FORMAT - FINANCIAL STATEMENT

Statement of Profit and Loss for the year ending 31 December 20XX

Sales/ Revenue x
less Sales return / Return Inward (x)
Net sales x
less Cost of Goods Sold
Opening Inventory x
Purchases x
less Purchases return / Return Outward (x)
Net purchases x
Carriage Inward / Freight In x
Custom Duties x
x
less Closing Inventory (x) x/(x)
Gross Profit / (Gross Loss) x/(x)

add OTHER INCOME

Discount Received x
Rental income x
Commission received x
Gain on disposal of non-current asset x
Interest from investment x
Reduction in allowance for doubtful debt x x
x
less EXPENSES
Salary & wages x
Utilities x
Bank charges x
Discount allowed x
Advertising x
Carriage outward x
Depreciation for the year x
Travelling charges x
Rental x
Stationeries x
Insurance x
Loss on disposal of non-current asset x
Bad debts x
Increase in allowance for doubtful debt x x
Net Profit / Net Loss x/(x)
 Statement of Financial position as at XXXX

Current Assets
Cash at bank xx
Petty cash / cash in hand xx
Debtors/ Receivables xx
less Allowance for doubtful debts (x) xx
Closing inventories xx
Accrued Income/ Income Receivables xx
Prepaid expenses xx
Total Current Assets xx

Non Current Asset

Plant and equipment - cost x
less Accumulated depreciation - plant and equipment (x)
Carrying amount x
Furniture & Fittings - at cost x
less Accumulated depreciation - furniture and fittings (x)
Carrying amount x
Motor vehicle x
less Accumulated depreciation - motor vehicle (x)
Carrying amount x

Intangible assets
Patents x
Goodwill x
Trademarks x xx

Total Assets XXX

CURRENT LIABILITIES
Creditors/Account Payables xx
Bank Overdraft xx
Short term loan xx
Unearned revenue xx
Accrued expenses/ Expenses Payables xx
xx
Non Current Liabilities
Mortgage Loan xx
Term loan xx xx

Owners Equity
Capital xx
Net Profit / (Net Loss) xx/(xx)
xx
Less Drawings (xx)
Total Equity XX
Total Liabilities and Owner's equity XXX