Bling

Preparing Simple Financial Statements

Scene 135 / of 136

The Financial Statements

The completed financial statements prepared at the end of the first period of trading.
Income from Sales:    
   Sales 3310  
   Sales Returns 30  
   Net Sales:
 		   3280
Cost of Sales:    
   Purchases 5500  
   Purchases Returns 120  
   Closing Stock 3000  
   Total Cost of Sales:
 		   2380
GROSS PROFIT:   900
Other Income:    
   Total Other Income:
 		   0
Expenses:    
   Advertising 400  
   Bank Interest 50  
   Insurance 300  
   Rent Payable 1000  
   Total expenses:
 		   1750
NET PROFIT / (LOSS):   -850
ASSETS:    
Non-current Assets (fixed):    
   Equipment 2000  
   Fixtures & Fittings 4500  
   Total Non-current Assets:
 		   6500
Current Assets:    
   Bank 9560  
   Cash 270  
   Debtor Greenland Golf Club 0  
   Closing Stock 3000  
   Total Current Assets:
 		   12830
TOTAL ASSETS:   19330
LIABILITIES:    
Capital:    
   Capital 5000  
   Drawings 600  
   Profit -850  
   Total Closing Capital:
 		   3550
Non-current Liabilities:    
   Loan 10000  
   Total Non-current Liabilities:
 		   10000
Current Liabilities:    
   Creditor Shops R Us 4500  
   Creditor Style Accessories 1280  
   Total Current Liabilities:
 		   5780
TOTAL LIABILITIES:   19330



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