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Income statement and balance sheet practice
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This is tasks on the income statement and balance sheet, to practice before doing your own accounts, this is basic and once you get the hang of it, its pretty easy.
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Using the below list of ledger balances you are to complete theIncome Statement and the Statement of Financial Position
(templates provided)
Ledger Balances:
Account Name
Sales Revenue 310,750.00 Sales
Opening Inventory (1 April) 32,180.00 Asset
Purchases 79,579.00 Purchases
Carriage Inwards 20,179.00 Expense
Heating & Lighting 1,287.00 Expense
Rates 2,571.00 Expense
Stationary 251.00 Expense
Postage 136.00 Expense
Wages & Salaries 11,871.00 Expense
Distribution 1,269.00 Expense
Inventory Write-Off 1,579.00 Expense
Bank Charges 57.39 Expense
Irrecoverable Debt 1,786.10 Expense
Machinary (book value) 231,497 Asset non current
Closing Inventory 32,756.00 Asset current
Trade Recievables 27,985.25 Current asset
Bank 28,698.25 Current asset
Opening Capital 72,000.00 Equity and liabilities (asset)
Trade Payables 31,672.00 Current liabilties
VAT Control 26,503.99 Current liabilties
, Income Statement
For the period ended 30th April 20xx
Revenue 310,750.00
Cost of Sales: Opening inventory 32,180.00
Add purchases 79,579.00
Add carriage inwards 20,179.00
131,938.00
Subtract closing inventory 32,756.00
99,182.00
Gross Profit 211,568.00
Expenses: Heating and lightening 1,287.00
Rates 2,571.00
Stationary 251.00
Postage 136.00
Wages and salaries 11,871.00
Distrubution 1,269.00
Inventory write off 1,579.00
Bnak charges 57.39
Irrecoverable debt 1,786.10
20,807.49
Profit/(Loss) 190,760.51
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