13.

6
M. McKee
Statement of Profit & Loss for the year ended 31 December 20x9

Sales
Less:Cost of sales
Purchases
Less: Closing Inventory
Gross Profit

Less: Expenditure
General Expenses
Salaries
Motor expenses
Lighting and heating
Insurance
Rent

Profit for the year

Statement of Financial Position as at 31 December 20x9

ASSETS
Non-current assets
Buildings
Motor vehicles
Fixtures

Current assets
Inventories
Trade receivables
Bank
Total Asset

OWNER'S EQUITY & LIABILITIES

Owner's capital
Balance as at 1st January
Add: Profit for the year
Less: Drawings
Balance at 31 December 20X9

Current liabilities
Trade payable
Total Equity&Liabilities
1 Statement of profit or loss account for the year ended ???
$ $
Sales Revenue (Cr) 18000 Dr. Trade debtor/cash/bank Cr. Sales
- Returns Inward (Dr) -1500 Dr. Sales return/returns inward, Cr. Trade debto
16500
Less: cost of sales (from sales)
Opening Stock 1000
+ Purchases 12000
- Returns Outward -500
+ Carriage Inward/cost of purchases 900
- Closing Stock -1500
Cost of sales -11900
Gross profit 4600
+ Discount Received 1000
5600
Less: expenditure
Carriage Outward -200
Net profit 5400
h/bank Cr. Sales
rns inward, Cr. Trade debtor
13.10
J. Peters
Statement of Profit & Loss for the year ended 30 September 20x9

Sales
Less: Return inwards
Net sales

Cost of sales
Opening stock 1.10.x8
Purchases
Less: Return outwards
Add: Carriage inwards
Less: Closing stock 30.9.20x9
Total Cost of sales
Gross profit
Add:
Interest Received
Rent received
Total incomes

Less: expenditure
Carriage outwards
Interest paid
Repairs to buildings
Plant hire charges
Bank charges
Net profit

Statement of Financial Position as at 30 September 20x9

ASSETS
Non-current assets
Land and buildings
Plant & machinery
List Investments

Current assets
Stock
Trade receivable
Cash
Total assets - owned by the business

EQUITY & LIABILITIES

Owner's capital
Balance at 1.10.x8
Add: Profit
Less: Drawings
Balance at 30.9.x9

Long term liabilities

Loan from A. Drew

Current liabilities
Trade payable
Bank overdraft
Total Equity & Liabilities - financing
 Sales
Date Dr $ Date

Cash
Date Dr $ Date

0
1.4.x9 balance b/d 1492

Purchases
Date Dr $ Date

Trade receivable
Date Dr $ Date
31/3/x9 Balance b/d 28560 31/3/x9
Sales 4000
32560
1.4.x9 Balance b/d 32560

Carriage on sale / outwards

Date Dr $ Date

Bank
Date Dr $ Date

0
1/4/x9

Motor vehicles
Date Dr $ Date

Furniture & fittings

Date Dr $ Date

Statement of Profit & Loss for the year ended 31 March 20x9
$ $
Sales 189560
Less: Return inwards -560
Net sales 189000

Cost of sales
Opening stock 1.4.x8 28590
Purchases 125560
Less: Return outwards -302
Add: Carriage inwards 200
Less: Closing stock 31.3.x9 -35650
Total Cost of sales -118398
Gross profit 70602
Add:
Rent received 200
Total incomes 70802

Less: expenditure
Carriage outwards 546
Sundry expenses 1090
Office expenses 560
Insurance 525
Wages and expenses 4580
Telephone 1250
Rent 2500
Rates 1250
Motor expenses 569
-12870
Net profit 57932

Statement of Financial Position as at 30 September 20x9

ASSETS
Non-current assets
Land and buildings 230000
Motor vehicles 12500
Furniture & fittings 5365
247865
Current assets
Stock 35650
Trade receivable 28560
Cash 12
Total assets - owned by the business 312087

EQUITY & LIABILITIES

Owner's capital
Balance at 1.4.x8 178907
Add: Profit 57932
Less: Drawings -5562
Balance at 31.3.x9 231277

Current liabilities
Trade payable 48560
Bank overdraft 32250
Total Equity & Liabilities - financing 312087
 Cr $

Cr $

es
Cr $

vable
Cr $ -
Balance c/d 32560

32560

/ outwards
Cr $

Cr $

0
Balance c/d 0

icles
 Cr $

fittings
Cr $