Solution 6.5 – Mike McDonald
Income Statement for year ended 31 December
|
|
€ |
€ |
|
€ |
|
Revenue/Sales |
|
|
|
452,728 |
|
Less cost of sales |
|
|
|
|
|
Opening Inventory |
|
15,600 |
|
|
|
Purchases |
150,456 |
|
|
|
|
+ Carriage in |
8,900 |
|
|
|
|
- Returns out |
(12,300) |
147,056 |
|
|
|
Less closing inventory |
|
(10,250) |
|
|
|
Cost of sales |
|
|
|
(152,406) |
|
Gross profit |
|
|
|
300,322 |
|
Less Expenses |
|
|
|
|
|
Wages & salaries |
|
102,763 |
|
|
|
Motor expenses |
|
20,000 |
|
|
|
Rent |
|
40,152 |
|
|
|
Rates |
|
15,689 |
|
|
|
Insurance |
|
15,000 |
|
|
|
Marketing & sales |
|
4,520 |
|
|
|
Office expenses |
|
5,200 |
|
|
|
Sundry expenses |
|
2,900 |
|
(206,224) |
|
Net Profit |
|
|
|
94,098 |
Statement of Financial Position as at 31 December
|
|
€ |
€ |
€ |
|
Non-Current Assets |
|
|
|
|
Furniture |
|
|
85,300 |
|
Equipment |
|
|
80,309 |
|
Adventure equipment |
|
|
167,079 |
|
|
|
|
332,688 |
|
Current Assets |
|
|
|
|
Stock |
10,250 |
|
|
|
Debtors |
40,000 |
|
|
|
Cash |
1,160 |
|
|
|
Bank |
45,000 |
|
96,410 |
|
|
|
|
429,098 |
|
Liabilities & Capital Current Liabilities |
|
|
|
|
Creditors |
70,000 |
|
70,000 |
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
Loan |
|
|
100,000 |
|
|
|
|
|
|
Capital |
200,000 |
|
|
|
Capital |
94,098 |
|
|
|
Profit & loss |
(35,000) |
|
259,098 |
|
Drawings |
|
|
|
|
|
|
|
429,098 |