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    IS and BS Solved Example

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    Abeeha Khan
    F. Brown Co. reported net sales of £389,290 for the year ending 30 September 2011. After accounting for costs of goods sold of £237,336 and operating expenses of £54,173, the company reported a net profit of £97,781. According to the balance sheet, the company had total assets of £145,156, including current assets of £132,036 and non-current assets of £13,120. Liabilities included accounts payable of £26,300 and capital of £118,856.

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    IS and BS Solved Example

    Uploaded by

    Abeeha Khan
    8 views3 pages
    F. Brown Co. reported net sales of £389,290 for the year ending 30 September 2011. After accounting for costs of goods sold of £237,336 and operating expenses of £54,173, the company reported a net profit of £97,781. According to the balance sheet, the company had total assets of £145,156, including current assets of £132,036 and non-current assets of £13,120. Liabilities included accounts payable of £26,300 and capital of £118,856.

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    F. Brown Co. reported net sales of £389,290 for the year ending 30 September 2011. After accounting for costs of goods sold of £237,336 and operating expenses of £54,173, the company reported a net profit of £97,781. According to the balance sheet, the company had total assets of £145,156, including current assets of £132,036 and non-current assets of £13,120. Liabilities included accounts payable of £26,300 and capital of £118,856.

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    8 views3 pages

    IS and BS Solved Example

    Uploaded by

    Abeeha Khan
    F. Brown Co. reported net sales of £389,290 for the year ending 30 September 2011. After accounting for costs of goods sold of £237,336 and operating expenses of £54,173, the company reported a net profit of £97,781. According to the balance sheet, the company had total assets of £145,156, including current assets of £132,036 and non-current assets of £13,120. Liabilities included accounts payable of £26,300 and capital of £118,856.

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    of 3

    F. Brown Co.

    Trial Balance of F. Brown Year Ending 30 Sept. 2011 Income Statement


    For the Year Ending 30 September 2011

    Particulars (£) (£)


    Sales 391,400
    Less: Return Inward (2110)
    Net Sales 389,290
    Less: Cost of Goods Sold
    Opening Inventory 72,410
    +Purchases 254,810
    +Carriage Inward 760
    - Return Outward (1240)
    -Closing Inventory (89,404) (237,336)
    Gross Profit 151,954

    Less: Operating Expenses


    Carriage Outward 2850
    Motor Expenses 1490
    Rent 8200
    Telephone Charges 680
    Wages and Salaries 39,600
    Insurance 745
    Office Expenses 392
    Sundry Expenses 216 (54,173)
    Net Profit 97,781
    Trial Balance of F. Brown Year Ending 30 Sept. 2011
    F. Brown Co.
    Balance Sheet
    As at 30 September 2011

    ASSETS (£) Liabilities & Capital (£)


    Current Assets Current Liabilities
    Cash in Hand 112 Account Payable 26,300
    Cash at Bank 4420
    Account Receivable 38,100 Non-Current Liabilities
    Closing Inventory 89,404 - -
    Total Current Asset 132036
    Non-Current Assets Capital
    Van 5650 Capital 49,675
    Office Equipment 7470 +Net Profit 97,781
    Total Non-Current 13,120 -Drawings (28,600) 118,856
    Asset

    Total Assets 145,156 Total Liab. & Capital 145,156

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