Book 1
Content
ABC COMPANY INCOME STATEMENT FOR THE YEAR END JUNE 30,2011
$
$
SALES
210,000
Less: COST OF GOOD SOLD
PURCHASES LESS:PURCHASE RETURN
120,000 6,600
Net purchases ADD:CARRIAGE INWARD
113,400 23475
GROSS PROFIT
136,875 73,125
LESS: EXPENSES
ADVERTISEMENT EXPENSES INTEREST EXPENSE SALARIES EXPENSE CARRIAGE ON SALES
12,000 5,300 36,000 8,730
TOTAL EXPENSES
62,030
NET INCOME
11,095 ABC COMPANY BALANCE SHEET FOR THE YEAR END JUNE 30,2011
ASSETS
CASH ACCOUNT RECIEVABLE PREPAID INSURANCE PLANT & MACHINARY LAND & BUILDING FURNITURE & FIXTURE
45000 192495 10200 72000 246000 7800
TOTAL ASSETS
573495
LIABILITIES
OUTSTANDING SALARIES CREDITORS ACCOUNT PAYABLE
3000 200000 11400
TOTAL LIABILTIES
214400
OWNER'S EQUITY
CAPITAL ADD:NET INCOME
348000 11095
TOTAL OWNER EQUITY
359095
TOTAL LIABILITIES & OWNER'S EQUITY
573495
0
0
$
$
SALES
210,000
Less: COST OF GOOD SOLD
PURCHASES LESS:PURCHASE RETURN
120,000 6,600
Net purchases ADD:CARRIAGE INWARD
113,400 23475
GROSS PROFIT
136,875 73,125
LESS: EXPENSES
ADVERTISEMENT EXPENSES INTEREST EXPENSE SALARIES EXPENSE CARRIAGE ON SALES
12,000 5,300 36,000 8,730
TOTAL EXPENSES
62,030
NET INCOME
11,095 ABC COMPANY BALANCE SHEET FOR THE YEAR END JUNE 30,2011
ASSETS
CASH ACCOUNT RECIEVABLE PREPAID INSURANCE PLANT & MACHINARY LAND & BUILDING FURNITURE & FIXTURE
45000 192495 10200 72000 246000 7800
TOTAL ASSETS
573495
LIABILITIES
OUTSTANDING SALARIES CREDITORS ACCOUNT PAYABLE
3000 200000 11400
TOTAL LIABILTIES
214400
OWNER'S EQUITY
CAPITAL ADD:NET INCOME
348000 11095
TOTAL OWNER EQUITY
359095
TOTAL LIABILITIES & OWNER'S EQUITY
573495
0
0
