SOLE TRADER Final Accounts prepared:

• Trading & Profit & Loss Account/Income Statement

• Balance Sheet/Statement of Financial Position

Name of Business
Trading and Profit and Loss Account (Income Statement) for period/year/month ended (date)
$ $ $
Sales x
Less Returns Inwards x
Net Sales x
Less Cost of Goods Sold:
Opening inventory x
Add Purchases x
Add Carriage Inwards x
x
Less Returns Outwards x
Net Purchases x
Cost of goods available for sales x
Less Closing inventory x
X___
GROSS PROFIT X
Add Discount received x
Add Commission receivable x
Add Interest received x____
x
LESS EXPENSES:
Carriage outwards x
Discounts allowed x
Interest on loans x
Commissions payable x
Wages and salaries x
Electricity x
Insurance x
Rent and rates x
Heating x
Postage & Stationery x
Office expenses x
General expenses x
Miscellaneous expenses x
Sundry expenses x
Building expenses x
Motor Vehicle expenses x
Communication expenses x
Telephone expenses x
Lighting expenses x
Total expenses x
NET PROFIT X
SOLE TRADER

Name of Business
Statement of Financial Position (Balance Sheet) as at (date)

Non-current Assets
$
Land x
Premises x
Motor Vehicles x
Furniture & Fittings x
Machinery & Equipment x
x
Current Assets
Inventory x
Accounts receivable x
Bank x
Cash x
x
Less Current Liabilities
Accounts payable x
Bank overdraft x
Loans (less than a year) x
x
Net current assets/working capital x
x
Less Long term liabilities
Long term loan x
Mortgage x
(x)
Net Assets/Capital Employed x

Financed by:
Capital at start x
Add net profit x
x
Less Drawings x
Capital (at end or closing capital) x