
Accumulate Book
d value $
Cost $
depreciation
$
FIXED ASSETS    
Premises XXXX XX XXX
Fixtures & fittings XXXX XX XXX
Motor Vehicle XXXX XX XXX
XXXX
Total Fixed Assets X XXX XXXX
CURRENT ASSETS    
Stock (closing)   XXXX  
Debtors XXX  
Less Provision for Bad debts xx XXX  
Expenses Prepaid   XXX  
Revenue Accrued/owing   XX  
Bank   XXX  
Cash   XXX  
Total Current Assets   XXXXX  
CURRENT LIABILITIES    
Creditors XXX  
Revenue Prepaid XX  
Bank overdraft XXX  
Expenses Accruals XX  
Total Current Liabilities   XXXX  
WORKING CAPITAL/NCA   XXXX
NET ASSETS   XXXXX
Financed by:    
Opening Capital   XXXX
Add Net Profit/Less Net Loss   XXXX
  XXXXX
Less Drawings   XXX
Closing Capital   XXXX
LONG TERM LIABILITIES    
Long term loan   XXX  
Mortgage   XXX  
Total Long term Liabilities   XXXX
CAPITAL EMPLOYED   XXXXX