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    Sole Trader Financial Statements IGCSE

    Uploaded by

    Dominic Otieno

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Sole Trader Financial Statements IGCSE

    Uploaded by

    Dominic Otieno
    15 views3 pages

    Copyright

    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views3 pages

    Sole Trader Financial Statements IGCSE

    Uploaded by

    Dominic Otieno

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Income statement layout of a sole trader

    Name of the sole trader


    Income statement for the year ended dd/mm/yyyy
    $ $ $
    Revenue XXX
    Less returns inwards (sales returns) (XX)
    Net sales XXX
    Cost of sales
    Opening inventory XX
    Add purchases XXX
    Add carriage inwards XX
    Less returns outwards (purchases returns) (XX)
    Less goods taken for own use (XX) XXX
    XXX
    Less closing inventory (XX)
    Cost of sales (XX)
    Gross profit (or loss) XXX/
    (XXX)

    Other income:
    Decrease in provision for doubtful debts XX
    Irrecoverable debt recovered XX
    Rent received XX
    Discount received XX
    Commission received XX XXX
    XXX
    Expenses
    Rent and rates XX
    Wages and salaries XX
    Carriage outwards XX
    Heat and light XX
    Insurance XX
    Advertising XX
    Repairs and maintenance XX
    Administrative expenses XX
    General expenses XX
    Discount allowed XX
    Motor expenses XX
    Irrecoverable debts XX
    Depreciation XX
    Increase in provision for doubtful debts XX XXX
    Profit (or loss) for the year XXX/
    (XXX)
    Statement of financial position layout of a sole trader

    Name of the sole trader


    Statement of financial position at dd/mm/yyyy
    $ $ $
    Cost Depreciati Net book
    on value
    Assets
    Non-Current assets
    Premises XXX XX XX
    Fixtures and fittings XXX XX XX
    Equipment XXX XX XX
    Motor van XXX XX XX
    XXX XX XX

    Current assets
    Inventory XX
    Trade receivables XX
    Less provision for doubtful debts XX
    Other receivables (prepaid expenses + accrued XX
    income)
    Bank XX
    Cash XX
    Total current assets XX
    Total assets (NCA +CA) XXX

    Capital and liabilities


    Capital
    Opening capital XX
    Add profit (or less loss) XX/(XX)
    Less drawings (Drawings of money + Drawings (XX)
    of goods)
    Closing capital XXX

    Non-current liabilities
    Bank loan XX
    mortgage XX XXX

    Current liabilities
    Trade payables XX
    Other payables (accrued expenses + prepaid XX
    income)
    Bank overdraft XX
    Total current liabilities XX
    Total capital and liabilities XXX

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