Vijay

Statement of affairs as at 1 May 2018

Non-current assets
Premises
Equipment
Motor vehicle
Total NCA

Current Assets
Inventory
Trade receivables
Bank
Other receivables
Total Current assets

Total Assets
Capital and liabilities
Capital

Current liabilities
Trade payables

Total capital and liability

 Vijay Vijay
affairs as at 1 May 2018 Statemen of affairs as at 30 April 2019
Accumulated Net book
Cost
Non-current assets depreciation value
30000 Premises 30,000.00 - 30,000.00
9000 Equipment 23,000.00 2,300.00 20,700.00
8000 Motor vehicle 8,000.00 2,000.00 6,000.00
47000 Total Non-current assets 56,700.00

Current Assets
14000 Inventory 16,000.00
8500 Trade receivables 9,400.00
1200 Less: Provision for doubtful debts - 188.00
120 Other receivables 130.00
23820 Total Current assets 25,342.00

70820 Total Assets 82,042.00

Capital and Liablity
62820 Capital 71,842.00

Current Liabilities
8000 Trade payables 9,200.00
Other payables 100.00
70820 Bank overdraft 900.00
Total current liability 10,200.00
Workings
W1 - Equipment depreciation
Opening balance 16000
Additions 7000
23000
Depreciation 2300

W2 - motor vehicle depreciation Profit

Cost 8000 =71842+5000+3000-62820
Depreciait =8000*25% 17,022.00
2000

W3: PDD
=9400*2%
188
 Leroy
Statement of affairs as at 1 June 2018

Non-current Assets
Fixtures and fittings 6,000.00
Motor vehicle 14,000.00
Total NCA 20,000.00

Current Assets
Inventory 3800
Trade receivables 4250
Other receivables 360
Total CA 8,410.00
Total Assets 28,410.00
Capital and Liabilities
Capital 18,050.00

Non-current Liabilities
Long term loan 5,000.00

Current Liabilities
Trade payables 2,950.00
Bank overdraft 2,410.00

Total Liability 10,360.00

Total Capital and Liability 28,410.00
 Leroy
Statement of affairs as at 1 June 2018
Accumulated Net book
Cost
Non-current Assets depreciation value
Fixtures and fittings 6000 400 5,600.00 profit calculation
Motor vehicle 14000 2800 11,200.00 Closing capital
Total NCA 16,800.00 -opening capial
+drawings
Current Assets Loss
Inventory 4100
Trade receivables 4660
Bank 380 Ca
Total CA 9,140.00
Total Assets 25,940.00
Capital and Liabilities
Capital 15,800.00

Non-current Liabilities
Long term loan 7000

Current Liabilities
Trade payables 3140

Total Liability 10,140.00

Total Capital and Liability 25,940.00
 15,800.00
- 18,050.00
2,000.00
- 250.00

Capital account
balance b/ 18050
Drawings 2000
balance c/d 15800
loss 250
18050 18050
 Revenue
1 - Opening capital Receipts for debtors
2 - revenue for the year Less: Opening trade receivables
3- purchases for the year
4 - closing bank balance Add: Closing trade receivables
statement of affairs Credit sales for the year
Accumulated net book
Non- current assets Cost depreciation value
Premises 60000 0 60000 Trade receivable acco
Equipment 22500 4500 18000 balance b/d
82500 4500 78000
Current assets Credit sales
Inventory 28100
Trade receivables 23800
Bank 12700
Total current assets 64600

Total Assets 142600

Capital 122700 Total revenue

Currentliabilities
Trade payable 19700
Other payables 200
Total Liability 19900

Total capital and liablity 142600

 Purchases
331600 Payments to creditors 249400
ng trade receivables -23800 Less: Opening trade payable -19700
307800 229700
g trade receivables 26800 Add: Closing trade payables 20200
for the year 334600 Credit purchases for the year 249900

