| |
Solution 11.3 – Robert Casey
Trading, Profit & Loss Account for year ended 31 August
2003
|
|
€ |
€ |
|
Sales |
3,335,000
|
|
|
Sales
returns |
(65,000) |
3,270,000 |
|
Less
cost of goods sold |
|
(2,295,000) |
|
Gross
Profit |
|
975,000 |
|
Discount
received |
27,000 |
|
|
Reduction
in provision for bad debts |
500 |
|
|
Rent
receivable (36 + 3) |
39,000 |
66,500 |
|
Less
expenses |
|
|
|
Wages
and salaries |
178,000 |
|
|
Admin
expenses (177 + 9) |
186,000 |
|
|
Rent
|
90,000 |
|
|
Repairs |
18,000 |
|
|
Discount
all |
33,000 |
|
|
Carriage
out |
38,000 |
|
|
Provision
for discount (2% x 256.5) |
5,130 |
|
|
Provision
for depreciation -furniture & fittings |
52,500 |
|
|
Provision
for depreciation -plant & equipment |
164,000 |
(764,630) |
|
Net
profit |
|
276,870
|
Balance Sheet
as at 31 August 2003
|
|
€ |
€ |
€ |
|
Fixed
assets |
Cost
|
Acc Dep |
NBV |
|
Furniture
& Fittings |
450,000 |
(292,500) |
157,500 |
|
Plant
and equipment |
820,000 |
(464,000) |
356,000 |
|
|
1,270,000 |
(756,500) |
513,500 |
|
Current
assets |
|
|
|
|
Stock |
|
75,000 |
|
|
Debtors |
270,000 |
|
|
|
Less
provision for bad debts |
(13,500) |
|
|
|
Less
provision for discount |
( 5,130) |
251,370 |
|
|
Rent
receivable |
|
3,000 |
|
|
|
|
329,370 |
|
|
Current
liabilities |
|
|
|
|
Creditors |
168,000 |
|
|
|
Accruals |
9,000 |
|
|
|
Bank |
7,000 |
(184,000) |
145,370 |
|
|
|
|
658,870 |
|
Financed
by |
|
|
|
|
Capital
|
|
|
400,000 |
|
Net
profit |
|
|
276,870 |
|
Drawings |
|
|
(18,000) |
|
|
|
|
658,870 |
|