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Acc030 Financial Statement & Income Statement Format

Zara Enterprise's financial statements for the year ended 31 December 2017 show that it had net sales of xx after returns, and gross profit of xx after deducting a cost of goods sold of xx. This included opening and closing stock amounts. Net profit for the year was xxx, after accounting for revenue, expenses, and drawings. As of 31 December 2017, Zara Enterprise had total assets of xxx, including non-current assets of xx, current assets of xx, and owner's equity and liabilities that balanced to the total assets.

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369 views2 pages

Acc030 Financial Statement & Income Statement Format

Zara Enterprise's financial statements for the year ended 31 December 2017 show that it had net sales of xx after returns, and gross profit of xx after deducting a cost of goods sold of xx. This included opening and closing stock amounts. Net profit for the year was xxx, after accounting for revenue, expenses, and drawings. As of 31 December 2017, Zara Enterprise had total assets of xxx, including non-current assets of xx, current assets of xx, and owner's equity and liabilities that balanced to the total assets.

Uploaded by

Aqilah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Zara Enterprise

Statement of Profit or Loss for the year ended 31 December 2017

Sales xx
(-) Return Inwards (xx)
Net sales xx

(-) Cost of goods sold (COGS)


Opening stocks xx
Purchases xx
(-) Return Outwards (xx)
xx
(+) Insurance on purchases xx
Import duty xx
Carriage inwards xx
xx
(-) Closing stock (xx)
Total cost of goods sold (COGS) (xx)
Gross profit/ gross loss xx

(+) Revenue/ income:


Rental received xx
Interest received xx
Discount received xx
xx
(-) Expenses:
Utility xx
Salaries xx
General expenses xx
(xx)
Net profit/loss XXX
Zara Enterprise

Financial Position as at 31 December 2017

Non-current assets
Motor vehicles xx
Equipment xx
xx
Current assets
Stock xx
Cash xx
Bank xx
Acc receivable/ debtors xx
xx
TOTAL ASSETS XXX

Owner’s Equity:
Capital xx
(+) Net profit xx
(-) Drawings (xx) These two figures
xxx must be equal
Non-current liabilities
Long term loan xx

Current liabilities
Acc payable xx
XXX

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