Professional Documents
Culture Documents
Fina 1161
Fina 1161
£ £
Revenue 157,210
Less: Cost of sales
Opening inventory 11,390
Add: Purchases 115,890
127,280
Less: Closing inventory -19,560
107,720
Gross profit on book sales 49,490
Expenses
Electricity 2,400
Rental expense 18,800
Insurance 2,600
Assistant's wages 10,200
Administration, finance, and sundry expenses 2,680
36,680
Net profit 17,275
Balance sheet on 28 February 20X4
£ £
ASSETS
Non-current assets 4,785
Current assets
Closing inventory 19, 560
Trade receivables 2,300
Bank 2,348
24,208
Total Assets 28,993
Liabilities
Trade payables 14,952
28,993
28 February 20X3 28 February 20X4
0 12,000
27,000 132,700
7,000 41,000
34,000 185,700
0 50,000
2,000 12,000
17,000 94,000
3,500 17,500
7,000 37,000
29,500 210,500
4,500 -24,800
10,700 69,200
15,200 44,400