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Basic Trading and Profit and Loss Account and Balance Sheet

This document summarizes the trading and profit/loss account and balance sheet for a business for the year ending 20XX. The trading and profit/loss account shows the business had net sales of £X after returns, and gross profit of £X after deducting the cost of goods sold. Total expenses were £X, resulting in a net profit/loss of £X/(X). The balance sheet shows the business had total assets of £X including fixed assets of £X, current assets of £X, and net worth of £X financed by capital.

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Jake blake
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1K views2 pages

Basic Trading and Profit and Loss Account and Balance Sheet

This document summarizes the trading and profit/loss account and balance sheet for a business for the year ending 20XX. The trading and profit/loss account shows the business had net sales of £X after returns, and gross profit of £X after deducting the cost of goods sold. Total expenses were £X, resulting in a net profit/loss of £X/(X). The balance sheet shows the business had total assets of £X including fixed assets of £X, current assets of £X, and net worth of £X financed by capital.

Uploaded by

Jake blake
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Trading & Profit & Loss A/C for the year ending 21 XXX 20XX

Details
Sales
Less: Returns Inwards
Net Sales
Less. Cost of goods sold:Opening Sock
Purchases
Carriage Inwards
Less. Return Outwards
Less. Goods Taken by owner
Less. Damaged Stock
Less. Closing Stock

X
X
X
(X)
(X)
(X)
(X)
(X)
X
X
X
X
X
X

Gross Profit
Add. Discount Received
Provision for Doubtful Debts(decreased)
Commission Received
Rent received
Less. Expenses:Discount Allowed
Commission Allowed
Rent and Rates
Carriage Inwards
Depreciation: Fixed Asset
Wages and Salaries
Advertising
Postage and Stationary
Heating and Lighting
Miscellaneous Expenses
General Expenses
Electricity
Telephone
Repairs
Travelling Expenses
Stock Loss
Cleaning Expenses
Motor Expenses
Bad Debts
(Increase)Provision for Doubtful Debts
Loss on Sale of Fixed Asset
Office Expenses
Administration Expenses
Bonus Sales
Insurance
Net Profit/Net Loss

XX
(X)
X

X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
(X)
X/(X)

Balance Sheet as at 31 XXX 20XX


Details
Fixed Asset:

Cost

Acc. Depreciation

Premises
Equipment

X
X
X

X
X
(X)

Current Assets:
Closing Stock
Debtors
Less. Provision for Doubtful Debts
Cash at Bank
Cash in hand
Any expenses prepaid
Less. Current liabilities:
Creditors
Bank Overdraft
Any expenses owing
Working Capital
Net Assets
Less Long-term liabilities (loan):
Mortgage Loan
Bank Loan
Net Worth
Financed By:
Capital
(+)Net Profit
(-)Drawings
Match Net Worth

Net Book
Value
X
X
X

X
X
(X)

X
X
X

X
X
X
X
X

(X)
X
X

X
X

(X)
XX

X
X
(X)
XX

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