Pepe’s Pizza Accounts
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from http://www.bized.co.uk/learn/business/accounting/busaccounts/pizza/jan4.htm
The Trading and Profit & Loss Account
One of the most important uses of the Trading and The Profit and Loss account is to compare
the results obtained with the results expected.
There are two profit measures:
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This is calculated in the Trading Account and is the excess of sales over the cost of goods
sold during the period.
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This is calculated in the Profit and Loss Account and is what remains after all other costs
used up in the period have been deducted from the Gross Profit.
It is now usual for the trading and the Profit and Loss accounts to be shown under one
combined heading, The Trading Account being the top section and the Profit and Loss account
being the lower section.
It would be unusual for a trader to have sold all the goods at any particular date. So in most
cases there would be stock in hand at the end of the trading period. So it is normal practice for
this stock to be counted and valued at the price for which it could be sold. The figure for this is
normally called the closing stock and the details are given as a note at the end of the 7ULDO
%DODQFH. This amount is in fact entered as a debit in a new account called the Stock account,
which is an asset account and as a credit in the Trading account.
The Trading Account also shows any items of expenditure which can properly be allocated to
expenses connected with the purchase, manufacture or stage of goods, i.e. rent of warehouse,
wages of store men, carriage inwards, etc.
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- Goods returned to suppliers, so this reduces the cost of purchases.
- Goods returned to the company by the customers who bought them, so this
reduces the sales figure.
&DUULDJH,QZDUGV - Is the cost of transport of goods into the firm and are therefore added to the
purchases figure.
&DUULDJH2XWZDUGV - Is the cost of transport of goods out of the firm to its customers, it is not
part of the firm’s expenses in buying the goods and is always entered in the Profit and Loss
Account as an expense not the Trading Account.
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Pepe’s Pizza Accounts
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'HSUHFLDWLRQ - This is discussed later, but generally the provision for depreciation for the
accounting period is considered an expense to the business is entered on the Profit and Loss
Account. ( The total depreciation of the asset is taken account of on the Balance Sheet).
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NOW LETS MOVE ONTO THE BALANCE SHEET
Pepe’s Pizza Accounts
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The Balance Sheet
The Balance Sheet is a list of the balances remaining on the Trial Balance after the Trading &
Profit & Loss account has been done. The balances are arranged according to whether they are
asset balances or liability or capital balances and gives the business’s financial position at any
given point in time. The Balance sheet is normally described " as at ". It is a snapshot at one
particular point in time.
The balance sheet can be prepared in two formats:
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, emphasising Assets - Liabilities = Capital
or
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, emphasising Assets = Capital + Liabilities
For the purposes of this exercise we will be using the vertical format, as this is most widely used
in all types of businesses and its form of presentation makes comparisons with other years
easier.
To recap:
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There are two types of assets:
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are the more or less permanent assets of the business. They are not normally for
resale, e.g. premises, motor vehicles, fixtures and fittings, equipment and furniture.
&XUUHQWDVVHWV are the types of assets used for trading purposes. These assets are usually
more liquid than the fixes assets. In other words they are more readily converted into cash. They
include cash, bank, debtors and stock.
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There are two main types of liabilities:
and are the creditors payable after 12 months. They include mortgages,
loans, hire purchase repayments longer than 12 months and debentures.
&XUUHQWOLDELOLWLHV represent the debts of the business which have to be paid in less than 12
months. These include trade creditors, bank overdrafts, and short-term loans that are repayable
within 12 months.
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Capital represents what is known as " WKHQHWZRUWK" of the owner(s). It is the difference
between the assets and the liabilities. In the Balance Sheet it is listed under the ")LQDQFHG%\
section. It includes capital introduced into the business, (which could be personally from the
owners if a sole trader or partnership, or from the shareholders if a limited company), the net
profit for the accounting period, less any owners drawings.
