Tutorial 7

Balance Sheet (Statement format)

1 Extract a statement of profit or loss for the year ending 30 June 2016 for G. Graham. The trial balance
as at 30 June 2016 after his first year of trading was as following.

Dr Cr
RM RM
Equipment rental 940
Insurance 1,804
Lighting and heating expenses 1,990
Motor expenses 2,350
Salaries 48,580
Service Revenue 382,420
Other Expenses 245,950
Sundry expenses 624
Lorry 19,400
Accounts payable 23,408
Accounts receivable 44,516
Fixtures 4,600
Shop 174,000
Cash at bank 11,346
Drawings 44,000
Capital 194,272
600,100 600,100
Requirements:
1) Prepare Balance Sheet using Statement format.

S.Graham SOFP or Balance Sheet as at 31/12/1X 85000

Current assets $ $

Debtors/Accounts Receivable 44,516

Cash at Bank 11,346
Total Currents Assets 55,862
Non-Current assets
Lory 19,400
Fixtures 4,600
Shop 174,000
Total Fixed Assets 198,000
Total Assets 253,862

Current liabilities
Creditors/Accounts Payable 23,408
 Total Current Liabilities 23,408
Long Term Liabilities 0.00
Total Liabilities 23,408

Financed by:
Capital 194,272
(+) Net profit / loss 80,182
274,454
(-) Drawings -44,000
Total Equity 230,454
Total Liabilities & Equity 253,862

2 From the following trial balance of G. Still, draw up a statement of profit or loss for the year ending 30
September 2017, and a statement of financial position as at that date.

Dr Cr
RM RM
Service Revenue 200,000
Salaries 100,000
Rent 10,000
Insurance 5,000
Delivery expenses 15,000
Office expenses 5,000
Lighting and heating expenses 20,000
General expenses 15,000
Premises 130,000
Motor vehicles 30,000
Fixture and fitting 10,000

Accounts receivable 40,000

Accounts payable 30,000
Cash at bank 20,000
Capital 170,000
400,000 400,000
Requirements:

1) Prepare Balance Sheet using Statement format.

G Still SOFP or Balance Sheet as at 31/12/1X 85000

Current assets $ $

Debtors/Accounts Receivable 40,000

Cash at Bank 20,000
Total Currents Assets 60,000
Non-Current assets
 Premises 130,000
Motor Vehicles 30,000
Fixtures & Fittings 10,000
Total Fixed Assets 170,000
Total Assets 230,000

Current liabilities
Creditors/Accounts Payable 30,000

Total Current Liabilities 30,000

Long Term Liabilities 0.00
Total Liabilities 30,000

Financed by:
Capital 170,000
(+) Net profit / loss 30,000
Total Equity 200,000
Total Liabilities & Equity 230,000

3 The following trial balance was extracted from the books of F. Sorley on 30 April 2017. From it, and the
note about inventory, prepare his statement of profit or loss for the year ending 30 April 2017, and a
statement of financial position as at that date.

Dr Cr
RM RM
Services Revenue 110,000
Salaries 90,000
Motor expenses 10,000
Rent 25,000
Sundry expenses 5,000
Motor vehicles 30,000
Fixture and fittings 10,000
Account payable 40,000
Cash at bank 15,000
Cash in hand 5,000
Drawings 10,000
capital 50,000

200,000 200,000

Requirements:
1) Prepare Balance Sheet using Statement format.

4 The following is the trial balance of T. Owen as at 31 March 2016. Draw up a set of financial statement
for the year ended 31 March 2016.
 Dr Cr
RM RM
Service Revenue 276,000
Salaries 126,000
Business rates 12,000
Communication expenses 18,000
Insurance 44,000
Sundry expenses 20,000
Buildings 180,000
Account receivable 40,000
Account payable 34,000
Unearned Revenue 10,000
Fixtures 15,000
Cash at bank 25,000
Drawings 20,000
Capital 180,000
500,000 500,000
Requirements:
1) Prepare Balance Sheet using Statement format.