Action Debit Credit Capital Bank/cash Fixed assets Fixed assets (named) Expenses Expenses (named) Income Bank/cash Income (named) Bank/cash Drawings Drawings Loans Bank/cash Loan repayment Loan (named) Sale or return of fixed asset Bank/cash Cash withdrawal Cash Buying goods Purchases Selling goods Bank/cash Sales Credit purchase Purchases Credit purchase paid Creditor (named) Credit sales Debtors (named) Sales Credit sale paid Bank/cash Fixed asset purchase on credit Fixed asset (named) ^ payment Creditors (named) Bank/cash Purchase returns Creditors (named) Sales returns Sales returns Non-current assets Current assets Machinery Cash Vehicles Bank Office and equipment Inventory Plant and equipment Prepayment Investment @ cost Debtors (trade receivables) VAT Premises ^ - provision of bad debts Land and buildings Fixtures and fittings Capital Bank/cash Bank/cash Loan (named) Bank/cash Fixed asset (named) Bank Bank/cash Creditor (named) Bank/cash Debtors (named) Creditor (named) Purchase return Debtors (named) Current liabilities Proposed dividends Overdraft Creditors (trade payables) Mortgage Accruals Non-current liabilities Loan Debentures
XXXX income statement for the year ending XXXX Sales Less sales returns Less cost of sales: Opening inventory ffi purchases ffi carriage in Purchase returns (xxx) Closing stock Gross profit Other income: Discount received ffi decrease in provision of bad debts Less expenses: Rents and rates (xxx) Wages and salaries (xxx) Carriage out (xxx) Discount allowed £ XXX XXX XXX (xxx) XXX XXX £ XXX (xxx) XXX (xxx) XXX XXX XXX (xxx) (XXX) Profit before tax Less interest Less tax Net profit XXX (xxx) (xxx) XXX XXX
XXX statement of financial position as at XXX Non-current assets Plant and equipment XXX Fixtures and fittings Current assets Closing stock Debtors XXX Cash XXX Bank Prepayment Less current liabilities creditors Tax liability XXX accruals XXX Overdraft Working capital Less non-current liabilities Loan Debentures Net assets Financed by: Capital Net profit XXX Drawings £ Cost XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX (xxx) £ Acc depreciation (xxx) (xxx) (XXX) £ Net book value XXX XXX XXX XXX (XXX) XXX XXX XXX XXX