Essay About Statement Of Profit And Year58,272Statement Of Financial Position

Statement of Profit and Loss
Statement of Profit and Loss
E19.2Statement of profit and loss for B Good for the year ended 31 March 20X3££Sales revenue189,560Returns inward(560)189,000Cost of goods soldOpening inventory28,590Purchases125,560Carriage inwards200Returns outward(302)125,458154,048Closing inventory(35,650)118,398Gross profit70,602Rent income30070,902Less: expensesSalaries4,980General expenses1,200Motor expenses569Office expenses560Telephone1,250Rates1,000Carriage outward546Insurance525Rent2,00012,630Profit for the year58,272Statement of financial position for B. Good as at 31 March 20X3ASSETSNon-current assets££Buildings230,000Fixtures5,365Motor vans12,500247,865Current assetsInventories35,650Trade receivables28,560Prepayment750Income receivable100Cash1265,072312,937EQUITY AND LIABILITIESOwners equity Capital178,907Profit for the year58,272237,179Drawings(5,562)231,617Current liabilitiesTrade payables48,560Accrual510Overdraft32,25081,320Total equity and liabilities312,937E19.3Statement of profit and loss for Cara Van for the year ended 31/12/20X2£££Sales revenue131,040Sales returns(1,310)129,730Cost of salesOpening inventory42,120Purchases74,700Purchase returns(747)73,953116,073Closing inventory(33,990)82,083Gross profit47,647Discount received42648,073Less: ExpensesWages18,910Heat & light1,234Stationery & postage268Carriage outwards1,446Insurance1,598Rent & rates3,300General expenses1,46028,216Profit for the period19,857