| |
Solution 6.5 – Mike McDonald
Trading and Profit and Loss Account for year ended 31 December
2005
| |
€ |
€ |
|
€ |
|
Sales |
|
|
|
452,728 |
|
Less cost
of sales |
|
|
|
|
|
Opening stock |
|
15,600 |
|
|
|
Purchases |
150,456 |
|
|
|
|
+ Carriage
in |
8,900 |
|
|
|
|
- Returns
out |
(12,300) |
147,056 |
|
|
|
Less closing
stock |
|
(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 |
Balance sheet as at 31 December 2005
| |
€ |
€ |
€ |
|
Fixed 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 |
|
| |
|
|
|
|
Current Liabilities |
|
|
|
|
Creditors |
70,000 |
(70,000) |
26,410 |
| |
|
|
|
|
Long Term
Liabilities |
|
|
|
|
Loan |
|
|
(100,000) |
| |
|
|
259,098 |
| |
|
|
|
|
Financed by |
|
|
|
|
Capital |
|
|
200,000 |
|
Profit &
loss |
|
|
94,098 |
|
Drawings |
|
|
(35,000) |
| |
|
|
259,098 |
|