Help preparing balance sheet & income statement

Discussion in 'General Accountancy Discussion' started by pry001, Mar 18, 2012.

  1. pry001

    pry001

    Joined:
    Mar 18, 2012
    Messages:
    6
    Hello all,

    I need assistance.
    I have been given a task to prepare balance sheet and income statement as part of my course. I have been running short of time managing family and work and hence haven't read the whole thing thoroughly.
    Wondering if someone could help me.


    Item Amount (£) Notes
    Sales for the year 44,470,500
    Debtors at the beginning of the year 8,925,500 The entire amount was paid up during the year
    Creditors at the beginning of the year 6,250,000 The entire amount was paid during the year
    Year-end creditors 3,670,000
    Year-end debtors 3,077,000
    Stock purchased during year 4,800,000 All stock purchases were paid for in cash
    Stock at the beginning of the year 7,725,000
    Stock at the end of the year 1,630,900
    Personnel cost for the year 24,342,000 Paid monthly in arrears
    Outsourced services 1,325,000
    Fixed assets residual value 15,575,000
    Depreciation 1,768,000
    Equity 7,694,000
    Loan repayment (remaining at the end of the year) 7,932,000
    Loan (payment for the year) 658,000 Paid at the end of the year
    Interest rate on the loan 6%
    Cash at the end of the year 6,764,100
    Tax 33% Paid in the following year
    Retained profit of previous year 2,125,000
    Previous year tax – The firm had no cash outflow for paying taxes related to the previous year

    Thanks
     
    pry001, Mar 18, 2012
    #1
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  2. pry001

    Triest123 VIP Member

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    Income Statement :
    Sales 44,470,500
    Less : Cost of goods sold
    Opening stock 7,725,000
    Add : Purchase 4,800,000
    Less : Closing stock (1,630,900) 10,894,100
    -------------- -------------
    Gross Profit 33,576,400
    Less : Expenses
    Personnel costs 24,342,000
    Outsourced services 1,325,000
    Depreciation 1,768,000
    Loan Interest 515,400 27,950,400
    ------------- -------------
    Net Profit before tax 5,626,000
    Less : Taxation 1,856,580
    ------------
    Net Profit after tax 3,769,420
    =======

    Balance Sheet :
    Fixed Assets 15,575,000
    Current Assets :
    Stock 1,630,900
    Debtors 3,077,000
    Bank 6,764,100
    ------------ 11,472,000

    Current Liabilities :
    Creditors 3,670,000
    Tax Payable 1,856,580
    ----------- 5,526,580

    21,520,420
    =========

    Equity 7,694,000
    Retained profit b/f 2,125,000
    Profit for the year 3,769,420
    ------------
    13,588,420
    Long Term Loan 7,932,000
    ------------
    21,520,420
    ========
     
    Triest123, Mar 18, 2012
    #2
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  3. pry001

    pry001

    Joined:
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    Thank you very much
    You saved my day.
     
    pry001, Mar 18, 2012
    #3
  4. pry001

    pry001

    Joined:
    Mar 18, 2012
    Messages:
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    Got another question: based on the above calculations, how do I calculate the following:

    return on capital employed
    return on sales
    return on equity
    current ratio
    liquidity/quick/acid-test ratio
    creditors days
    debtors days
    stock days
    gearing
    interest cover



    Many thanks in advance
     
    pry001, Mar 18, 2012
    #4
  5. pry001

    Triest123 VIP Member

    Joined:
    Feb 12, 2012
    Messages:
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    => You can do it with this link
    Financial|Accounting Ratios Formulas
     
    Triest123, Mar 18, 2012
    #5
    pry001 likes this.
  6. pry001

    pry001

    Joined:
    Mar 18, 2012
    Messages:
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    Thanks Triest123
    I have managed to find out Current ration & ROS but struggling with others. I am not so sure which figure will go where.
    Thanks in advance


    ROS 13.81005386

    Current Ratio (Current Assets / Current Liabilities) 2.08
     
    pry001, Mar 18, 2012
    #6
  7. pry001

    pry001

    Joined:
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    Can anyone pls help?
     
    pry001, Mar 18, 2012
    #7
  8. pry001

    pry001

    Joined:
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    anyone pls?
     
    pry001, Mar 18, 2012
    #8
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