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  • 13 Jan 21 P&L Account

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    Vikhyat Agarwal
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    Chan's Bike Hire Co. had $200,000 in sales turnover for the year ending March 31, 2018, with $50,000 in cost of goods sold, resulting in a gross profit of $150,000. After $20,000 in expenses and $10,000 in interest, the company had a net profit before tax of $120,000. After paying $20,000 in tax, the net profit after interests and tax was $100,000, with $35,000 paid out in dividends and $65,000 retained as profit.

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    Chan's Bike Hire Co. had $200,000 in sales turnover for the year ending March 31, 2018, with $50,000 in cost of goods sold, resulting in a gross profit of $150,000. After $20,000 in expenses and $10,000 in interest, the company had a net profit before tax of $120,000. After paying $20,000 in tax, the net profit after interests and tax was $100,000, with $35,000 paid out in dividends and $65,000 retained as profit.

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    317 views2 pages

    13 Jan 21 P&L Account

    Uploaded by

    Vikhyat Agarwal
    Chan's Bike Hire Co. had $200,000 in sales turnover for the year ending March 31, 2018, with $50,000 in cost of goods sold, resulting in a gross profit of $150,000. After $20,000 in expenses and $10,000 in interest, the company had a net profit before tax of $120,000. After paying $20,000 in tax, the net profit after interests and tax was $100,000, with $35,000 paid out in dividends and $65,000 retained as profit.

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    © All Rights Reserved
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    of 2

    Profit-Loss Account for Chan’s Bike Hire Co.

    for year ending 31-March-2018


    $

    Sales turnover 200,000

    Cost of goods sold 50,000

    Gross profit 150,000

    Expenses 20,000

    Net profit before 130,000


    interests and tax
    Interest 10,000
    Net profit before tax 12000
    Tax 20,000

    Net profit after 100,000


    interests and tax
    Dividends 35,000

    Retained Profit 65,000

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