Directions:1. Complete blank worksheet.2. Prepare a profit/loss statement for the year ended 31st...

Question

Directions:1. Complete blank worksheet.2. Prepare a profit/loss statement for the year ended 31st December 2016.3. Prepare a balance sheet to show the financial position of the company as at 31st December 2016.

Suvrat · Accepted Answer

Sheet1
	Answer 2
	Profit & Loss Statement
	For the Year ended 31st Dec 2016
	Particulars		Amount ($)
	Sales		65,000
	Less: Cost of Goods Sold		38,000
	Gross Profit		27,000
	Less: Expenses
	Wages		19,000
	Interest on Loan		800
	Depreciation		1,200
	Electricty		900
	Total expenses		21,900
	Net Loss		5,100
	Answer 3
	Balance Sheet
	As at 31st December 2016
	Assets		Amount ($)	Liabilities		Amount($)
	Current Assets			Current Liablities
	Cash	10,200		Acounts Payable	10,000
	Accounts receivable	6,

Directions: 1. Complete blank worksheet. 2. Prepare a profit/loss statement for the year ended 31st December 2016. 3. Prepare a balance sheet to show the financial position of the company as at 31st...

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