Solution 6.4 – Niall Daly
Income Statement for year ended 31 January
|
|
€ |
€ |
|
€ |
|
Sales |
|
|
|
282,233 |
|
Less cost of sales |
|
|
|
|
|
Opening inventory |
|
10,900 |
|
|
|
Purchases |
102,763 |
|
|
|
|
+ Carriage in |
10,152 |
|
|
|
|
- Returns out |
(7,894) |
105,021 |
|
|
|
Less closing inventory |
|
(12,000) |
|
|
|
Cost of sales |
|
|
|
(103,921) |
|
Gross profit |
|
|
|
178,312 |
|
Less Expenses |
|
|
|
|
|
Wages & salaries |
|
78,456 |
|
|
|
Motor expenses |
|
12,356 |
|
|
|
Rent |
|
59,400 |
|
|
|
Rates |
|
12,456 |
|
|
|
Insurance |
|
15,000 |
|
|
|
Sundry expenses |
|
4,520 |
|
|
|
Light and heat |
|
12,564 |
|
(194,752) |
|
Net loss |
|
|
|
(16,440) |
|
|
|
|
|
|
Statement of Financial position as at 31 January
|
|
€ |
€ |
€ |
|
Non Current Assets |
|
|
|
|
Office furniture |
|
|
56,000 |
|
Office equipment |
|
|
40,000 |
|
Plant and equipment |
|
|
70,120 |
|
|
|
|
166,120 |
|
Current Assets |
|
|
|
|
Inventory |
|
12,000 |
|
|
Cash |
|
560 |
12560 |
|
|
|
|
178,680 |
|
Liabilities & Capital Current Liabilities |
|
|
|
|
Creditors |
|
56,120 |
|
|
Bank |
|
21,300 |
77,420 |
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
Loan |
|
|
40,000 |
|
|
|
|
|
|
Capital |
|
90,000 |
|
|
Profit & loss |
|
(16,440) |
|
|
Drawings |
|
(12,300) |
61,260 |
|
|
|
|
178,680 |