Financial Statements Of Emporium Ltd.

 

Income Statement of Emporium Ltd. For the year ending 31st March 2015
Particulars		Debit (£)	Particulars	Credit (£)
To Opening Stock		8000	By Sales	189400
To Purchases		77230	By Return Outwards	2500
To wages and Salaries	32800		By Closing Stock	7200
Add: Unpaid salaries & wages	5200	38000
To Gross Profits c/f		75870
Total		199100		199100
Profit & Loss A/C
To water rates		6500	By Gross Profits b/d	75870
To delivery cost		2000
To Discount Allowed to customers		4300
To rent	16700
Less: Rent paid in advance	-1250	15450
To insurance		18500
To sundry expenses		19270
To Depreciation
Property	2520
Equipment	910
Motor Vehicle	2150	5580
To Provision for Tax		3200
To Net Profit		1070
Total		75870		75870

 

 

 

Assumption:

• In above, it was assumed that Tax estimated for Year 2015 was not paid year 2015 rather only Provision for Taxation was prepared. This was the reason that it was debited in Profit and Loss Account. Later, it was been classified as current liabilities under Statement of Financial Position.Here, at archlite assignment help, we provide various academic assignment assistance including Agroecology assignment help | Spss assignment help & many more.