Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 42 views

    Mellisa O'Connor Statement of Profit or Loss For Year Ended March 31, 2016 $ $ $

    Uploaded by

    Debbie Debz
    Mellisa O'Connor's statement of profit or loss for the year ended March 31, 2016 shows a net profit of $16,559. Net sales were $166,420 with a gross profit of $120,250. Other income included rent received of $72,000 and a decrease in prepaid rent of $525, for total other revenue of $72,525. Expenses included wages of $100,000, insurance of $32,000, and depreciation charges of $2,916 for a motor vehicle and $5,600 for a building.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Mellisa O'Connor Statement of Profit or Loss For Year Ended March 31, 2016 $ $ $

    Uploaded by

    Debbie Debz
    42 views3 pages
    Mellisa O'Connor's statement of profit or loss for the year ended March 31, 2016 shows a net profit of $16,559. Net sales were $166,420 with a gross profit of $120,250. Other income included rent received of $72,000 and a decrease in prepaid rent of $525, for total other revenue of $72,525. Expenses included wages of $100,000, insurance of $32,000, and depreciation charges of $2,916 for a motor vehicle and $5,600 for a building.

    Original Title

    OConnor Sol

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Mellisa O'Connor's statement of profit or loss for the year ended March 31, 2016 shows a net profit of $16,559. Net sales were $166,420 with a gross profit of $120,250. Other income included rent received of $72,000 and a decrease in prepaid rent of $525, for total other revenue of $72,525. Expenses included wages of $100,000, insurance of $32,000, and depreciation charges of $2,916 for a motor vehicle and $5,600 for a building.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    42 views3 pages

    Mellisa O'Connor Statement of Profit or Loss For Year Ended March 31, 2016 $ $ $

    Uploaded by

    Debbie Debz
    Mellisa O'Connor's statement of profit or loss for the year ended March 31, 2016 shows a net profit of $16,559. Net sales were $166,420 with a gross profit of $120,250. Other income included rent received of $72,000 and a decrease in prepaid rent of $525, for total other revenue of $72,525. Expenses included wages of $100,000, insurance of $32,000, and depreciation charges of $2,916 for a motor vehicle and $5,600 for a building.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Mellisa O'Connor Statement of Profit or Loss for year ended March 31, 2016

    $ $ $

    Sales 180,000
    Less discount allowed (3,400)
    less return inwards (10,180)
    Net Sales 166,420

    Cost of Sales
    Opening stock 9,700
    add Purchases 58,200
    add carriage inwards 2,200
    less discount received (2,200)
    less return outwards (8,730)
    less good consumed by owner (3,000)
    Net Purchases 46,470
    Cost of goods available for sale 56,170
    less closing stock (10,000)
    Cost of goods sold (46,170)
    Gross Profit 120,250

    Other Income
    Rent received 65,000
    Rent received owing 7,000 72,000
    Decrease in PFBD 525
    Total revenue 72,525
    192,775

    LESS EXPENSES
    Wages 88,520
    Wages owing 11,480 100,000
    Bad Debts 9,600
    Insurance 40,000
    Insurance prepaid (8,000) 32,000
    Carriage outwards 1,800
    Utilities 17,900
    Sundry expenses 6,400
    Depreciation Charge Motor vehicle 2,916
    Depreciation Charge Building 5,600
    (176,216)
    Net Profit 16,559

    PFBD
    New PFBD (calculated) 665
    Old PFBD (Trial Balance) 1,190
    Decrease (525)

    Depreciation Charge

    Motor Vehicles (Reducing Balance)


    Cost 40,000
    Provision for depreciation (10,840)
    Written down value to date 29,160
    Depreciation rate 10%
    Depreciation charge 2,916

    Buildings (Straight Line)


    Cost 70,000
    Depreciation rate 8%
    Depreciation charge 5,600

    Accoumulated depreciation on the Statement of financial position

    Depreciation Provision for Accumulated


    Charge Depreciation depreciation
    Motor Vehicle 2,916 10,840 13,756
    Building 5,600 33,600 39,200
    Mellisa O'Connor Statement of Financial Position as at March 31, 2016

    Non Current Assets


    Accumulated Net Book
    Cost Depreciation Value
    Land 160,000 - 160,000
    Building 70,000 (39,200) 30,800
    Motor Vehicle 40,000 (13,756) 26,244
    270,000 (52,956) 217,044
    Current Assets
    Stock (closing) 10,000
    Debtors 13,300
    Less provision for bad debt (new) (665) 12,635
    Cash 4,160
    Insurance prepaid 8,000
    Rent received owing 7,000
    41,795
    258,839

    Current Liabilities
    Creditors 15,500
    Bank 21,300
    Wages owing 11,480
    48,280
    Non Current Liabilities

    Loan 105,000

    Equity
    Capital 104,000
    add net profit 16,559
    less drawing (15,000)
    105,559
    258,839

    You might also like