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 2 years ago
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