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UNIT 5 P4 - prepare a profit and loss account and balance sheet for a given organisation $3.95
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UNIT 5 P4 - prepare a profit and loss account and balance sheet for a given organisation

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  • Course
  • UNIT 4 P4 - prepare a profit and loss account and
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For P4, learners will describe the purpose and use of the trading, profit and loss account and balance sheet. They will also explain how gross profit and net profit are calculated by indicating the kinds of income and expenditure that are included. Learners will be presented with a trading and prof...

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Document information

  • February 9, 2016
  • 1
  • 2014/2015
  • Answers
  • Unknown

Subjects

  • btec
  • business
  • level 3
  • unit 5
  • extended diploma
  • p4
  • prepare a profit and loss account and balance sheet for a given organisation

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  • Undefined
  • Level 3 BTEC Business Extended Diploma
  • UNIT 4 P4 - prepare a profit and loss account and
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Unit 5 – P4

FOR
TradingNOTES AND
& Profit GUIDLINE
& Loss PURPOSES
acc of J. Patel ONLY, COPYING
for the year THE
ended 31 Dec 2010
WHOLE DOCUMENT WILL£BE COPYWRITE. £
Sales 259,688
USE SENSIBLE.
Cost of sales
Opening stock 14,350
Add purchases 114,472
less closing stock 16,280
112,542
Gross profit 147,146

Less expenses
Salaries and wages 42,614
Rent and rates 13,718
Advertising 6,341
Heating and lighting 12,540
Vehicle expenses 5,817
Total expenses 81,030
Net profit 66,116

Balance sheet of John Adams on 31 Dec
2012
£ £ £
Fixed assets
Premises 75,000
office equipment 33,000
Vehicles 21,500
129,500
Current assets
closing stock 16,280
Debtors 23,854
Cash at bank 1,235
Cash in hand 125
41,494
less Current
liabilities
Creditors 17,281
Value added tax 2,455
19,736
working capital 21,758
151,258
less long term
35,000
liabilities
116,258

Financed by
Opening capital 62,500
Add net profit 66,116
less drawings 12,358
116,258




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