ABC
Income Statement for the year ended xx.xx.xxxx
£
£
Revenue
xx
- Revenue returns
(xx)
£
xxx
COST OF SALES
xx
Opening Inventory
+ Purchases
xxx
- Purchase returns
(xx)
- Inventory drawings
(xx)
+ Carriage inwards
xxx
xx
xxx
- Closing inventory
(xx)
COST OF SALES
(xxx)
GROSS PROFIT
xxx
+ Other income
Commission receivable
xx
Discount received
xx
Decrease in provision for irrecoverable debts
xx
Profit on disposal
xx
Bank interest received
xx
xx
- Other expenses
Rent
xx
Heat and light
xx
Wages
xx
Provision for depreciation
xx
Increase in allowance for irrecoverable debts
xx
Loss on disposal
xx
Irrecoverable debts
xx
(xxx)
PROFIT FOR THE YEAR
xxx
ABC
Statement of Financial Position as at xx.xx.xxxx
Cost
£
Accumulated
depreciation
£
Net book
value
£
NON CURRENT ASSETS
xxx
(xx)
xxx
Land and Buildings
xxx
(xx)
xxx
Motor vehicles
xxx
(xx)
xxx
Fixtures and fittings
xxx
(xx)
xxx
Office Equipment
xxx
(xx)
xxx
xxxx
CURRENT ASSETS
xx
Closing inventory
Trade receivables
xx
- Provision for irrecoverable debts
(xx)
xx
Other receivables
xx
Cash at bank
xx
Cash in hand
xx
TOTAL ASSETS
xxx
xxxx
EQUITY AND LIABILITIES
EQUITY
Opening capital
xx
+ Capital introduced
xx
+/- Profit/Loss for the year
xx
- Drawings
xx
xxx
xx
xx
NON CURRENT LIABILTIIES
Long term loan
CURRENT LIABILITIES
Short term loan
xx
Trade payables
xx
Other payables
xx
Bank overdraft
xx
TOTAL EQUITY AND LIABILITIES
xx
xxx