Trade receivable account Trade payable account

23800 balance b/ 19700
Bank 331600
334600 Payments 249400 Purchases 249900
balance c/d 20200

balance c/d 26800 269600 269600

358400 358400

=334600+12000
346,600.00 Total purchases 249,900.00
 bank account
balance b/d 12700 payments to cr 249400
Receipts from debtors 331600 general expens 19620
Cash sales 12000 drawings 38400
wages 40000
property tax 3800
insurance 1900

equipment 8000
balancec/d 4820
361120 361120
balance b/d 4820 (bank overdraft)
 Anjali
Income statement for the year ended 30 June 2015 W1- gneral expenses
Revenue 346600 general
Less: Cost of sales
Opening inventory 28100
Purchases 249900
Less: drawings of goods -4000 245900
274000

Less: Closing inventory -29800 244200

Gross Profit 102400

Less: Expenses
General expenses (W1) 19080
wages 40000 W2 - Depreciation
property tax 3800 Cost
insurance 1900 additions
depreciation for equipment (w2) 3050 Depreciati
provision for doubtful debt (W3) 670 68500 expense

Profit for the year 33900

 Anjali
W1- gneral expenses Statement of financial position as at 30 June 2015
general expenses Non-current assets Cost
balance b/d 200 Premises 60000
Equipment 30500
Payments 19620 Expense 19080 Total NCA

balance c/d 340 Current assets

19620 19620 Inventory

Trade receivable 26800
Less: provision for doubtful d -670
Other recivables
Total CA
W2 - Depreciation W3 - PDD
22500 PDD = 2.5%*26800 Total Assets
8000 670 Capital and liabilities
10% Capital
3050 Opening capital
Add: Profit
Less: Drawings
Total capital

Current liabilities
Trade payables
Bank overdraft
Total liability

Total capital and liability

Anjali
position as at 30 June 2015
Acc. Dep NBV
0 60000
7550 22950
82950

29800

26130
340
56270

139220

122700
33900
-42400
114200

20200
4820
25020

139220
 Trade receiva
balance b/d

credit sales
Trade receivable account Tradepayable account
23800 bank 249400
Bank 331600 discount received 6780
342800 Discount allowed 8200
balance c/d 20200
balance c/d 26800

366600 366600 276380

adepayable account
balance b/d 19700

Credit purchases 256680

276380
opening capital
revenue
purchases
closing bank balance

Step 1 - Calculate opening capital

Mohan
Statement of affairs as at 1 Ma
Non-current assets
Fixtures
Motor vehicle
Total NCA

Current Assets
Inventory
Trade receivables
bank
Total current assets
Total assets
Capital

Current liabilities
Trade payables

Total liability

Total capital and liability

 Step 2 - Calculate revenue
Mohan Trade receivable account
tement of affairs as at 1 May 2018 balance b/d 17300
Cost Acc. Dep NBV cash received
31000 6200 24800 credit sales 463000
15000 6000 9000
33800 balance c/d

480300
19600
17300
9750
46650
80450 Step 3 - Calculate purchases
64000 Trade payable account
balance b/d
cash paid 371820
credit purchases
16450 balance c/d 15510

16450
387330
and liability 80450
 Step 4 - Closing bank balance
Bank account
balance b/d 9750

receipts from trade receiva 458800 trade payables 371820

motor expense 15070
general expenses 25500
new fixtures 4000
drawings 20000
balance c/d 32160

468550 468550
balance b/d 32160
unt

458800

21500

480300

Profit/Loss 47420

W1- Fixtures depreciation

Cost 35000
nt rate 10%
16450 Dep exp 3500

370880 W2- Motor vehicle depreciaiton

Cost 15000
Rate 25%
Dep exp 3750
387330
 Mohan
Income statement for the year ended 20th April 2019
Revenue 463,000.00
Less: Cost of sales
Opening inventory 19,600.00
Purchases 370,880.00
390,480.00
Less:Closing inventory - 23,080.00 367,400.00

Gross Profit 95,600.00

Less: Expenses
Motor expenses 15,070.00
general expenses 25,500.00
Fixtures depreciation (W1)) 3,500.00
Motor vehicle dep (W2) 3,750.00 47,820.00

Net profit 47,780.00

 Mohan
Statement of financial position as at 20th April 2019
Non-current assets Cost Accumulated de Net book value
Fixtures 35000 9700 25300
Motor vehicle 15000 9750 5250
Total NCA 30550

Current Assets
Inventory 23080
Trade receivables 21500 CA
Bank 32160
Total current assets 76740

