Name of the Business

Income Statement
For the Year Ended ---------------------------

Calculations $ Balance $
1- Revenue (Sales) xxx
Less: Sales Return/Return Inwards xxx
------------------
Net Sales xxx

Less: Cost of Sales/Cost of Goods Sold

Opening Inventory (Stock) xxx
Add: Purchases xxx
Less: Purchase Return/Return Outwards (xxx)
Add: Carriage Inwards xxx
Less: Closing/Ending Inventory(Stock) (xxx)
----------------- (xxx)
-----------------
Gross Profit xxx

Less: Expenses
Electricity xxx
Insurance xxx
Rent xxx
Bad Debts xxx
Depreciation on fixed assets xxx
----------------- (xxx)
Add: Other Incomes
Commission Received xxx
Discount Received xxx xxx
Rent Received ---------------- --------------
xxx
Net Profit
 Name of the business
Balance Sheet/Statement of Financial Position
As at 31st December, 2020------------------------------------

ASSETS Calculations Balance $

Non-Current (Fixed) Assets $ xxx
Land xxx xxx
Building / Premises xxx xxx
Motor Vehicles xxx xxx
Fixtures and Fitting xxx xxx
Equipment xxx ------------
------------ xxx
Current Assets xxx
Ending Inventory (Stock) xxx
Accounts Receivable (Debtors) xxx
Bank xxx
Cash xxx
-------------
Total Asset Xxx
-------------
Less: Current Liabilities
Bank Overdraft
Accounts payable (xxx)
(xxx)
Total Liabilities ------------ (xxx)
------------
Balance xxx
-------------
Financed By
xxx
Capital xxx
Add: Net Profit (xxx)
Less: Drawings -----------
xxx
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