| |
Solution
11.1 - Gary Dunne
Trading, Profit & Loss Account for year ended 31 January
2003
|
|
€ |
€ |
€ |
|
Sales |
|
|
330,231 |
|
Less
cost of Goods sold |
|
|
|
|
Opening
stock |
|
10,900 |
|
|
Purchases |
102,763 |
|
|
|
Carriage
inwards |
10,152 |
123,815 |
|
|
Closing
stock |
|
(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 (21,300 x 8%) |
|
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 |
Balance Sheet as at 31 January 2003
|
|
€ |
€ |
€ |
|
Fixed
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 |
|
|
|
|
Stock |
|
12,000 |
|
|
Debtors |
50,309 |
|
|
|
Less
provision for bad debts |
(1,000) |
49,309 |
|
|
Prepayments |
|
4,000 |
|
|
Bank |
|
18,000 |
|
|
|
|
83,309 |
|
|
Current
liabilities |
|
|
|
|
Creditors |
36,000 |
|
|
|
Accruals
(1704 + 2300) |
4,004 |
(40,004) |
43,305 |
|
Long
-term liabilities |
|
|
(21,300) |
|
|
|
|
90,503 |
|
Financed
by |
|
|
|
|
Capital
|
|
|
98,715 |
|
Net
profit |
|
|
4,088 |
|
Drawings |
|
|
(12,300) |
|
|
|
|
90,503 |
|