Name: Nurul Ain Fatihah Binti Yusni

Student ID: 20200293

28.11

John Brown

Statement of Profit and Loss for the year ending 31 December 2017
£ £ £
Sales 400,000
Less: Return inwards 5,000
Net sales 395,000

Less: Cost of goods sold

Opening inventory 100,000
Add: Purchases 350,000
Less: Return outwards 6,200
Net Purchases 343,800
443,800
Less: Closing inventory 120,000
323,800
Gross profit 71,200

Less: Expenses
Wages and salaries (30,000+5,000) 35,000
Rates (6,000-500) 5,500
Telephone (1,000+220) 1,220
Allowance for doubtful debts (980-800) 180
Bad debts 200
Depreciation: Shop fittings (10% x 40,000) 4,000
Depreciation: Van (20% x 30,000) 6,000
52,100
Net Profit 19,100
 John Brown

Statement of Financial Position for the year ending 31 December 2017

£ £ £
Non-current assets
Shop fittings 40,000
Less: Depreciation 4,000
36,000
Van 30,000
Less: Depreciation 6,000
24,000
60,000
Current assets
Closing inventory 120,000
Prepaid expenses 500
Bank 3,000
Account receivable 9,800
Less: Allowance for doubtful debts 980
8,820
132,320
192,320

Less: Current liabilities

Accrued expenses (5,000+220) 5,220
Account payable 7,000
12,220
180,100

Financed by:
Capital 179,000
Add: Net profit 19,100
Less Drawings 18,000
180,100
28.12A

Mr. Yousef

Statement of Profit and Loss for the year ending 31 May 2016
£ £ £
Sales 138,078
Net sales 138,078

Less: Cost of goods sold

Opening inventory 11,927
Purchases 82,350
Add: Carriage inwards 2,211
96,488
Less: Closing inventory 13,551
82,937
Gross profit 55,141

Less: Expenses
Salaries and wages 26,420
Rent, rates and insurance (6,622+210-880) 5,952
Carriage outwards 2,933
Advertising 1,330
Postage and stationery 3,001
Bad debts 877
Allowance for doubtful debts 40
Equipment (15% x 58,000) 8,700
49,253
Net profit 5,888
 Mr. Yousef

Statement of Financial Position for the year ending 31 May 2016

£ £ £
Non-current assets
Equipment 58,000
Less: Depreciation per annum (19,000 + 8,700) 27,700
30,300

Current assets
Closing inventory 13,551
Prepaid expenses 880
Cash 177
Bank 1,002
Account receivable 12,120
Less: Allowance for doubtful debt 170
11,950
27,560
57,860

Less: Current liabilities

Accrued expenses 210
Account payable 6,471
6,681
51,179

Financed by:
Capital 53,091
Add: Net profit 5,888
Less: Drawings 7,800
51,179
28.13

Mr. Chai

Statement of Profit and Loss for the year ending 30 April 2014
£ £ £
Sales 259,870
Less: Return inwards 5,624
Net sales 254,246

Less: Cost of goods sold

Opening Inventory 15,654
Add: Purchases 135,680
Less: Return outwards 13,407
Net Purchases 122,273
Add: Carriage inwards 11,830
149,757
Less: Closing inventory 17,750
132,007
Gross profit 122,239

Add: Discount received 1,750

Total income 123,989

Less: Expenses
Salaries and wages 38,521
Rent, rates and insurance (25,973-1,120-5435) 19,418
Heating and lighting (11,010+1360) 12,370
Postages and telephones 2,410
Advertising 5,980
Bad debts 2,008
Depreciation 12,074
Allowance for doubtful debt (735-512) 223
Discount allowed 2,306
Carriage outwards 4,562
99,872
Net Profit 24,117
 Mr. Chai

Statement of Financial Position for the year ending 30 April 2014

£ £ £
Non-current assets
Fixtures and fittings 120,740
Less: Provision for depreciation 63,020
57,720

Current assets
Closing inventory 17,750
Prepaid expenses (1,120+5,435) 6,555
Cash 534
Bank 4,440
Account receivable 24,500
Less: Allowance for doubtful debts 735
23,765
53,044
110,764

Less: Current liabilities

Accrued expenses 1,360
Account payable 19,840
21,200
89,564

Financed by:
Capital 83,887
Add: Net profit 24,117
Less: Drawing 18,440
89,564