Accounting Fundamentals Assessment 1

Accounting fundamental
assessment 1

Table of Contents
QUESTION 1...................................................................................................................................3
QUESTION 2 ..................................................................................................................................6
References .......................................................................................................................................9

QUESTION 1
A). For Kedison Plc the statement of profit and loss statement and financial position is prepared
for the ended year 31st December 2019
Profit and loss statement
It is also known as income statement which reflects the financial description of the business
presenting the revenue and expenses of specific period. The business worth is revealed by
comprising all the financial activities. The profit and loss for the given period is determined and
helps in gaining the understanding of financial health business. The financial performance is
reported through the financial statements (Ahmed, A.S and et.al., 2019).
PARTICULARS AMOUNT
Revenue (amount of goods or service sold for period) 827630
Cost of sales 578650
Gross profit 248980
Distribution cost 31000
Administration cost 85000
Other income 0
Operating profit 135980
Income from investment 0
Finance cost 2000
Profit before tax 130980
Taxation 68000