Solution 11.1 - Gary Dunne
Income Statement for year ended 31 January
|
|
€ |
€ |
€ |
|
Sales |
|
|
330,231 |
|
Less cost of Goods sold |
|
|
|
|
Opening inventory |
|
10,900 |
|
|
Purchases |
102,763 |
|
|
|
Carriage inwards |
10,152 |
112,915 |
|
|
Closing inventory |
|
(12,000) |
(111,815) |
|
Gross Profit |
|
|
218,416 |
|
Wages and salaries (78,456 + 2,300) |
80,756 |
|
|
|
Motor expenses |
|
12,356 |
|
|
Rent (59,400 -4,000) |
|
55,400 |
|
|
Rates |
|
12,456 |
|
|
Bad debts |
|
560 |
|
|
Insurance |
|
15,000 |
|
|
Sundry expenses |
|
4,520 |
|
|
Light and heat |
|
12,564 |
|
|
Loan Interest (8% x 21,300) |
|
1,704 |
|
|
Provision for bad debts |
|
1,000 |
|
|
Provision for depreciation Office furniture |
7,000 |
|
|
|
Provision for depreciation Office fittings |
4,000 |
|
|
|
Provision for depreciation Equipment |
7,012 |
(214,328) |
|
|
Net profit |
|
|
4,088 |
Statement of Financial Position as at 31 January
|
|
|
€ |
€ |
€ |
|
||||
|---|---|---|---|---|---|---|---|---|---|
|
|
Non-current assets |
Cost |
Acc Dep |
NBV |
|
||||
|
|
Office furniture |
56,000 |
(27,000) |
29,000 |
|
||||
|
|
Office fittings |
40,000 |
(28,000) |
12,000 |
|
||||
|
|
Office equipment |
70,120 |
(42,622) |
27,498 |
|
||||
|
|
|
166,120 |
(97,622) |
|68,498| |
|
||||
|
|
Current assets |
|
|
|
|
||||
|
|
Inventory |
|
12,000 |
|
|
||||
|
|
Accounts receivable |
50,309 |
|
|
|
||||
|
|
Less provision for bad debts |
(1,000) |
49,309 |
|
|
||||
|
|
Prepayments |
|
4,000 |
|
|
||||
|
|
Bank |
|
18,000 |
|
|
||||
|
|
|
|
83,309 |
83,309 |
|
||||
|
|
Total Assets |
|
|
151,807 |
|||||
|
|
Capital and Liabilities |
|
|
|
|
||||
|
|
Capital |
|
|
98,715 |
|
||||
|
|
Net profit |
|
|
4,088 |
|
||||
|
|
Drawings |
|
|
(12,300) |
|
||||
|
|
|
|
|
90,503 |
|
||||
|
|
Long -term liabilities |
|
|
21,300 |
|
||||
|
|
Current Liabilities |
|
|
|
|
||||
|
Accruals |
|
4,004 |
|
|
|||||
|
Accounts payable |
|
36,000 |
40,004 |
|
|||||
|
|
|
|
|
151,807 |
|
||||