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Book 2

Financial reporting assignment

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Richmond Kofi Agyare
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33 views2 pages

Book 2

Financial reporting assignment

Uploaded by

Richmond Kofi Agyare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Constance LTD

INCOME STATEMENT FOR THE YEAR ENDED 31/12/2020

Revenue GHC GHC


Sales 377,616

Cost of Sales
Opening Inventory 60,890
Purchase 130,006
190,896
Closing inventory (148,000) 42,896
Gross Profit 334,720
Allowance for receivables 580
335,300
Operation Expense
Insurance (5678-1320) 4,358
Salaries (61600+11200) 72,800
Electricity 4,250
General Expense 8,664
Interest on Loan 1,500
Depreciation:
Machinery (25%*(65000-12400)) 13,150
Fixtures & Fittings (15%*24000) 3,600
Building 7,000 115,322
Net Loss 219,978
STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2020

Asset Cost Acc. Depn NBV


Non-Current Asset GHC GHC GHC
Land Building 80,000 28,500 51,500
Machinery 65,000 25,550 39,450
Fixtures & Fittings 24,000 13,200 10,800
169,000 67,250 101,750

Current Asset
Inventory 148,000
Cash & Cash Equivalent 20,110
Prepayment - Insurance 1,320
Receivables 64,500 233,930
Total Asset 335,680

Equity
Capital 65,440
Net loss 219,978
285,418

Liabilities
Payable 14,062
Accruals 11,200
25,262
Long term Liabilities
Loan 25,000

Total equity & Liabilities 335,680

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