INTERNATIONAL GCSE (UNIT-04)

FINANCIAL STATEMENTS OF SOLE TRADER

STATEMENT OF COMPREHENSIVE INCOME/ INCOME STATEMENT
This statement summaries the revenues earned and expenses incurred by the business
throughout accounting period.
Cost of goods sold:
This amount includes the cost of the
material used in creating the products
that a company sells ,therefore the only
costs included in the measure are those
that are directly tied to the production of
the product Net profit/loss:
Gross profit: Ultimate profit or
Profit a business loss made by the
makes after paying business after
off its cost of goods writing off total
sold. expense with gross
profit.

Profit and loss

and other
comprehensive
income

STATEMENT OF FINANCIAL POSITION

This statement summaries the book value of assets, liabilities, and equity of the business at the
end of the accounting period. In simple terms a statement of financial position show what a
business `owns` and what it `owes` on a specific date.

Non-current asset:
A resources controlled by the entity as a
result of past event and from which future
benefits are expected to be flow to the
entity and will be used by the business
over a number of years to generate sales
revenue and profit and not for resale
Current asset:
Is a resources expected to be used
to benefit a company within a year
and can be converted into cash and
cash equivalent in a shorter period
of time.

Current liabilities:
Are the obligations
Non-current liabilities:
which need to be
settled by the Are obligations which
business within 12 have to be settled over
month period Financial 12 months periods
position

SAMIR HOSSAIN BHUIYAN

CONTACT NUMBER: +8801611545167; +8801706257727
1
 INTERNATIONAL GCSE (UNIT-04)
FINANCIAL STATEMENTS OF SOLE TRADER
STATEMENT OF PROFIT AND LOSS AND COMPREHENSIVE INCOME/ INCOME
STATEMENT
AS AT 31ST DECEMBER 20XX
£ £
Sales revenue/turnover xxx
Sales return/return inward (xxx)
xxx
Less : cost of goods sold xxx
Opening inventory/stock xxx
Purchase of inventory xxx
Carriage inward xxx
Stock withdraw (xxx)
Purchase return/return outward (xxx)
Closing inventory (xxx) (xxx)
Gross profit xxx
Other operating income: xxx
Discount received xxx
Decrease in provision for doubtful debt xxx
Interest received/ Investment income xxx
Bad debt recover xxx
Profit on disposal xxx
Rent receivable/ commission received xxx xxx
xxx
Less : other expense xxx
Carriage outward xxx
Discount allowed xxx
Loss on disposal xxx
Any loss on other income xxx
Bad debt xxx
Increase in provision for doubtful debt xxx
Rent & rates xxx
Salary/wages xxx
Insurance xxx
Loan interest xxx
Motor/ office expense xxx
Lighting and heating expense xxx
General expense xxx
Advertising xxx
Commission paid xxx
Deprecation of non-current asset (e.g.: machinery, pant. fixture, xxx (xxx)
equipment)
Net profit/loss xxx/(xxx)

SAMIR HOSSAIN BHUIYAN

CONTACT NUMBER: +8801611545167; +8801706257727
2
 INTERNATIONAL GCSE (UNIT-04)
FINANCIAL STATEMENTS OF SOLE TRADER
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31ST 20XX
£ £
Noncurrent asset :
Property, plant and equipment ( cost – accumulated xxx
depreciation)
Fixture and fitting ( cost – accumulated depreciation) xxx
Computer ( cost – accumulated depreciation) xxx
Vehicle/ delivery van ( cost – accumulated depreciation) xxx
Land/ building/ Premises xxx
Goodwill/ patent xxx xxx

Current asset :
Closing inventory xxx
Trade receivable (receivable – provision ) xxx
Other receivable xxx
Cash at bank xxx
Cash in hand xxx xxx
Total assets xxx

Capital and liabilities:

Capital
Capital xxx
Net profit xxx
xxx
Drawing (xxx) xxx

Noncurrent liabilities :
Bank loan xxx xxx

Current liabilities :
Trade payable xxx
Other payable xxx
Bank overdraft xxx xxx
Total Capital and liabilities xxx

SAMIR HOSSAIN BHUIYAN

CONTACT NUMBER: +8801611545167; +8801706257727
3