Page 127 - Agri-Business Management Handbook
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The three statements will be presented as follows for the year ended 31 December
2013:
XX Associates – Income Statement foar the year ended 31 December 2013
Sales Description Sh.
63000+316500 379,500
Cost of sales Sales made in cash and on credit are
included 37500+190500 228,000
Gross profit 379500-228000 151,500
Operating Cost of the goods sold in cash and on
expenses: credit
Rent
Insurance Sales deduct cost of sales
Wages Only include rent payable for 2013 3000 x 12 36,000
11,100
Depreciation Prepaid at beginning add 75% of amount 600 + (75% x
Electricity 39,250
Total paid in 2013. 14000) 4,395
expenses 4,050
Net profit Unpaid at the end + amount paid – 4300+37500-
unpaid at beginning 2550
10% loss in value of all equipment 10% x
(37950+6000)
94,795
Gross profit – total expenses 151500-94795 56,705
70 | AGRI-BUSINESS MANAGEMENT HANDBOOK
