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Statement of Profit or Loss and Other Comprehensive Income

Dominic sole Trader earned a profit of $22,978 for the 2018 year. Revenue was $364,000 with cost of goods sold of $262,860, resulting in a gross profit of $101,140. Expenses totaled $80,372. Assets included land, buildings, vehicles and equipment valued at $246,000 while liabilities were $23,004. The statement of financial position showed total equity of $227,778.

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112 views4 pages

Statement of Profit or Loss and Other Comprehensive Income

Dominic sole Trader earned a profit of $22,978 for the 2018 year. Revenue was $364,000 with cost of goods sold of $262,860, resulting in a gross profit of $101,140. Expenses totaled $80,372. Assets included land, buildings, vehicles and equipment valued at $246,000 while liabilities were $23,004. The statement of financial position showed total equity of $227,778.

Uploaded by

Onela Brianna
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Dominic sole Trader

Statement of profit or loss and other comprehensive income


For the year ended 31st December 2018

Revenue (365200-1200) 364,000


- Cost of sales
Opening stock 23,340
+purchases 266,800
- purchase return (1,600)

-closing stock (25,680)


262,860
Gross profit 101,140

+Other income

Other incomes 588


Discounts 1,622 2,210

-Expenses
Wages 46,160
Rent 13,000
Motor expenses 3,720
Insuarance 760
Depreciation expenses 12,600
Irrecoverable debts 120
Discounts 864
Electricity 3,074
Bank overdraft interest 74 (80,372)

Profit for the year 22,978


Dominic sole Trader
Statement of financial position
As at 31st December 2018

Non current assets Cost Acc.Dep


Land 100,000 -
Buildings 100,000 11,000
Motor vehicles 24,000 17,040
fixtures & fittings 28,000 19,600

Current assets
Closing Stock 25,680
Accounts Receivables 17,330
Bank 3,412

Total assets

Equity and liabilities

Equity
Capital 225,600
Drawings (20,800)
profit 22,978

Non current liabilities


-

Current liabilities
Account payables 23,004

Equity and liabilities


Depreciation expenses a/c
Motor v.acc.dep 4,800
NCV fix. & fit.acc.dep 2,800
100,000 build.acc.dep 5,000 P & L
89,000 12,600
6,960
8,400
204,360
Motor vehicles (cost) a/c
b/b/f 24,000

b/c/d
24,000
b/b/f 24,000
46,422

Motor vehicles acc. Dep a/c


b/b/f
dep.expenses
b/c/d 17,040
250,782 17,040
b/b/f

Fixtures & fittings (cost) a/c


b/b/f 28,000
227,778 b/c/d
28,000
b/b/f 28,000

23,004

250,782
Fixtures & fittings acc. Dep. a/c
b/b/f 16,800
dep.expenses 2,800
12,600 b/c/d 19,600
12,600 19,600 19,600
b/b/f 19,600

Building (cost)a/c
b/b/f 100,000
b/c/d 100,000
24,000 100,000 100,000
24,000 b/b/f 100,000

Building accu.dep.a/c
12,240 b/b/f 6,000
4,800 dep.expenses 5,000
b/c/d 11,000
17,040 11,000 11,000
17,040 b/b/f 11,000

28,000
28,000

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