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    1) The document presents a statement of profit or loss for the year ended December 31, 2023 showing sales of TSHS 419,700 and net profit of TSHS 29,880. 2) It also shows a statement of financial position as of December 31, 2023 listing current assets of TSHS 154,800 including debtors of TSHS 111,000 and stock of TSHS 42,900. 3) Liabilities included short term liabilities of TSHS 107,000 and the statement was financed by capital of TSHS 72,000 and net profit of TSHS 29,880 less drawings of TSHS 28,800 for a total of T

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    1) The document presents a statement of profit or loss for the year ended December 31, 2023 showing sales of TSHS 419,700 and net profit of TSHS 29,880. 2) It also shows a statement of financial position as of December 31, 2023 listing current assets of TSHS 154,800 including debtors of TSHS 111,000 and stock of TSHS 42,900. 3) Liabilities included short term liabilities of TSHS 107,000 and the statement was financed by capital of TSHS 72,000 and net profit of TSHS 29,880 less drawings of TSHS 28,800 for a total of T

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    3 views2 pages

    Sales 2

    Uploaded by

    sompoyohana001
    1) The document presents a statement of profit or loss for the year ended December 31, 2023 showing sales of TSHS 419,700 and net profit of TSHS 29,880. 2) It also shows a statement of financial position as of December 31, 2023 listing current assets of TSHS 154,800 including debtors of TSHS 111,000 and stock of TSHS 42,900. 3) Liabilities included short term liabilities of TSHS 107,000 and the statement was financed by capital of TSHS 72,000 and net profit of TSHS 29,880 less drawings of TSHS 28,800 for a total of T

    Copyright:

    © All Rights Reserved
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    of 2

    A STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31STDECEMBER,2023

    TSHS TSHS
    SALES 419700
    LESS SALES RETURN 3100 411600
    COST OF GOODS SOLD
    OPENING STOCK 51600
    ADD: PURCHASES 224000
    : CARRIAGE INWARD 4600
    228600
    Less return outward 5700 222900
    COST OF GOODS AVAILABLE FOR SALE 274500
    LESS CLOSING STOCK 42900 231600
    GROSS PROFIT 180000
    ADD OTHER INCOME
    DISCOUNT RECEIVED 9300
    NET GROSS PROFIT 189300
    LESS OPERATING EXPENSES
    WAGES AND SALARIES (89000+2100) 91100
    OFFICE EXPENSES (4500+200) 4700
    PROVISION FOR DOUBTFUL DEBTS 1500
    DISCOUNT ALLOWED 14400
    CARRIAGE OUTWARD 21600
    DEPRECIATION:DELIVERY VAN 4320
    :OFFICE EQUIPMENT 4000
    BAD DEBTS 400
    RENT AND INSURANCE 17400 159420
    NET PROFIT 29880

    B
    STATEMENT OF FINANCIAL POSITION AS AT 31STDECEMBER, 2023
    TSHS TSHS TSHS
    NON-CURRENT ASSET COST DEPR NBV
    DELIVERY VAN 27000 9720 17280
    OFFICE FURNITURE 20000 12000 8000
    47000 21720 25280
    ADD CURRENT ASSET
    DEBTORS (119100-8100) 111000
    CASH 900
    STOCK 42900 154800
    180080
    LIABILITIES
    SHORT TERM LIABILITIES
    CREDITORS 61200
    BANK OVERDRAFT 43500
    WAGES AND SALARIES DUE 2100
    OFFICE EXPENSES DUE 200 107000
    FINANCED BY
    :CAPITAL 72000
    : NET PROFIT 29880
    101880
    : LESS DRAWINGS 28800 73080
    180080

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