Notes
Income Statement
Content of the notes (1)
Page 1
Income Statement of (Named Person) for the year ended 31 December (Year)
£ £ £
Sales Revenue 160,000
Less Sales Returns 10,000
Net Sales Revenue 150,000
Less Cost of Sales
Opening Inventory 12,000
Add Purchases 68,000
Less Purchase Returns 2,000 66,000
78,000
Add Carriage In 3,000
81,000
Less Closing Inventory 15,000
Cost of Sales 66,000
Gross Profit 84,000
Less Expenses
Rent and Rates 1,400
Heat and Light 1,600
Wages 7,890
Discount Allowed 2,000
Loan Interest 1,200
Van Expenses 900
Depreciation on Motor Vehicles 600
Bad Debts 450
Advertising 1,680
Carriage Out 1,000
Creation of Provision for Bad Debts 0 18,900
65,100
Add Other Income
Discount Received 400
Decrease in Provision for Bad Debts 1,000
Rent Received 600
Commision Received 0 2,000
Profit for the Year 67,100