Scribd
Upload
85 views2 pages

Sole Proprietorship Financial Statements

The income statement shows the company had sales of $XX and cost of goods sold of $XX, resulting in a gross profit of $XX. Total income was $XX and expenses were $XX, giving a net profit of $XX. The statement of financial position lists non-current assets such as land, buildings, and equipment worth $XX in total. Current assets include inventory of $XX and receivables of $XX, totaling $XX. Current liabilities were $XX, giving net current assets of $XX. Capital was $XX, non-current liabilities were $XX, and the company had a net position of $XX.

Uploaded by

Bleh Bleh bleh
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
85 views2 pages

Sole Proprietorship Financial Statements

The income statement shows the company had sales of $XX and cost of goods sold of $XX, resulting in a gross profit of $XX. Total income was $XX and expenses were $XX, giving a net profit of $XX. The statement of financial position lists non-current assets such as land, buildings, and equipment worth $XX in total. Current assets include inventory of $XX and receivables of $XX, totaling $XX. Current liabilities were $XX, giving net current assets of $XX. Capital was $XX, non-current liabilities were $XX, and the company had a net position of $XX.

Uploaded by

Bleh Bleh bleh
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

XXX

Income statement for the year ended XX XXXXX XXXX


$ $
Sales XX
Less: Returns inwards (XX)
XX
Less: Cost of goods sold
-Opening inventory XX
-Add: Purchases XX
-Less: Returns outwards (XX)
Add: Carriage inwards XX XX
XX
Less: Closing inventory (XX)
Cost of goods sold (XX)
Gross profit XX
Add: Income
…income XX
…received XX
XX
Less: Expenses
Carriage outwards XX
Discount allowed XX (XX)
Net profit/Net loss XX
XXX
Statement of Financial Position as at XX XXXXX XXXX
$ $ $
Non-current assets
Land XX
Building XX
Premises XX
Machinery XX
Furniture and equipment XX
Motor van XX
Loan to… XX XX
Current assets
Inventory(closing) XX
Trade receivables XX
Less: Allowance for doubtful accounts (XX) XX
XXXX deposit XX
Time(fixed) deposit A/c XX
Saving A/c XX
Bank XX
Cash XX
XX
Less:Current liabilities
Trade payables (XX)
Bank overdraft (XX) (XX)
Net current assets XX
XX
Capital
Opening capital XX
Add: Capital introduction XX
Add: Net profit//Less: Net loss XX
Less: Drawings (XX) XX
Non-current liabilities
Bank loan XX
Loan from… XX
Mortgages XX
XX

You might also like