Now lets look at completing 3HSH
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Pepe’s Pizza Accounts
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The Balance Sheet
This is the basic outline of a Balance Sheet :
),;('$66(76
Premises
Equipment
Machinery
&855(17$66(76
Stock
Debtors
Bank
Petty Cash
/(66&855(17/,$%,/,7,(6
Creditors
Bank Overdraft
723727$/
&$3,7$/(03/2<('
less mortgage
),1$1&('%<
net profit
capital
less drawings
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Pepe’s Pizza Accounts
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The Balance Sheet
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100,000
8,000
------20,000
128,000
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Premises
Equipment
Machinery
Motor Vehicle
&855(17$66(76
Stock
Debtors
Bank
Petty Cash
5,500
7,600
---200
13,300
5,000
2,000
(7,000)
/(66&855(17/,$%,/,7,(6
Creditors
Bank Overdraft
&$3,7$/(03/2<('
6,300
134,300
70,000
less mortgage
),1$1&('%<
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53,000
19,300
72,300
(8,000)
However for most businesses there is an item called '(35(&,$7,21 that has to be accounted
for. Lets see how this would affect both the Trading & Profit and Loss Account as well as the
Balance Sheet.
'HSUHFLDWLRQ
Fixed assets are those assets of the business that have a long life, are used in the business and
are not for re-sale or for conversion to cash, e.g. motor vehicles, machinery, buildings, land,
office equipment, etc.
However, usually, except for land, most fixed assets have a limited number of years of useful
life.
Depreciation can be defined, in its simplest terms, as the difference between the original cost of
the asset and the amount received when the asset is sold, for example, if Pepe buys a motor
vehicle for £ 20,000 and then sells it for £ 8,000, then the total depreciation is £ 12,000.
If an asset is bought and sold within one accounting period, (normally one trading year) then the
depreciation can be accounted for within one accounting period.
However difficulties arise because most assets are used for more than one accounting period.
Pepe is planning to keep his vehicle for four years.
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In this instance there are two main methods of calculating the SURYLVLRQIRUGHSUHFLDWLRQ
VWUDLJKW OLQH and UHGXFLQJEDODQFH. The choice of which method to use depends upon whether
the main value to the business of the asset is gained evenly throughout the life of the asset or
whether it is gained mainly in the early years of the asset when it is newer and the repairs and
maintenance costs are lowest.
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This allows an HTXDO amount to be charged as depreciation for each year of the expected use of
the asset. The basic formula is:
25,*,1$/&267(67,0$7('&267:+(162/'122)<562)(;3(&7('86(3529,6,213(5<5
'(35(&,$7,21
In Pepe’s case, he paid £ 20,000 for a motor vehicle. He expects to use it for four years before
he replaces it. He estimates that when he sells it in four years time he will get £ 8,000 for it. So,
for Pepe, the calculation for the provision for depreciation would be:
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The figures from which to calculate the depreciation are normally given as a note at the end of
the Trial Balance. This means that within the accounts there must be both a credit and debit
entry. So the Provision for depreciation )257+$7<($5 is added as an expense on the
Trading & Profit & Loss Account.
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This is the revised TRADING and PROFIT & LOSS account, including the PROVISION FOR DEPRECIATION,
calculated using the Straight-Line Method.
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Pepe’s Pizza Accounts
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Equipment
Machinery
Motor Vehicle
cost
100,000
8,000
-----20,000
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------------------
100,000
8,000
-----17.000
125,000
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Stock
Debtors
Bank
Petty Cash
5,500
7,600
---200
13.300
5,000
2,000
(7,000)
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Creditors
Bank Overdraft
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less mortgage
6,300
131,300
70,000
£ 61,300
),1$1&('%<
capital
net profit
less drawings
53,000
16,300
69,300
(8,000)
£ 61,300
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This method calculates the Provision for Depreciation annually on the balance of the asset from
the previous year. It is normal for the percentage to be used to be specified in the notes at the
end of the Trial Balance.
This method is particularly useful for assets where the repair and maintenance costs increase as
the asset gets older, for example on a motor vehicle. By reducing the Provision for Depreciation
as the repair and maintenance cost rise, means that the total usage costs each year are kept
fairly constant.
So, if Pepe’s Accountant recommends using the Reducing Balance Method for calculating the
Provision for Depreciation for his motor vehicle, assuming 20%, the figures would be:
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Pepe’s Pizza Accounts
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The Provision for Depreciation, -867)257+,6$&&2817,1*3(5,2' is an expense on the
Trading & Profit and Loss Account.
