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  • AUS Practice Set - Profit and Loss

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    The document is a profit and loss statement for July 2020 that compares actual results to budget. It shows total trading income of $6,000 matching budget with no variance. Total operating expenses were $6,653, under budget by $909 or -14% mainly due to rent being $0 actual versus a budgeted $909. This led to a net loss of $1,853, an improvement over the budgeted loss of $2,762.

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    AUS_Practice_Set_-_Profit_and_Loss

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    The document is a profit and loss statement for July 2020 that compares actual results to budget. It shows total trading income of $6,000 matching budget with no variance. Total operating expenses were $6,653, under budget by $909 or -14% mainly due to rent being $0 actual versus a budgeted $909. This led to a net loss of $1,853, an improvement over the budgeted loss of $2,762.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    2 views1 page

    AUS Practice Set - Profit and Loss

    Uploaded by

    banana
    The document is a profit and loss statement for July 2020 that compares actual results to budget. It shows total trading income of $6,000 matching budget with no variance. Total operating expenses were $6,653, under budget by $909 or -14% mainly due to rent being $0 actual versus a budgeted $909. This led to a net loss of $1,853, an improvement over the budgeted loss of $2,762.

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    © All Rights Reserved
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    Profit and Loss

    AUS Practice Set


    For the month ended 31 July 2020
    OVERALL VARIANCE TO VARIANCE TO
    JUL 2020
    BUDGET BUDGET $ BUDGET %

    Trading Income
    Sales 6,000 6,000 - -
    Total Trading Income 6,000 6,000 - -

    Cost of Sales
    Cost of Goods Sold 1,200 1,200 - -
    Total Cost of Sales 1,200 1,200 - -

    Gross Profit 4,800 4,800 - -

    Operating Expenses
    Bank Fees 5 5 - -
    Depreciation 30 30 - -1%
    Insurance 100 100 - -
    Light, Power, Heating 436 436 - 0%
    Rent - 909 (909) -
    Telephone & Internet 82 82 - 0%
    Wages and Salaries 6,000 6,000 - -
    Total Operating Expenses 6,653 7,562 (909) -14%

    Net Profit (1,853) (2,762) 909 -49%

    Profit and Loss AUS Practice Set

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