| |
Solution 11.4 – Sam Wilson
Trading, Profit
& Loss Account for year ended 30 April 2004
|
|
€ |
€ |
€ |
|
Sales |
|
2,320,000 |
|
|
Sales
returns |
|
(42,000) |
2,278,000 |
|
Less
cost of Goods sold |
|
|
|
|
Opening
stock |
|
77,000 |
|
|
Purchases |
1,580,000 |
|
|
|
Purchases returns |
(25,000) |
|
|
|
Drawings |
(4,000) |
|
|
|
carriage inwards |
24,000 |
1,575,000 |
|
|
Closing
stock |
|
(75,000) |
(1,577,000) |
|
Gross
Profit |
|
|
701,000 |
|
Add
gains |
|
|
|
|
Discount received |
|
15,000 |
|
|
Reduction in provision for bad debts |
|
250 |
|
|
Rent receivable (24+3) |
|
27,000 |
42,250 |
|
Less
expenses |
|
|
|
|
Wages and salaries |
|
125,000 |
|
|
Admin expenses (118 + 9) |
|
127,000 |
|
|
Rent (60-8) |
|
52,000 |
|
|
Repairs (12-2) |
|
10,000 |
|
|
Discount allowed |
|
22,000 |
|
|
Carriage out |
|
18,000 |
|
|
Utility costs (15 + 1) |
|
16,000 |
|
|
Bad debts |
|
10,000 |
|
|
Provision for discount (2% x 166.25) |
|
3,330 |
|
|
Provision for depreciation -furniture & fittings |
|
93,000 |
|
|
Provision for depreciation -plant and equipment |
|
82,000 |
|
|
Provision for depreciation -vehicles |
|
80,000 |
638,330 |
|
Net
profit |
|
|
104,920 |
Balance Sheet
as at 30 April 2004
|
|
€ |
€ |
€ |
|
Fixed
assets |
Cost |
Acc Dep |
NBV |
|
Furniture
& Fittings |
450,000 |
(403,000) |
47,000 |
|
Plant
and equipment |
820,000 |
(552,000) |
268,000 |
|
Vehicles |
320,000 |
(280,000) |
40,000 |
|
|
1,590,000 |
(1,235,000) |
355,000 |
|
Current
assets |
|
|
|
|
Stock |
|
75,000 |
|
|
Debtors |
185,000 |
|
|
|
Less
bad debts |
(10,000) |
|
|
|
Less
provision for bad debts |
(8,750) |
|
|
|
Less
provision for discount |
(3,330) |
162,920 |
|
|
Rent
receivable |
|
3,000 |
|
|
Prepayments
|
|
8,000 |
|
|
|
|
248,920 |
|
|
Current
liabilities |
|
|
|
|
Creditors |
112,000 |
|
|
|
Accruals
(1 + 9) |
10,000 |
|
|
|
Bank |
5,000 |
(127,000) |
121,920 |
|
|
|
|
476,920 |
|
Financed
by |
|
|
|
|
Capital
|
|
|
390,000 |
|
Net
profit |
|
|
104,920 |
|
Drawings
(12 + 2 + 4) |
|
|
18,000 |
|
|
|
|
476,920 |
|