A. Dube
Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31 December
2020
$
Revenue (80,000-1,650)
Less Cost of goods sold
Opening Stock
Add Purchases
Less Returns Outwards
Goods Available for Sale
Less: Closing Stock
Gross Profit
Commission received
Less: Operating Expenses
Bad Debts Written Off
Increase in Provision for Bad Debts
Provision for Discounts Allowed (23,600-2,360)*1.25%)
Office Salaries (25,000 + 800)
Rent and Rates (1,250 - 150)
Light and Heat (600 + 100)
Carriage Outwards
Total Expenses
Operating Profit (EBIT)
Less Interest
Net Profit for the period
18,750
23,500
(2,000)
40,250
(19,500)
$
78,350
20,750
57,600
1,350
58,950
400
500
266
25,800
1,100
700
350
29,116
29,834
(1,000)
28,834
A. Dube
Statement of Financial Position as at 31 December 2020
Assets
Non-Current Assets
Land and Buildings
Motor Vehicles
Fixtures and Fittings
Total Non-current Assets
Current Assets
Closing Stock
Debtors (23,600-2,360-266)
Prepayments
Cash at Bank
Cash in Hand
$
46,000
12,500
8,000
66,500
19,500
20,974
150
6,250
250
47,124
113,624
Total Assets
Equity and Liabilities
Equity
Capital at Start
Add: Net Profit
Less: Drawings
Capital at End
75,740
28,834
(8,500)
96,074
Non-Current Liabilities
Bank Loan
Current Liabilities
Creditors
Accruals (800+1,000+100)
Suspense Account
$
10,000
5,560
1,900
90
7,550
Total Equity and Liabilities
113,624