Question

In: Accounting

Trial balance Account Debit Credit Cash at bank $48,907.71 Petty cash $4,000.00 Stock on hand $36,942.00...

Trial balance

Account

Debit

Credit

Cash at bank

$48,907.71

Petty cash

$4,000.00

Stock on hand

$36,942.00

Deposits

$3310.00

Trade debtors

$43,437.00

Plant and equipment

$46,502.29

Motor vehicle

$52,500.00

Account depreciation – Plant and equipment

$6,540.00

Bank loans

$58,500.00

Trade creditors

$92,000.00

GST collected

$15,303.00

GST paid

$43,171.18

Payroll liabilities

$2,767.00

Owner capital/issued capital

$15,000.00

Owner drawings

$35,195.00

Retained earnings

$65,500.00

Sales goods and services

$363,684.00

Interest received

$1,050.00

COGS

$80,000.01

Accounting and audit fees

$4,772.73

Advertising and marketing

$5,600.00

Bank fees

$2,112.50

Computer expenses

$2,727.27

Consultancy

$954.55

Hire purchase/lease charges

$1,909.10

Insurance general

$1,954.54

Internet

Legal fees

$4,636.36

$1,000.00

Motor vehicle expenses

$1,104.55

Postage/courier

$2,685.45

Printing and stationary

$711.82

Repairs and maintenance – office

$2,522.72

Rent – office premises

Salaries – office

$30,000.00

$150,005.40

Travel

$4,636.37

Telephone expenses

$3,545.45

Utilities

Depreciation

Accumulated Depreciation m/v

$5,500.00

7500

7500

Total:

$620,344.00

$620,344.00

Prepare a Profit & Loss statement

This is now the end of financial year 2020. You are required to compile the financial data for the last three months to prepare a Statement of Financial Performance in Excel or Word. Please provide your opinion about the Profit and Loss Statement for the last Quarter. Above is the data for the last quarter.

Solutions

Expert Solution

Profit & Loss Account for last quarter
Particulars Amount Particulars Amount
COGS      80,000 Sales of goods and services 3,63,684
GST Paid      43,171 GST Collected      15,303
Gross Profit C/F 2,55,816
Total 3,78,987 Total 3,78,987
Accounting & Audit fees        4,773 Gross Profit B/F 2,55,816
Advertising & Marketing        5,600 Interest received        1,050
Bank fees        2,113
Computer expenses        2,727
Consultancy            955
Hire Purchase & Lease Charges        1,909
Insurance General        1,955
Internet Expense        4,636
Legal Fees        1,000
Motor vehicle expenses        1,105
Postage/courier        2,685
Printing and stationary            712
Repairs and maintenance – office        2,523
Rent – office premises      30,000
Salaries – office 1,50,005
Travel        4,636
Telephone Expense        3,545
Utilities        5,500
Net Profit      30,487
Total 2,56,866 Total 2,56,866
Balance Sheet for the quarter
Liabilities Amount Assets Amount
Owner capital/issued capital      15,000 Plant and equipment      46,502
Retained Earnings      65,500 Less: Accumulated Depreciation       -6,540
Owner drawings    -35,195 Motor vehicle      52,500
Bank loans      58,500 Trade debtors      43,437
Trade creditors      92,000 Deposits        3,310
Payroll liabilities        2,767 Stock on hand      36,942
Profit for the year      30,487 Petty cash        4,000
Cash at bank      48,908
Total 2,29,059 Total 2,29,059
Gross Profit Margin 70.34%
Net Profit Margin 8.38%

The company is having GP ratio of 70.34% and NP ratio of 8.38% which is good.

Further if we have to analysis these ratio in deep then we will have to compare these ratio with the peer group companies in this case.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

