Accounts

Accounts

Profitability statement of Jack’s for the year ended on 31st July 2014 is enumerated below:
Profit and loss account for the year ended 31st July 2014
Particulars Amount(£)
Sales 52000
less: COGS
Opening stock 9000
purchases 38500
closing stock 8500 39000
Gross profit 13000
Sundry Income :
Interest received 80
13080
less: expenses
rent 1580
rates 600
wages and salaries 3000
Bank charges 80
Telephone 100
Light and heat 215

Postage 20
Advertising 750
Outstanding electricity
expenses 125
Outstanding repairs 520 6990
Net profit 6010
Balance sheet of Jack’s for the year ended on 31st July 2014 is enumerated below:
Balance sheet at 31st July 2014
Fixed assets :
Fixtures and equipment 2750
computer equipment 1225
Motor vehicle 775
Total fixed assets 4750
Current assets :
Stock 8500
Trade debtors 750
Cash at bank 27610 37360
Total current assets
42110

Current liabilities :
Trade creditors 12125
Accruals 645
Electricity bill 125
Outstanding repairs 520
Total current liabilities 12770
29340
Non-current liabilities
capital 24750
Profit for the year 6010 30760
less: drawings 2000
Total liabilities 29340