STUDENT NAME: Tahara Lewis
CLASS: 9E
SUBJECT: Business
SUBJECT TEACHER: Ms.Castello
DUE DATE: 06/16/2025
ASSIGNMENT #3
(a) Present the following financial statements and list the different parts (Vertical
Format)
i) Trading a/c
VERTICAL PRESENTATION
W. Fields Trading Account for the Period Ended 20_August 31
Details $ $ $
Revenue:
Sales
Less: Sales Returns
Net Sales
Expenses:
Cost of Goods Sold
Opening Stock
Purchases
Add: Carriage Inwards
Total Purchases
Less: Returns Outwards
Net Purchases
Goods Available for Sale
Less: Closing Stock
VERTICAL PRESENTATION
W. Fields Trading Account for the Period Ended 20_August 31
Cost of Goods Sold
Add: Warehouse Wages
Cost of Sales
Gross Profit
ii) Income and Expenditure Account
VERTICAL PRESENTATION
W. Fields Trading and Profit and Loss Account for the Period Ended 20_August 31
Details $ $ $
Revenue:
Sales
Less: Sales Returns
Net Sales
Expenses:
Cost of Goods Sold
Opening Stock
Purchases
Add: Carriage Inwards
Total Purchases
Less: Returns Outwards
Net Purchases
VERTICAL PRESENTATION
W. Fields Trading and Profit and Loss Account for the Period Ended 20_August 31
Goods Available for Sale
Less: Closing Stock
Cost of Goods Sold
Add: Warehouse Wages
Cost of Sales
Gross Profit
Other Revenue:
Discount Received
Fees Received
Rent Received
Total Other Revenue
Other Expenses:
Wages & Salaries
Discount Allowed
Carriage Outwards
Rent Expense
Telephone Expense
Total Other Expense
Net Profit
iii) Statement of Financial Position (Balance Sheet)
VERTICAL PRESENTATION
W. Fields Balance Sheet as at 20_August 31 (Order of Liquidity)
Current Assets $ $
Cash
Bank
Bills Receivable
Debtors
Stock
Total Current Assets
Less: Current Liabilities
Bills Payable
Creditors
Bank Overdraft
Bank Loan
Total Current Liabilities
Working Capital (Net Current Assets)
Add: Fixed Assets
Furniture
Vehicles
Land
Premises
Plant & Equipment
Total Fixed Assets
Net Assets
VERTICAL PRESENTATION
W. Fields Balance Sheet as at 20_August 31 (Order of Liquidity)
Less: Long-term Liabilities
Mortgage
Total Long-term Liabilities
Financed By: Capital
At Start:
Add: Net Profit
Total Capital
Less: Net Loss
Capital Before Drawings
Less: Drawings
Closing Capital
(b) From the format you provided from your research:
Prepare the Trading a/c by putting the transactions in their relevant places. No calculations are
needed.
VERTICAL PRESENTATION
W. Fields Trading Account for the Month Ended 31 January 2020
Details $ $ $
Revenue:
Sales 30,000
Less: Returns Inwards 800
VERTICAL PRESENTATION
W. Fields Trading Account for the Month Ended 31 January 2020
Net Sales
Cost of Goods Sold:
Opening Stock (01/01/2020) 2,000
Purchases 20,000
Add: Carriage Inwards
Less: Returns Outwards 700
Net Purchases
Goods Available for Sale
Less: Closing Stock (31/01/2020) 9,000
Cost of Goods Sold
Add: Warehouse Wages 1,500
Total Cost of Sales
Gross Profit/Loss
(d) J.Shaw had these balances in his ledger on 30 November 2020. Prepare the Income
Statement. Put the relevant parts together based on the format provided. No calculations are
needed. (Vertical Format Only)
Item Amount $ Goes in Income Statement
Capital 7,900 ✖
Sales 8,400 ✔
Sales Returns 300 ✔
Purchases 9,200 ✔
Purchases Returns 400 ✔
Debtor - K. Allum 6,000 ✖
Creditor - L. Warren 6,000 ✖
Discount Received 400 ✔
Discount Allowed 500 ✔
Bank Overdraft 100 ✖
Cash 2,100 ✖
Insurance Expense 200 ✔
Rent Received 600 ✔
Wages 700 ✔
Opening Stock (Nov 1) 48,00 ✔
Closing Stock 1,900 ✔
VERTICAL PRESENTATION
J. Shaw Income Statement for the Year Ended 30 November 2020
Details Amount $
Sales 8,400
Less: Sales Returns 300
Net Sales
Cost of Goods Sold:
Opening Stock (Nov 1, 2020) 48,000
Add: Purchases 9,200
Less: Purchases Returns 400
Net Purchases
VERTICAL PRESENTATION
J. Shaw Income Statement for the Year Ended 30 November 2020
Goods Available for Sale
Less: Closing Stock 1,900
Cost of Goods Sold
Gross Profit/Loss
Other Income:
Discount Received 400
Rent Received 600
Total Other Income
Less: Expenses:
Wages 700
Insurance Expense 200
Discount Allowed 500
Total Express
Net Profit/Loss
(e) From the following Trial balance below, prepare a list showing the following items
belonging to each of the following sections: (Vertical Format Only)
i) Non-Current (Fixed) Assets ii)
Total Current Assets iii) Total
Current Liabilities
Section Items
Non-Current (Fixed) Assets Plant and Machinery
Motor Vehicles
Long-term Investments
Total Current Assets Accounts Receivable
Closing Inventories
Insurance Prepaid at Year End
Total Current Liabilities
Accounts Payable
Bank Overdraft
Miscellaneous Expenses Owing at Year End
NIL Sales Revenue
Cost of Goods Available for Sale
Insurance Paid
Interest Expense Paid
Salaries and Wages Paid
Miscellaneous Expenses Paid
Mortgage
Opening Capital
VERTICAL PRESENTATION
Classification of Items from the Trial Balance
Details Amount $
Non-Current (Fixed Assets)
Plant and Machinery 163,450
Motor Vehicles 37,000 38,580
Long-term Liabilities 239,030
Total Non-Current Assets
Current Assets
Closing Inventories 24,550
Accounts Receivable 8,070
Insurance Prepaid at Year End 1,070
Total Current Assets 33,690
Current Liabilities
Bank Overdraft 6,180
Accounts Payable 3,910
Miscellaneous Expenses Owing at Year 4,220
VERTICAL PRESENTATION
Classification of Items from the Trial Balance
End
Total Current Liabilities 14,310
