Summary ACCS121 Chapter 12 Notes (Financial Statements)

Financial Statements formats
Statement of Profit and loss and other comprehensive income


Best ever
company
Statement of Profit and loss and other comprehensive income

For the
year ended 28
February 2021




2021

R


Net Sales 200 000

cost of sales - 80 500



Opening Inventory 50 000

Plus purchases 62 000
any
Minus purchase returns -
2000

Minus closing 30 000
Inventory
-




Gross profit 119500



Other Income 7 800


Rent received 7500

Credit losses recovered 300




Operating expenses 88748

Credit losses 4575

Repairs 6780
General expenses 37315

Salaries 12 500

Depreciation 26928
650
Stasionary
Financial cost 4415

Bank interest paid -

315

Interest on Loan -
3608

Interest on investment 500

Net profit (gross profit + income -

Expenses I Financial cost) 34137