Income statement for Soha

Particulars Amount

Sales

Total Revenues (A)

Less: Expenses
Cost of Sales
Consumable Purchased 5000
Less: Closing stock of consumables -3000

Wages Paid
Rent paid

Total Expenses (B)

Net Income (A-B)/Retained Earnings

Net Amount

7000

7000

5000

2000

500
700

8200

-1200
 Balance sheet as on….
ASSETS AMOUNT LIABILITIES
Current Assets: Current Liabilities
Cash 70800 Creditors(Shiya)
Accounts Receivable 7000 Less:Cash paid
Consumable stock 3000
Inventories 20000 Long Term Debt
Add: Goods purchased 13000 Loan from Priya
Less: Goods taken for personal use -2000 Less:Loan paid
Less:Goods sold(cost of sales) -5000 26000
Owner's Equity
Capital
Non current Assets: Less:Drawings
Furniture 10000 Less:Goods withdrawn for personal use
Add: Retained Earnings

Total Assets 116800 Total Liabilities+ Owner's Equity

 AMOUNT

10000
-8000 2000

5000
-3000 2000

120000
-4000
-2000
-1200 112800

116800
 Calculation of Closing Cash Balance
Opening Cash Balance 0

Add:Receipts
Cash Capital 100000
Loan from Priya 5000
Total Receipts (A) 105000

Less: Expenses
Consumables purchased 5000
Cash purchases 3000
Furniture purchased 10000
Drawings/Withdrawals 4000
Wages paid 500
Rent paid 700
Cash paid to Shiya 8000
Loan repaid to Priya 3000

Total Payments (B) 34200

Closing Cash Balance(A-B) 70800