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Pepe’s Pizza Accounts
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-------
100,000
Equipment
8,000
-------
8,000
Machinery
------
-------
------
20,000
16.000
Premises
Motor Vehicle
124,000
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Stock
5,500
Debtors
7,600
Bank
----
Petty Cash
200
13.300
/(66&855(17/,$%,/,7,(6
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5,000
Bank Overdraft
2,000
7,000
&$3,7$/(03/2<('
6,300
130,300
less mortgage
70,000
£ 60,300
),1$1&('%<
capital
53,000
net profit
15,300
less drawings
68,300
(8,000)
£ 60,300
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Once the accounts have been done, and are ready to be published. A number of people might
want to compare them with other companies operating in the same financial sector. How do they
do this?
The answer is to use SURILWDELOLW\VROYHQF\DQGSHUIRUPDQFHUDWLRV These are quite simple
formulae which help to create a picture of the company. This worksheet identifies the name of
the ratio, the formula, where we should be looking in the accounts and what it means. These
ratios are not by themselves the answer to all questions, but an indicator of areas requiring
further examination.
Try some out! Have a go with the figures from Pepe’s Pizza Parlour.
Please note: The symbol means divide by.
Pepe’s Pizza Accounts
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Profitability
How successful a company is depends upon its profitability. The key ways in which we work out
these are called the 5HWXUQRQ&DSLWDO(PSOR\HG and the *URVVDQG1HW3URILW0DUJLQV
Return on Capital Employed (ROCE)
This is expressed in percentage terms and is often called "return on owner's equity". It
represents the profit earned from the money invested in the business by it's owner. It can be
worked out by the following equation:
1HW3URILWEHIRUH,QWHUHVWDQGWD[&DSLWDO(PSOR\HG[
So a company generating a net profit of £250,000 before deduction of interest and tax which has
an opening balance on it's capital account £1M would have a Return on Capital of 25%.
Gross and Net Profit Margins
These are the most commonly used profitability ratios. They express the comparison between
sales and profit in percentage terms, and are worked out by the following equations:
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1HW3URILW0DUJLQ
*URVV3URILW6DOHV[
1HW3URILW6DOHV[
So, if the company which generated a net profit of £250.000 had achieved sales of £750.000 the
profit margin would be 33%.
Solvency
The solvency or liquidity of a company tells us whether a company can pay its debts. We work
how solvent companies are by using the /LTXLGLW\5DWLRV
Liquid Ratio (or Acid test)
This ratio is calculated as follows:
/LTXLGDVVHWV&XUUHQWOLDELOLWLHV
Liquid assets are those assets which can be turned into cash quickly such as debtors, cash and
short term investments such as bank deposits. Stock is QRW considered a liquid asset. Current
liabilities are those liabilities which must be paid shortly such as creditors DQG bank overdrafts. A
bank overdrafts is considered to be a current liability because it can be recalled without notice.
The ideal ratio should be around 1:1.
If, for example, a company had liquid assets of £60,000, and debts of £40,000 the ratio would
be:
Expressed as Pepe’s Pizza Accounts
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This means that the company has more assets ( than liabilities (1). This company is solvent
but may not be managing it’s money very well.
If the figures were reversed then the ratio would change as follows:
Expressed as This would mean that the company is in serious trouble since it would not have sufficient funds
to meet its liabilities.
Current or Working Capital ratio
This is the other test of a companies liquidity. It takes a longer term view of the company’s
position since unlike the Acid test it includes stock and work in progress ( this is termed &XUUHQW
DVVHWV). This is due to the fact that it is deemed that both of these will at sometime be turned
into debts and eventually into cash. The ratio is worked out as follows:
&XUUHQWDVVHWV&XUUHQWOLDELOLWLHV
therefore a company with current assets of £80,000 with the current liabilities of £40,000 would
equate as follows:
and would be expressed as .
There is no "ideal" ratio but a figure of 2:1 is often quoted. Most businesses operate with a ratio
lower than this but it is important to maintain a healthy figure because bank overdrafts can in
theory be recalled without notice at any time.
Performance
These ratios provide information on how well a business is being run.
Rate of Stock turnover
Businesses try to have as high a rate of stock turnover as possible. The rates can be expressed
in two ways.
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This tells a business how long on average an item remains in stock. The figure can be
expressed in terms of months, weeks or days. For Pepe's Pizza Parlour, this would result in the
following:
4,750 / 39,500 x 365 = 44 days (on average)
&RVWRIJRRGVVROG$YHUDJHVWRFN
Pepe’s Pizza Accounts
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This tells a business how many times in each year the stock rotates. For Pepe’s Pizza Parlour,
this would result in the following:
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Note! In both cases the average stock can be calculated from the Trading and Profit and Loss
account by:
2SHQLQJVWRFN&ORVLQJVWRFN
For Pepe’s Pizza Parlour this is 4,000 + 5,500 / 2 = 4,750.
