Preparation of Financial Statements

Running head : PREPARATION OF FINANCIAL STATEMENTS

Preparation of financial statements

Customer 's name

Course UPOL Style Balance sheet

31 March 2009

pounds

Cash 500 .00

Trade Debtors 48 ,000 .00

less provision for bad debt -480 .00

Net receivables 47 ,520 .00

Work In progress 20 ,500 .00

Prepayments 450 .00

Furniture and fittings 18 ,400 .00

less accumulated depreciation -12 ,800 .00

net furniture and fittings 5 ,600 .00 Motor Vehicle 10 ,000 .00

less accumulated depreciation -8 ,400 .00

net

Motor Vehicle 1 ,600 .00 Computer Equipment 21 ,000 .00

less accumulated depreciation -17 ,000 .00

Net Computer equipment 4 ,000 .00

Creditors 1 ,400 .00

Accrued Expenses 1 ,250 .00

VAT 4 ,700 .00

long term debt 25 ,000 .00

current account 3 ,250 .00

capital account 40 ,400 .00

less drawings -15 ,000 .00

net income 19 ,170 .00 UPOL Style Income statement

31-Mar-09

pounds

Design fee income 242 ,700 .00

Designers wages -132 ,000 .00

opening stock -17 ,200 .00

closing stock 20 ,500 .00

Gross profit 114 ,000 .00 Expenses

Administration wages 42 ,000 .00

Advertising expenses 1 ,930 .00

Rent 18 ,000 .00

Stationary 3 ,100 .00

Telephone and postages 5 ,000 .00

Accountancy fees 750 .00

Electricity 2 ,150 .00

Printing expense 1 ,600 .00

Motor and Travel 1 ,970 .00

depreciation

Furniture and fittings 3 ,600...