HELLEN MUKAMI BBIT/2018/39179

BED 1201 FINANCIAL ACCOUNTING II CAT 1

a)
KIRUI LIBE AND MACA
INCOME STATEMENT FOR THE YEAR ENDED 31.DEC.2018

SH SH SH
Sales 14,755,200.00
Returns Inwards (76,800.00) 14,687,400.00
LESS C O D
Opening Stock 1,262,400.00
Add: Purchases 10,644,480.00
Add :Carriage Inwards 60,960.00
Less: Return Outwards (27,840.00) 10,677,600.00
11,940,000.00
Less :Closing Stock (194,880.00) (9,991,200.00)
GROSS PROFIT 4,687,200.00
LESS EXPENSES
Rates And Rent 652,800.00
Less Repayment (42,240.00) 600,560.00
Depreciation : Shop Fixtures 168,000.00
: Furniture 14,400.00
Selling Expenses 23,040.00 25,800.00
Add. Accruals 2,760.00
Bad Debtors 7,200.00
Increase In Provision For Bad Debtors 49,440.00
Carriage Outwards 149,760.00
Staff Salaries 1,696,800.00
General Expenses 311,040.00
Insurances 152,160.00 (3,185,160.00)
1,502,040.00
all interest on drawings: KIRUI 25,563.00
LIBE 18,242.00
MACA 12,121.00 (55,926.00)
1,557,966.00
LESS APPROPRIATIONS
interest on capital: KIRUI 120,000.00
LIBE 96,000.00
MACA 72,000.00 (288,000.00)
salary MACA (24,000.00)
profit to be shared 1245966
Profit shares : KIRUI 311491.5
LIBE 622983
MOCO 311.491.50 (1,245,966.00)
…………………
 HELLEN MUKAMI BBIT/2018/39179
BED 1201 FINANCIAL ACCOUNTING II CAT 1

Partners: Current Account

DETAILS KIRUI LIBE MACA DETAILS KIRUI LIBE MACA

Drawing 1022520 729680 484840 Bal/b/f 96000 52800 29040
Interest on 25563 18242 12121 Interest on 120000 96000 72000
drawings capital
Satory 24000
Bal C/D Profit share 315491.30 622983 315491.50
________ 23861 ________ Bal C/D 520591.5 _______ 61429.50
1048083 791783 496961 1048083 791783 496961

KIRUI LIBE AND MACA

b) STATEMENT OF FINANCIAL AS AT 31.DEC2018

ksh Ksh ksh

NON-CURRENT ASSETS COST ACC.DEP NBV
Shop Fixtures 1,680,000 (408,000) 1,272,000
Office Furniture 72,000 (38,400) 33,600
0 446,400 1,305,600

CURRENT ASSETS
Closing Stock 1,948,800
Debtors 3,479,040
Less Bad Debts (7,200)
Less Provision for Bad Debtors (80640) 3,391,200
Prepaid Rates 42,240
5,382,240
LESS : CURRENT LIABILITIES

Creditors 1,105,440
Bank overdraft 376,800
Accruals 2,760 (1,485,000) 3,897,240
5,202,840
Financed by :
CAPITAL: KIRUI 2,400,000
LIBE 1,920,000
MACA 1,440,000 5 % 60,000

CURRENT ACCOUNT : KIRUI (520,591.50)

LIBE 23,861
MACA (61,420.50) (558,160)
5,202,840