Solution11.5 – Kilclay heritage Centre
Income Statement for year ended 30 April
|
|
€ |
€ |
€ |
|
|
Sales/Revenue |
|
2,320,000 |
|
|
|
Sales returns |
|
(42,000) |
2,278,000 |
|
|
Less cost of Goods sold |
|
|
|
|
|
Opening stock |
|
77,000 |
|
|
|
Purchases |
1,580,000 |
|
|
|
|
Purchases returns |
(25,000) |
|
|
|
|
Drawings |
(4,000) |
|
|
|
|
carriage inwards |
24,000 |
1,575,000 |
|
|
|
Closing stock |
|
(75,000) |
(1,577,000) |
|
|
Gross Profit |
|
|
701,000 |
|
|
Add gains |
|
|
|
|
|
Discount received |
|
15,000 |
|
|
|
Reduction in provision for bad debts |
|
250 |
|
|
|
Rent receivable (24+3) |
|
27,000 |
42,250 |
|
|
Less expenses |
|
|
|
|
|
Wages and salaries |
|
125,000 |
|
|
|
Admin expenses (118 + 9) |
|
127,000 |
|
|
|
Rent (60-8) |
|
52,000 |
|
|
|
Repairs (12-2) |
|
10,000 |
|
|
|
Discount allowed |
|
22,000 |
|
|
|
Carriage out |
|
18,000 |
|
|
|
Utility costs (15 + 1) |
|
16,000 |
|
|
|
Bad debts |
|
10,000 |
|
|
|
Provision for discount (2% * 166.25) |
|
3,330 |
|
|
|
Provision for depreciation -furniture & fittings |
|
93,000 |
|
|
|
Provision for depreciation -plant and equipment |
|
82,000 |
|
|
|
Provision for depreciation -vehicles |
|
80,000 |
638,330 |
|
|
Net profit |
|
|
104,920 |
|
Statement of Financial Position as at 30 April
|
|
€ |
€ |
€ |
|
Non-current assets |
Cost |
Acc Dep |
NBV |
|
Furniture & Fittings |
450,000 |
(403,000) |
47,000 |
|
Plant and equipment |
820,000 |
(552,000) |
268,000 |
|
Vehicles |
320,000 |
(280,000) |
40,000 |
|
|
1,590,000 |
(1,235,000) |
355,000 |
|
Current assets |
|
|
|
|
Inventory |
|
75,000 |
|
|
Accounts receivable |
185,000 |
|
|
|
Less bad debts |
(10,000) |
|
|
|
Less provision for bad debts |
(8,750) |
|
|
|
Less provision for discount |
(3,330) |
162,920 |
|
|
Rent receivable |
|
3,000 |
|
|
Prepayments |
|
8,000 |
248,920 |
|
|
|
|
603,920 |
|
Capital and Liabilities |
|
|
|
|
Capital |
|
|
390,000 |
|
Net profit |
|
|
104,920 |
|
Drawings (12 + 2 + 4) |
|
|
18,000 |
|
|
|
|
476,920 |
|
Current liabilities |
|
|
|
|
Accounts payable |
|
112,000 |
|
|
Accruals (1 + 9) |
|
10,000 |
|
|
Bank |
|
5,000 |
127,000 |
|
|
|
|
603,920 |
|
|
|
|
|