Unit 2 P5
FOR NOTES AND GUIDLINE PURPOSES ONLY, COPYING THE WHOLE DOCUMENT WILL BE COPYWRITE. USE SENSIBLE.
Trading & Profit & Loss acc of J.Adams for 31 Dec 2010
£ £
Sales 259,688
Cost of sales
Opening stock 14,350
Add purchases 114,472
less clossing stock 16,280
112,542
Gross profit 147,146
Less expenses
Salaries and wages 42,614
Rent and rates 13,718
Advertising 6,341
Heating and lighting 12,540
Vehicle expenses 5,817
Total expenses 81,030
Net profit 66,116
Balance sheet of John Adams on 31 Dec 2012
£ £ £
Fixed assets
Premises 75,000
office equipment 33,000
Vehicles 21,500
129,500
Current assets
closing stock 16,280
Debtors 23,854
Cash at bank 1,235
Cash in hand 125
41,494
less Current liabilities
Creditors 17,281
Value added tax 2,455
19,736
working capital 21,758
151,258
less long term liabilities 35,000
116,258
Financed by
Opening capital 62,500
Add net profit 66,116
less drawings 12,358
FOR NOTES AND GUIDLINE PURPOSES ONLY, COPYING THE WHOLE DOCUMENT WILL BE COPYWRITE. USE SENSIBLE.
Trading & Profit & Loss acc of J.Adams for 31 Dec 2010
£ £
Sales 259,688
Cost of sales
Opening stock 14,350
Add purchases 114,472
less clossing stock 16,280
112,542
Gross profit 147,146
Less expenses
Salaries and wages 42,614
Rent and rates 13,718
Advertising 6,341
Heating and lighting 12,540
Vehicle expenses 5,817
Total expenses 81,030
Net profit 66,116
Balance sheet of John Adams on 31 Dec 2012
£ £ £
Fixed assets
Premises 75,000
office equipment 33,000
Vehicles 21,500
129,500
Current assets
closing stock 16,280
Debtors 23,854
Cash at bank 1,235
Cash in hand 125
41,494
less Current liabilities
Creditors 17,281
Value added tax 2,455
19,736
working capital 21,758
151,258
less long term liabilities 35,000
116,258
Financed by
Opening capital 62,500
Add net profit 66,116
less drawings 12,358