Total Assets 107290

Capital And liabilities

Capital
Opening capital 64000
Add profit 47780
Less: drawings -20000
Total capital 91,780.00

Current liabilities
Trade payables 15510 15510

Total capital and liability 107,290.00

Revenue 20,000.00
Cost of sales 15,000.00
Gross profit 5,000.00
Margin = Gross profit *100
Sales

Markup = Gross Profit *100

Cost of sales

Margin =(5000/20000)*100
25.00%

Mark up =(5000/15000)*100
33.33%
 North West traders
Income statement (Extract) for the year ended 30 November 2014
Revenue 72000
Less: Cost of sales
Opening inventory 4600
Purchases 58200
Less: closing inventory -5200
57600
Gross Profit 14400

Markup = Gross Profit *100

Cost of sales
25% = 72000-COS *100
COS

0.25 = 72000-COS
COS
0.25COS = 72000-COS

0.25COS + COS = 72000

1.25COS = 72000
COS = 72000/1.25
COS = 57600
Rate of inventory turnover = Cost of sales
Average inventory

Average inventory = (Opening inventory + Closing inventory)/2

Margin = Gross profit *100

Sales

Average invntory =(12000+8000)/2

10000

15 =COS
10000

150000 =COS

20% = Sales - COS *100

Sales

20% = Sales - 150000 *100

Sales

0.2 = Sales - 150000

Sales

0.2Sales = Sales - 150000

150000 = Sales - 0.2Sales

150000 = 0.8Sales
150000/0.8 = Sales
187,500.00 = Sales
 M Parmar
Income statement (Extract) for the year ended 31 Oct 2012
Revenue 187500
Less: Cost of sales
Opening inventory 12000
Purchases 146000
Less:closing inventory -8000
150000
Gross Profit 37500
Markup = Gross Profit *100
Cost of sales

25% = 48000-COS *100

COS

0.25 = 48000-COS
COS
0.25COS '=48000-COS

0.25COS + COS = 48000

1.25COS = 48000
COS = 38400
 Destroyed goods =2400-700
1700

Rate of inventory turnover = Cost of sales

Average inventory

Average inventory = (Opening inventory + Closing inventory)/2

Average inventory = (1600+2400)/2

'= 2000

Rate of inventory turnover = 38400

2000
= 19.2
 Pradeep
IS (extract) for the year ended 31 July 2016
Revenue 48000
Less: Cost of sales
Opening inventory 1600
Purchases 39200
Less: Closing inventory 2400 38400

Gross profit 9600

Subscription

Subscription received 6,180.00

Subssription paid in advance ( 1 Nov 2014) 450.00
Subscriptions accrued (1 Nov 2014) - 360.00
Subscription paid in advance (31 Oct 2015) - 270.00
6,000.00

Income statement
Revenue 3,100.00
Less: Cost of sales
Opening inventory 280
Purchase of refreshments 2650
2930
Less: Closing inventory -310
2,620.00

Gross Profit 480.00

 W1 - Insurance
Income Paid for 15 months =(1350/15)*12
Subscriptions 6000 1080
Income from shop 480
6480 W2 - Rent
=(1430/11)*12
Less: Expenses 1560
Repairs to equipment 220
Insurance (W1) 1080 W3 - Depreciation
Rent of premises (W2) 1560 Equipment at valuation (1 Nov) 6000
General expenses 2540 Additions: 2000
Depreciation (W3) 1200 6600 Less: depreciation -1200
Deficit -120 Valuation (31 OCT) 6800
 Capital Account
Opening capital 5200
Add: Profit - Profit
Closing capital 6000 =6000-5200 balance c/d 6000
800 6000

If there is drawings
Capital Account
Opening capital 5200
Add: Profit Drawings 600
Less:Drawing -600 Profit balance c/d 6000
Closing capital 6000 =6000+600-5200
1400 6600

If there is additional capital

Opening capital 5200

Add:Additional Capital 2000 Drawings
Add:Profit Profit Balance c/d
Less:Drawings -600 =7000+600-2000-5200
Closing capital 7000 400
Capital Account
balance b/d 5200
Profit 800 (balancing figure

6000

Capital Account
balance b/d 5200
Profit 1400

6600

balance b/ 5200
600 Bank 2000
7000 Profit 400

7600 7600