Restaurant trading A/C
For the year ended 31 Dec. 2006
Sh. Sh.
Sales 120,000
Less cost of sales 8,200
Opening stock 8,200
Add Purchases 98,200
Cost of goods 106,400
Less closing stock 20,000
Cost of sales 86,400 86,400
Gross Profit 33,600
Working I
Creditors A/C
Balance c/d 10,800 Balance b/d 9,000
Purchases 98,200 payment suppliers 100,000
109,000 109,000
Working II
Subscription A/C
Accrued subscription 400 Balance b/d 2,400
Prepaid income 300
Balance c/d 36,700 Subscription 34,400
37,100 37,100
Income and expenditure A/C
For the period ended 31 Dec. 2006
Gross Profit 33,600
Add subscription 34,400
68,000
Add incomes
Interest on 3.5% loan 1,050
Life membership subs. 3,000 4,050
72,050
Less expenses
Wages 34,000
Lighting and heating (4,600-600) 4,000
Secretary exp. (3700+100) 3,800
General expenses 20,150
Depreciation 3,000 64,950
Net profit 7,100
Heri Social Club
Balance Sheet
As at 31 Dec. 2006
Fixed Assets Cost Dep Nbv.
Furniture 20,000 3,000 17,000
Club House 25,000 _ 25,000
42,000
Current Assets
Accrued Sub 400
Cash 5,000
Stock 20,000 25,400
67,400
Current Liabilities
Accrued Secr. 100
Prepaid Subsc. 300
Creditors 10,800
Net Profit 7,100 18,300
Capital 49,100
67,400
Assets = Liabilities + Capital
67,400 = 18,300 – capital
Capital = 67,400 – 18,300
Capital = 49,100
EGESA LIMITED
Profit and Loss A/C
As At 31 Dec. 2006
Profit b/f 29,686
Less appropriation
Tax reserves 8,000
Debenture reserves 5,000
Dividend Preference 2,000
Dividend Ordinary 7,200 22,200
Retain...
