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    Ayman's income statement for the year ended 31 December 2020 shows net sales of 1,200,000 SHs with a gross profit of 450,000 SHs. Total expenses were 243,600 SHs resulting in a net profit of 209,000 SHs. Ayman's balance sheet as of 31 December 2020 lists total assets of 1,485,000 SHs including non-current assets of 1,362,000 SHs and current assets of 123,000 SHs. Total capital and liabilities were also 1,485,000 SHs broken down by capital of 1,100,000 SHs, current liabilities of 155,000 SHs, and long-term liabilities of 230,000 SH

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    Ayman's income statement for the year ended 31 December 2020 shows net sales of 1,200,000 SHs with a gross profit of 450,000 SHs. Total expenses were 243,600 SHs resulting in a net profit of 209,000 SHs. Ayman's balance sheet as of 31 December 2020 lists total assets of 1,485,000 SHs including non-current assets of 1,362,000 SHs and current assets of 123,000 SHs. Total capital and liabilities were also 1,485,000 SHs broken down by capital of 1,100,000 SHs, current liabilities of 155,000 SHs, and long-term liabilities of 230,000 SH

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    1 views4 pages

    Ali Zaki

    Uploaded by

    ahmedcawilmahdi
    Ayman's income statement for the year ended 31 December 2020 shows net sales of 1,200,000 SHs with a gross profit of 450,000 SHs. Total expenses were 243,600 SHs resulting in a net profit of 209,000 SHs. Ayman's balance sheet as of 31 December 2020 lists total assets of 1,485,000 SHs including non-current assets of 1,362,000 SHs and current assets of 123,000 SHs. Total capital and liabilities were also 1,485,000 SHs broken down by capital of 1,100,000 SHs, current liabilities of 155,000 SHs, and long-term liabilities of 230,000 SH

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    of 4

    Name: Ali Mohamoud Muse

    Shift: Weekend
    Course: Accounting
    Deadline: 9/Nov/2023
    AYMAN’S INCOME
    STATEMENT FOR THE
    YEAR ENDED
    31.12.2020

    DETIAL (SHs) (SHs) (SHs)

    SALES 1,300,000

    LESS: RETURN IN WARDS (100,000)

    NET SALES 1,200,000

    LESS: COST OF SALES

    OPENING STOCK 120,000

    PURCHASES 720,000

    LESS: RETURN OUTWARDS (15,000) + -

    NET PURCHASE 705,000

    COST OF GOODS AVAIABLE FOR SALE 825,000

    LESS: CLOSING STOCK (75,000)

    COST OF SALES (750,000)

    GROSS PROFIT 450,000

    ADD: OTHER INCOME RECEIVED +

    INTEREST RECEIVED 2,600

    TOTAL OTHER INCOME RECEIVED 2,600

    GROSS INCOME 452,600

    LESS: OPERATING EXPENSES


    SALARIES 156,000

    RENT EXPENSES 49,600

    DISCOUNT ALLOWED 8,000

    CARRIAGE OUTWARDS 30,000

    TOTAL EXPENSES (243,600)

    NET PROFIT 209,000

    STATEMENT OF OWNER’S EQUITY

    BEGINNING EQUITY 1,00,1000 ADD: NET PROFIT


    209,000

    1,210,000 LESS: DRAWING (110,000)

    ENDING EQUITY: 1,100,000 AYMAN’S BALANCE SHEET AS


    AT 31ST DECEMBER 2016

    PARTICULARS (SHs) (SHs)

    ASSETS

    NON-CURRENT ASSETS

    LAND 130,000
    MOTOR VAN 1,170,000

    FURNITURE 62,000

    TOTAL NON-CURRENT ASSETS 1,362,000

    CURRENT ASSETS

    CASH AT HAND 30,000

    DEBTORS 18,000

    CLOSING STOCK 75,000

    TOTAL CURRENT ASSETS 123,000

    TOTAL ASSETS 1,485,000

    CAPITAL 1,100,000

    CURRENT LIABILITIES

    CREDITORS 35,000

    BANK OVERDRAFT 120,000

    TOTAL CURRENT LIABILITIES 155,000

    LONG-TERM LIABILITIES

    LOAN 230,000

    TOTAL LONG-TERM LIABILITIES 230,000

    TOTAL CAPITAL & LIABILITIES 1,485,000

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