Muhammad Ali

TRADING AND PROFT AND LOSS A/C FOR THE YEAR ENDED DED. 31, 19X5
£ £
Sale xxx
Less: Return inwards/sale returns xxx
Net sales xxx
Less: cost of goods sold.
Opening stock xxx
Add: Purchases xxx
Add: Carriage inwards xxx
Less: Return outwards/purchase return xxx
Less: Closing stock xxx xxx
Gross profit xxx
Add: Discount received / rent received xxx
Net profit xxx

Less: Expenses
Rent xxx
Salaries xxx
Wages xxx
Insurance xxx
Advertising xxx
Repair and maintenance xxx
Bad debts xxx
Depreciation on machinery xxx
Van running cost xxx
Fuel expenses xxx xxx
Net profit / net loss xxx
 Muhammad Ali
Balance sheet as at December 31, 19X5
Fixed Assets. Cost Dep. N.B.V
£ £ £ £
Plant and machinery xxx xxx xxx
Building xxx xxx xxx
Motor van xxx xxx xxx
Furniture and fitting xxx xxx xxx
xxx xxx xxx
Current assets.
Closing stock xxx
Debtors xxx
Less Provision for Doubtful Debts (xxx) xxx
Prepaid Expense xxx
Cash at bank / bank xxx
Cash in hand xxx xxx
Less: Current liabilities
Creditors xxx
Accrued Expense xxx
Bank overdraft xxx xxx

Working capital xxx

Capital employed xxx

Financed by.
Capital xxx
Add: Net profit xxx
Less: Drawings xxx
xxx