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Mini Assessment 1 Profit and Loss Account for Anson For the Year Ended 30th September 2006 £ £ £ Sales 367300 less Sales Returns 5234 Net sales 362066 Opening Stock 28000 Purchases 204678 Carriage in 4356 Less Purchase returns 2346 Net purchases 206688 234688 less Closing Stock 0 Cost of Goods Sold 234688 Gross profit 127378 add other income, eg: Discounts received 5668 Income from hire of land 8644 14312 141690 less expenses, eg: Discounts allowed 2342 General expenses 26886 Gas, Water and Electricity 6845 Carriage Outwards 1045 Sales Commision 15698 Bank Charges 3600 Bad Debts 4322 Travel Expenses 4466 Rent of Equipment 5680 Insurance 6882 Wages 45880 0 123646 Net Profit (Loss) 18044 Balance Sheet for Anson As At 30th September 2006 £ £ £ Fixed Assets Cost Dep'n to date Net Book Value Loan account, Keppel (5years to 30 Nov 2008) 24000 0 24000 Equipment 76000 22800 53200 Furniture and Fittings 64000 0 64000 Premises 242000 0 242000 406000 22800 383200 Current Assets Stock ( closing) 0 Debtors 78660 less provision for bad debts 6820 71840 Cash at Bank 30226 102066 less Current Liabilities Creditors 82922 82922 Working Capital 19144 less Long Term Liabilities Loans 0 NET ASSETS 402344 FINANCED BY Capital Opening capital 417700 add Net Profit ( see P&L a/c) 18044 435744 less Drawings 33400 402344 0 ZMB Accountants Memo To: Anson From: Suleman Siddique CC: None Date: November 20, 2007 Re: Definitions Dear Anson here are the terms you had asked me to explain toy you. Should you have any problems please contact me back ASAP. The term Drawings in accounting means assets withdrawn from the business by the owners....

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