Financial statements of Limited companies
Unit 02 - Accounting
Preparation of Financial statements
1. What are the publish accounts by limited companies
I. Statement of comprehensive income
II. Statement of changes in equity
III. Statement of financial position.
IV. Cash flow statement
2. What are the limited company final accounts
I. statement of comprehensive income
II. statement of financial position.
III. statement of changes in equity
statement of comprehensive income accordance with IAS 1
statement of comprehensive income
for …………………………………………PLC
for the year ended……………………… £
Revenue xxx
Cost of sales (W1) (xxx)
Gross profit xxx
Other income (w2) (xx)
Distribution costs(W3) (xx)
Administrative costs (W4) (xx)
Financial costs (w5) (xx)
Profit on ordinary activities before tax xxx
Corporation tax (xx)
Profit on ordinary activities after tax xxx
Accounting by F.Jiyana Page 1
, Cost of sales (W1) Administrative costs (W4)
Direct materials Bad debts written off
Inventory adjustment WIP Office staff wages
inventory adjustment Finance directors’ salaries
finished goods Office stationery
Finished goods Accountancy staff wages
Direct labour Cash discounts allowed
Factory staff Professional fee
wages Computer depreciation
Fees to debt collection agency
Production staff
Administration staff
wages
wage
Stock Adjustment
Accountancy staff
Production Director salaries
wages
Research and Development
Hire of photocopiers
Discounts received on purchases
Insurance
(trade discounts)
Discounts received on raw
materials Financial costs (w5)
Factory rent and power Interest bank loan
Factory power Debenture interest
Factory depreciation Interest bank overdraft
Machinery maintenance Legal fees
Machinery depreciation
Hire of plant and machinery
Other income (w2)
Dividend received
Rent received
Discounts received (cash)
Interest received/ interest on
bank balance
Canteen sales
Distribution costs(W3)
Motor lorries
expenses
Transport staff wages
Fuel for lorries
Advertising and
promotions
Discount sales
Lorry drivers wages
Shop staff wages
Accounting by F.Jiyana Page 2
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