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  • Financial Statement of Sole Trader LHA

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    Sameer Ali
    21 views2 pages
    This financial statement summarizes the revenues, expenses, and financial position of a sole trader business for the year ended. It shows that the business generated Rs. XXX in sales and had a gross profit of Rs. XXX after deducting the cost of goods sold. The business incurred total expenses of Rs. XXX and earned a net profit of Rs. XXX. The statement of financial position outlines the business's assets (totaling Rs. XXX), which include non-current assets like land, buildings, and vehicles as well as current assets like inventory and receivables, and its equity and liabilities (also totaling Rs. XXX), which include the owner's capital, retained earnings, loans, and current liabilities.

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    Financial Statement of Sole Trader LHA

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    This financial statement summarizes the revenues, expenses, and financial position of a sole trader business for the year ended. It shows that the business generated Rs. XXX in sales and had a gross profit of Rs. XXX after deducting the cost of goods sold. The business incurred total expenses of Rs. XXX and earned a net profit of Rs. XXX. The statement of financial position outlines the business's assets (totaling Rs. XXX), which include non-current assets like land, buildings, and vehicles as well as current assets like inventory and receivables, and its equity and liabilities (also totaling Rs. XXX), which include the owner's capital, retained earnings, loans, and current liabilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    21 views2 pages

    Financial Statement of Sole Trader LHA

    Uploaded by

    Sameer Ali
    This financial statement summarizes the revenues, expenses, and financial position of a sole trader business for the year ended. It shows that the business generated Rs. XXX in sales and had a gross profit of Rs. XXX after deducting the cost of goods sold. The business incurred total expenses of Rs. XXX and earned a net profit of Rs. XXX. The statement of financial position outlines the business's assets (totaling Rs. XXX), which include non-current assets like land, buildings, and vehicles as well as current assets like inventory and receivables, and its equity and liabilities (also totaling Rs. XXX), which include the owner's capital, retained earnings, loans, and current liabilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 2

    Financial Statement of Sole Trader

    Name of Business
    Statement of Comprehensive Income
    For the Year Ended _________

    Rs
    Sales (Revenue) XXX
    Less: Cost of Sales
    Add: opening Inventory(stock) XXX
    Add: Purchases XXX
    Add: Carriage Inwards XXX
    less: Closing Inventory (XXX)
    XXX
    Gross Profit XXX
    Add: Other Income
    Discount Received XXX
    Commission Income XXX
    XXX
    Less: Expenses
    Discount Allowed XXX
    Salaries expense XXX
    Rent expense XXX
    Electricity Bills XXX
    Insurance expense XXX
    Bank Charges XXX
    Carriage Outwards XXX
    Bad Debt XXX
    Depreciation of Fixed Assets XXX
    (XXX)
    Net Profit XXX

    1|Page By Abdul Rehman Mirza


    Name of Business
    Statement of Financial Position
    As on __________

    ASSETS Rs
    Non Current Assets
    Land & Building XXX
    Motor Vehicles XXX
    Equipment XXX
    Furniture &Fixture XXX
    XXX
    Current Assets
    Inventory (stock) XXX
    Receivable ( Debtors) XXX
    Prepaid XXX
    Bank XXX
    Cash XXX
    XXX
    XXX

    EQUITY AND LIABILITIES


    Capital XXX
    Add: Net Profit XXX
    Less: Drawings (XXX)
    XXX
    Non Current Liabilities
    Loan XXX
    Current Liabilities
    Bank Overdraft XXX
    Accounts Payable (Creditor) XXX
    Accrued Wages & Salaries XXX
    XXX
    XXX

    2|Page By Abdul Rehman Mirza

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