MDAR Retailer

Income Statement

for the year ended 31 December 2011

Sh Sh Sh Sh

Opening Stock 30,816 Sales 120,320

Add Purchases 84,290 Less Sales Returns 1,384 118,936

Less Purchases Return 810 83,480

Add Carriage Inwards 309

COGAFS 114,605

Less Closing Stock 36,420

COGS 78,185

Gross Profit c/d 40,751

118,936 118,936

Less Expenses Gross Profit b/d 40,751

Motor Expenses 4,917 Add Revenue

Add Motor expenses 33 4,950 Discount Received 506

owing

Pay 16,184 Rent Receivable 250

Carriage Outwards 218 Reduction in Provision for 78 834

Bad Debts

Discount Allowed 410 41,585

Repairs to Premises 1,383

Sundry Expenses 807

Add sundry expenses 62 869

owing

Bad Debts 1,314

Rates and Insurance 2,896

Less prepaid rates and 166 2,730

insurance

Loan Interest 4,000

Depreciation: Motor 2,100

Net Profit 7,427

41,585 41,585

MDAR Retailer

Balance Sheet

as at 31 December 2011

Non-Current Assets SH SH SH

Premises at cost 40,000

Motor Vehicle at cost 11,160

Less Depreciation to date 5,960 5,200

45,200

Current Assets
Stock 36,420

Debtors 31,640

Less Provision for Bad Debts 580 31,060

Prepaid Expense 166

Revenue owing 250

Cash at bank 4,956

Cash in hand 48

72,900

Current Liabilities

Creditors 24,320

Expenses owing 4,095 28,415

Working Capital 44,485

89,685

Financed by

Balance as at 1 January 2011 50,994

Add Net Profit 7,427

58,421

Less Drawings 8,736

49,685

Non-Current Liability
Loan from P. Holland 40,000

89,685
2

CASHBOOK
Dr. Cr.
date particulars discount cash bank date particulars discount cash bank
5-01 Balance b/d 2,200 5-01 Balance b/d 365
5-05 A&CO 20 980 5-03 J&CO 15 1,200
5-07 Cash 980 5-07 Bank 980
5-15 Sales 2,350 5-10 Stationery 150
5-16 Cash 1,600 5-15 Purchases 1,300
5-21 Bank 650 5-16 Bank 1,600
5-24 S&SONS 1,560 5-18 Drawings 150
5-30 Sales 4,300 5-19 Purchases 1,650
5-31 Bank 1,470 5-21 Cash 650
5-31 Balance c/d 3,805 5-25 ALI INC 15 400
5-27 Furniture 390
5-29 Rent 450
5-31 Salaries 1,760
5-31 Cash 1,470
5-31 Balance b/d 7,380
Total 20 11,950 7,945 Total 30 11,950 7,945
Balance b/d 7,380 Balance b/d 3,805
1b

Dr. Cash Cr.

July 1 Capital 500,000 July 2 Rent 15,000
July 8 Income 32,000 July 12 Equipment 8,000
July 18 Debtor 15,00 July 15 Wages 6,200
July 28 Income 40,000 July 25 Creditor 12,000
July 28 Drawing 500
July 31 Salary 700
total 587,000 Balance c/f 587,000

Dr. Equipment’s Cr.

July 1 Capital 120,000
July 4 Creditor 12,000
July 12 cash 8,000 July 31 Balance c/f 140,000
Total 140,000 140,000

Dr. Creditors Cr.

July 25 Cash 12,000 July 4 Equipment 12,000
July 31 Balance c/f 5,600 July 31 PLDT 1,800
July 31 MERALCO 3,800

Total 17,600 Total 17,600

Dr. Rent Cr.

July 31 Cash 15,000
July 31 Balance c/f 15,000
15,000 15,000

Dr. Services Cr.

July 8 Cash 32,000
July 10 Debtor 27,000
July 30 Cash 40,000
July 30 Balance c/f 139,000 July 30 debtor 40,000
139,000 139,000
Dr. Debtors Cr.
July 10 Income 27,000 July 18 Cash 15,000
July 30 Income 40,000 Balance c/f 52,000
total 67,000 67,000

Dr. Salaries Cr.

July 15 Cash 6,200
July 31 Cash 700 July 31 Balance c/f 6,900
total 6,900 6,900

Dr. Drawings Cr.

July 28 Cash 500 July 31 Balance c/f 500
500 500

Dr. Utilities Cr.

July 31 Creditor 1,800 July 31 Balance c/f 1,800
1,800 1,800
1c.

TRIAL BALANCE FOR JUAN CRUZ FOR THE PERIOD ENDED 31ST JULY

Dr. Cr.
Equipment 140,000
Debtors 52,000
Cash 544,600
Capital 620,000
Creditors 5,600
Drawings 500
Income 139,000
Rent 15,000
Salaries & wages 6,900
utilities 5,600
764,600 764,600