ACCOUNTS DEBIT £ CREDIT £ Cash in hand 3,400 Bank Balance 18,660 Stock 1st Jan 2016...
ACCOUNTS DEBIT £ CREDIT £ Cash in hand 3,400 Bank Balance 18,660 Stock 1st Jan 2016 46,000 Purchase 150,200 purchase returns 600 Freehold premises 38,600 Incidental trade expenses 840 Insurance 1,640 Audit fees 280 Commission received 3,300 Bank overdraft 4,000 Interest on Bank Overdraft 200 Trade Debtors 36,000 Trade Creditors 34,670 Wages 25,000 Salaries 14,000 Capital 114,000 Drawings 5,000 Income tax 1,600 Investments 4,000 Discount allowed 6,300 Discount received 4600 Sales return 550 sales 201350 Bills receivable 3,200 Office furniture...
Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial...
Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial balance(credit) Cash 32,236.75 32,236.75 baking supplies 18,500 18,500 merchandise inventory(fifo) 175.65 175.65 prepaid rent 1500 1500 prepaid insurance 2400 2400 baking equipment 6000 6000 accumulated depreciation 208.33 208.33 office supplies 600 600 accounts receivable 7700 7700 notes payable 10,000 10,000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense rent expense...
The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash...
The unadjusted trial balance at November 30 is below: No. Account Name Debit Credit 101 Cash $     99,876 106 Accounts receivable 5,300 125 Supplies - inventory 10,000 128 Prepaid insurance 6,400 131 Prepaid rent 35,000 151 Office equipment 20,000 152 Accumulated depreciation - office equipment $             0 155 Computer equipment 15,000 156 Accumulated depreciation - computer equipment 0 201 Accounts payable 0 205 Wages payable 0 221 Unearned revenue 1,500 301 Common stock 150,000 315 Retained earnings 0 401 Service...
trial balance of pioneer corp. on July 1, 2010 is: account -------------------debit ---------------credit cash............................ $26,000   ...
trial balance of pioneer corp. on July 1, 2010 is: account -------------------debit ---------------credit cash............................ $26,000    accounts receivable...... $4,500 accounts payable....................................$2,000 common stock.........................................$10,000 retained earnings.....................................$18,500 total...............................$30,500 .............$30,500 transactions during august 2010 a.loan of $45,000 from chasebank in note form b.bought land for $40,000 cash c. received $5,000 for services performed for customer d. bought $300 supplies on credit e. paid $1000 on account f. paid salary expenses of $3000 g.received $3000 on account h. declared dividend of $1,800 i. paid...
trial balance of pioneer corp. on July 1, 2010 is: account -------------------debit ---------------credit cash............................ $26,000   ...
trial balance of pioneer corp. on July 1, 2010 is: account -------------------debit ---------------credit cash............................ $26,000    accounts receivable...... $4,500 accounts payable........................................$2,000 common stock.............................................$10,000 retained earnings.........................................$18,500 total...............................$30,500 .................$30,500 transactions during august 2010 a.loan of $45,000 from chasebank in note form b.bought land for $40,000 cash c. received $5,000 for services performed for customer d. bought $300 supplies on credit e. paid $1000 on account f. paid salary expenses of $3000 g.received $3000 on account h. declared dividend of $1,800 i. paid...
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable...
A company has the following adjusted trial balance: Account Debit Credit Cash $1100​ ​ Accounts Receivable 900​ ​ Inventory 1800​ ​ Supplies 2000​ ​ Prepaid Rent 400​ ​ Land 6500​ ​ Building 39,800​ ​ Accumulated Depreciation—Building ​ $8000​ Accounts Payable ​ 7600​ Unearned Revenue ​ 4300​ Notes Payable, due 2020 ​ 2300​ Common Stock ​ 6400​ Retained Earnings ​ 2700​ Dividends 800​ ​ Service Revenue ​ 33,800​ Rent Expense 1300​ ​ Supplies Expense 1100​ ​ Salaries Expense 6200​ ​ Depreciation...
The adjusted trial balance at April 30, 2017, for Willard Co. follows. Account Debit Credit Cash...
The adjusted trial balance at April 30, 2017, for Willard Co. follows. Account Debit Credit Cash $106,300 Accounts receivable 25,620 Trucks 560,000 Accumulated depreciation, trucks $84,000 Franchise 55,000 Accounts payable 20,540 Salaries payable 10,200 Unearned revenue 35,000 Sid Willard, capital 250,000 Sid Willard, withdrawals 75,000 Plumbing revenue 850,630 Depreciation expense, trucks 84,000 Salaries expense 272,450 Rent expense 60,000 Advertising expense 12,000 Income summary Totals $1,250,370 $1,250,370 Required: 1.      Prepare the four closing entries. 2.      Prepare a post-closing trial balance.
COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018 Account Title Balance Debit Credit Cash $ 12,100...
COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018 Account Title Balance Debit Credit Cash $ 12,100 Accounts Receivable 1,300 Office Supplies 200 Painting Equipment 13,500 Accounts Payable $ 3,300 Unearned Revenue 1,700 Common Stock 15,000 Dividends 3,500 Service Revenue 15,600 Advertising Expense 550 Rent Expense 1,800 Salaries Expense 2,400 Utilities Expense 250 Total $ 35,600 $ 35,600 P2-29A Requirement 1 Date Accounts and Explanation Post Ref. Debit Credit July 1 Cash 63,000 Common Stock 63,000 5 Rent Expense 510 Cash...
The entry to establish a petty cash fund includes: a debit to Cash and a credit...
The entry to establish a petty cash fund includes: a debit to Cash and a credit to Petty Cash. a debit to Cash and a credit to Cash Over and Short. a debit to Petty Cash and a credit to Cash. a debit to Petty Cash and a credit to Accounts Receivable. a debit to Petty Cash and a credit to Petty Cash Payable.
Pete's Roofing, Inc. Unadjusted Trial Balance December 31, 2014 Account Debit Credit Cash $                       &nbs
Pete's Roofing, Inc. Unadjusted Trial Balance December 31, 2014 Account Debit Credit Cash $                            5,000 Accounts Receivable                              20,000 Supplies                                 6,000 Prepaid Rent                              10,500 Equipment                           850,000 Accumulated Depreciation                           235,000 Other Assets                              65,000 Accounts Payable                              10,500 Unearned Service Revenue                              12,500 Note Payable                              60,000 Common Stock                           285,000 Retained Earnings                              35,000 Service Revenue                           625,000 Wages Expense                           205,000 Rent Expense                              92,600 Interest Expense                                 8,900 Totals $                 1,263,000 $                 1,263,000 At year end, you have the following data for adjustments: a.  An analysis indicates that prepaid rent on December 31...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT