GRADE 10: FORMATS OF FINANCIAL STATEMENTS (SOLE TRADER)
Name of Sole Trader
STATEMENT OF COMPREHENSIVE INCOME (INCOME STATEMENT)
FOR THE YEAR ENDED .....
Sales
less Cost of Sales
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Gross Profit
Other operating income
List INCOME items, e.g. Rent Income, Bad debts recovered, etc.
(NO interest income)
Gross operating income
Operating expenses
List all expenses and losses, e.g.
Telephone, Depreciation, Bad debts, etc...
Operating profit
Interest Income (Incl. Interest on Fixed deposit, Interest on current bank account,
Note 1
Interest from overdue debtors) ( ONE AMOUNT)
Profit before interest expenses
Interest Expense (incl. Interest on loan, interest on bank overdraft,
interest on overdue creditors)
NET PROFIT for the year
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Note 2 (total in brackets)
Name of Sole Trader
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
AS AT .....
ASSETS
NON-CURRENT ASSETS
Fixed Assets
A
Note 3
Total Carrying value
Financial assets (Fixed deposit:...Bank)
CURRENT ASSETS
B
Inventory
Note 4
Trade and other receivables
Note 5
Cash and Cash equivalents
Note 6
TOTAL ASSETS
A + B
EQUITY AND LIABILITIES
OWNERS’ EQUITY
Onwer's Equity
NON-CURRENT LIABILITIES
D
Note 7
E
Loan: ..... Bank (...% p.a.)
CURRENT LIABILITIES
F
Trade and other payables
Note 8
Bank overdraft (IF Bank has a credit end balance)*
Short term portion of the loan (part of NCL to be paid back in next fin year)*
TOTAL EQUITY AND LIABILITIES
* could also be included in Note 8
D + E + F
NOTES TO THE FINANCIAL STATEMENTS
(Note 1 and 2 are Interest Income and Interest Expenses. Totals included in the Statement of Comprehensive Income)
3. FIXED/TANGIBLE ASSET NOTE
FIXED ASSETS
Land and
buildings
Vehicles
Equipment
Total
Carrying value: beginning of the year
Cost price
Accumulated depreciation
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Movements
Additions
Depreciation
Carrying value: end of the year
Cost price
Accumulated depreciation
4. INVENTORIES
Trading stock
Consumable stores on hand
5. TRADE AND OTHER RECEIVABLES
Trade debtors
Accrued Income
Prepaid expenses
6. CASH AND CASH EQUIVALENTS
Bank (Dr balance)
Cash Float
Petty Cash
Savings account
Fixed deposits (maturing within the next 12 months)
7. CAPITAL
Balance at beginning of year
+ Capital contributed during the year
+ Net profit (from the Statement of Comprehensive Income)
- Drawings
Balance at end of year
8. TRADE AND OTHER PAYABLES
Trade creditors
Accrued Expenses
Income received in advance
Short term part of the loan*
Bank overdraft*
* optional - can also be shown separately in the Statement
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