Dr

1-Dec
5-Dec
17-Dec
28-Dec

BANK
Capital
Rent Received
M.Mullen
C. Crisp

80,000.00
1,200.00
600.00
300.00

Cr

16-Dec
19-Dec
23-Dec
25-Dec
27-Dec
30-Dec

Commission
Carriage In
Carriage Out
Drawings
Advertising
Wages & Salaries

31-Dec

Balance c/fwd

82,100.00
1-Jan

Balance b/fwd

Dr
31-Dec

78,930.00

100,000.00 1-Dec

Cr
Cash

100,000.00

1-Dec
9-Dec
12-Dec
22-Dec

20,000.00 9-Dec
600.00 16-Dec
700.00 23-Dec
1,700.00
31-Dec
23,000.00

1-Jan

Balance b/fwd

CASH
Cash
Sales
Sales
Sales

Balance b/fwd

100,000.00

100,000.00
1-Jan

Dr

78,930.00
82,100.00

CAPITAL
Balance c/fwd

300.00
150.00
120.00
600.00
1,000.00
1,000.00

100,000.00

Cr
Wages
Wages
Wages
Balance c/fwd

500.00
500.00
500.00
21,500.00
23,000.00

21,500.00

Dr

CREDITOR - F. Small

6-Dec

Ret. Outwards

3,000.00 2-Dec

31-Dec

Balance c/fwd

1,000.00

Cr
Purchases

4,000.00

4,000.00
1-Jan

Dr
2-Dec
15-Dec
19-Dec

Balance b/fwd

PURCHASES
F.Small
C.Crisp
F. Smith

4,000.00 31-Dec
970.00
850.00

31-Dec

Profit & Loss a/c

5,900.00 4-Dec
9-Dec
12-Dec
14-Dec
22-Dec
23-Dec
25-Dec

Cr
Debtor - M. Mullen
Cash
Cash
Debtor-C. Crisp
Cash
Debtor- B. James
Drawings

5,900.00

Dr
4-Dec

1,000.00 7-Dec
17-Dec
18-Dec
1,000.00

1,000.00
600.00
700.00
300.00
1,700.00
1,250.00
350.00

5,900.00

DEBTOR - M. Mullen
Sales

5,820.00

5,820.00

SALES
Profit & Loss a/c

1,000.00

Cr

5,820.00

Dr

4,000.00

Cr
Ret. Inwards
Bank
Bad Debts W/off

300.00
600.00
100.00
1,000.00

Dr
31-Dec

RENT RECEIVED
Profit & Loss a/c

1,200.00 5-Dec

Cr
Bank

1,200.00

Dr
31-Dec

1,200.00

RETURNS OUTWARDS
Profit & Loss a/c

3,000.00 6-Dec

Cr
Creditor-F. Small

3,000.00

Dr
7-Dec

300.00 31-Dec

Cr
Profit & Loss a/c

300.00

Dr
9-Dec
16-Dec
23-Dec
30-Dec

500.00 31-Dec
500.00
500.00
1,000.00
2,500.00

300.00

300.00

WAGES & SALARIES

Cash
Cash
Cash
Bank

3,000.00

3,000.00

RETURN INWARDS
Debtor-M. Mullen

1,200.00

Cr
Profit & Loss a/c

2,500.00

2,500.00

Dr
14-Dec

DEBTOR - C. CRISP
Sales

300.00 28-Dec

Cr
Bank

300.00

Dr
31-Dec

300.00

CREDITOR - F. HILL
Balance c/fwd

970.00 15-Dec

Cr
Purchases

970.00

16-Dec

Balance b/fwd

COMMISSION
Bank

300.00 31-Dec

18-Dec

Profit & Loss a/c

100.00 31-Dec

100.00

300.00

300.00

BAD DEBTS W/OFF

M. Mullen

970.00

Cr

300.00

Dr

970.00

970.00
1-Jan

Dr

300.00

Cr
Profit & Loss a/c

100.00

100.00

Dr
19-Dec

Carriage In COSTS
Bank

150.00 31-Dec

Cr
Profit & Loss a/c

150.00

Dr
31-Dec

150.00

CREDITOR - F. Smith
Balance c/fwd

850.00 19-Dec

Cr
Purchases

850.00

23-Dec

Balance b/fwd

DEBTOR - B. James
Sales

850.00

850.00
1-Jan

Dr

150.00

1,250.00 31-Dec

850.00

Cr
Balance c/fwd

1,250.00

1,250.00

1,250.00
1-Jan

Balance b/fwd

1,250.00

Dr
23-Dec

Carriage Out
Bank

Dr
25-Dec
25-Dec

Bank
Sales

120.00 31-Dec

Cr
Profit & Loss a/c

120.00

120.00

DRAWINGS

Cr

600.00 31-Dec
350.00

Profit & Loss a/c

950.00

Dr
27-Dec

1,000.00 31-Dec

Cr
Profit & Loss a/c

1,000.00

Dr
31-Dec

2,000.00 31-Dec

2,000.00
1-Jan

Balance b/fwd

1,000.00

1,000.00

STOCK
Trading A/c

950.00

950.00

ADVERTISING
Bank

120.00

Cr
Balance c/fwd

2,000.00

2,000.00

2,000.00

TRIAL BALANCE as at December 31, 2006

DR

Capital
Cash
Bank
Debtors
Creditors
Sales
Purchases
Commission
Carriage In
Carriage Out
Wages & Salaries
Returns Out
Returns In
Bad Debts W/off
Advertising
Rent Received
Drawings

CR

100,000.00
21,500.00
78,930.00
1,250.00
2,820.00
5,900.00
5,820.00
300.00
150.00
120.00
2,500.00
3,000.00
300.00
100.00
1,000.00
1,200.00
950.00
112,920.00

112,920.00

THE SCENT HOUSE

BALANCE SHEET AS AT 31 DECEMBER 2006

Represented By:

Fixed Assets

Current Assets
Cash in Hand
Cash at Bank
Debtors
Stock

21,500.00
78,930.00
1,250.00
2,000.00
103,680.00

Current Liabilities
Creditors

2,820.00

Total Net Assets

100,860.00

Financed By:
Capital
Less Drawings

100,000.00
(950.00)
99,050.00

Profit (Loss)
Long Term Liabilities

Owners Equity

1,810.00
-

100,860.00

TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2006

Sales
Less Returns In

5,900.00
300.00

5,600.00

Less COS:
Opening Stock
Purchases
Less Returns Out
Less Closing Stock

5,820.00
3,000.00
2,000.00
820.00

Gross Profit
Rent Received

4,780.00
1,200.00

Less Expenses
Advertising
Commission
Carriage Out
Carriage In
Bad Debt w/off
Wages & Salaries

1,000.00
300.00
120.00
150.00
100.00
2,500.00
4,170.00

Net Profit

1,810.00