Debtors collection period
Most businesses sell goods on credit. Credit is usually given for periods of 30, 60 or 90 days. No
business wishes to extend the credit period given and so it is important to monitor just how long
customers are taking to pay for credit sales. The following ratio can be used:
'HEWRUV$YHUDJHGDLO\VDOHV6DOHVGLYLGHGE\
Creditors payment period
It is important for a business to monitor how long it takes to pay it’s creditors. Persistent late
payment may result in a supplier cutting off credit facilities! The following ratio can be used:
&UHGLWRUV$YHUDJHGDLO\SXUFKDVHV3XUFKDVHVGLYLGHGE\
Gearing (income gearing)
Gearing is the name given to the ratio which measures how much of a company’s profits are
taken up by interest payments. It is expressed as a percentage, and is worked out by:
,QWHUHVW3URILW[
Therefore a company with interest payments of £35,000 whilst earning £50,000 would have the
following gearing ratio:
[
This company would be susceptible to changes in the interest rate. Whereas a company with a
gearing ratio of 40% could absorb any increases in the interest rate with greater ease.
A Test paper based upon these ratios is available. (You will need to print off a copy of Pepe's
Trading and profit and Loss Account and Pepe's Balance Sheet if you wish to do this test paper)
Pepe’s Pizza Accounts
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Pepe’s Pizza Accounts
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19300 + 200 (interest)
134300
52&(
14.5%
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35200
[
69200
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19300
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69200
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28%
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7800
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7000
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1.1 : 1
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13300
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7000
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1.9 : 1
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200
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19300 + 200 (interest)
0.01(1%)
Pepe’s Pizza Accounts
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account for
advertising
Average stock
bank overdraft
Carriage inwards
Carriage outwards
clear
Creditors payment period
Customer
debentures
Debtors collection period
Deem
Depreciation
Ease
emphasise
equate
Expected
fixtures and fittings
Furniture
Gearing
Gross profit
Heading
healthy figure
light and heat
Mortgage
On average
Opening balance
outline
Overheads
Parlour
Performance
Petty Cash
Printing and stationery
Profit measures
Profitability
Provision for depreciation
Rate of Stock turnover
Ratio
readily
recalled without notice
recap
Reducing balance method of depreciation
Return
Returns Inwards
Returns Outwards
sales figure
Snapshot
Solvency
Store man
Straight line method of depreciation
the net worth
Page 15 di 16
,7$/,$1
Render conto, contabilizzare
Pubblicità
Consistenza media
scoperto di banca (conto corrente)
Spese di trasporto degli acquisti
Spese di trasporto delle vendite
Smaltire
Dilazione media dei debiti
Cliente
Obbligazioni
Periodo di incasso dei crediti
giudicare, pensare, stimare
Ammortamento
Facilità, sollievo
Enfatizzare
Identificare, esprimere in forma di equazione
Atteso, previsto
Attività fisse
Arredamento
Rapporto di indebitamento
Profitto lordo, Margine lordo
Titolo, intestazione, dicitura
Dato equilibrato
Luce e riscaldamento
Mutuo
In media
Bilancio di apertura
Schema
Spese generali
bottega, salotto
Rendimento, risultato
fondo per le piccole spese
Stampati e cancelleria
Misure/grandezze del profitto
Redditività
Fondo ammortamento
Indice di Rotazione del magazzino
Indice, rapporto
Prontamente
Revocati senza preavviso
Ricapitolare
Ammortamento a quote decrescenti
Guadagno
Resi da clienti
Resi a fornitori
Ammontare delle vendite
Foto istantanea
Solvibilità
Magazziniere
Ammortamento a quote costanti
Capitale netto (patrimonio netto)
Pepe’s Pizza Accounts
Trading Account
trading year
Trial Bilance
Try out
useful life
Whereas
whilst
work in progress
Work out
Page 16 di 16
Conto dell’esercizio commerciale
Periodo amministrativo
Bilancio di verifica
Provare, sperimentare
Vita utile
Mentre, premesso che, considerato che
Mentre, allo stesso tempo, finchè
Prodotti in corso di lavorazione
Risolvere