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interim profit

turnover
cost of goods sold

work nearing completion


profit
profit
profit

turnover
cost of sales
2/3 of np [cash received/value of work certified]
2/3 of value of work certified [cash received/value of work certified]
2/3 of cost of work certified [cash received/value of work certified]

Value of work certified-cost of work certified


(value of work certified/contract price)*ETP
(cost of work certified/total contract cost)*ETP

(cash received/contract price)*contract price


(cash received/contract price)*total contract cost
q9 office block contract account for 31 oct, y8
material issued to prod. 161 materials returned from site 14
wages 68 materials on site 24
plant 96 plant 86
hire of plant 72 cost of work not certified 40
direct 11
indirect 12
head office charges 63
wages accrued 2 cost of certified 321
485 485

office block contract account for 1 Nov , year 8


material on site 14 wages accrued 2
plant 24
work not certified 40
cost of work certified 321
hr consut plc-contract account
A B A
MATERIALS 700 150 MATERIALS RETURNED (C/D) 80
PLANT 1000 150 MATERRIAL TRANSFER 40
MATERIAL TRANSFER 40 MATERIALS ON SITE (C/D) 75
PLANT HIRE 200 30 PLANT (C/D 880
LABOUR 300 270 COST OF WORK NOT CERTIFIED (C/D) 160
CENTRAL OVERHEAD 75 18
DIRECT EXPENSE 25 4
COST OF WORK CERTIFIED 1065
2300 662 2300

COST OF WORK CERTIFIED 1065 453 VALUE CERTIFIED 1500


COST OF WORK NOT CERTIFIED 160 20

1225

PLANT B/D 880 144


MAT ON SITE 75 15
MAT TRANS 40
B
30

15
144
20

453
662

500
CONTRACT COST
A B
MATERIALS 700 150 RETURNS TO STORES
PLANT 1000 150 MATERIALS ON SITE C/D
MATERIAL TRANSFER 40 PLANT C/D
PLANT HIRE 200 30 MATERIALS TRANSFER
LABOUR COSTS 300 270
CENTRAL OVERHEAD 75 18 COST OF WORK NOT CERTIFIED C/D
DIRECT EXPENSE 25 4 COST OF WORK CERTIFIED

2300 662

PROFIT AND LOSSS A/C


COST OF WORK NOT CERTIFIED C/D 160 20 VALUE OF WORK CERTIFIED
COST OF WORK CERTIFIED 1065 453 COST OF WORK NOT CERTIFIED (C/D)
PROFIT TAKEN 480 -33
COST OF WORK NOT CERTIFIED C/D 60
1705 500

FUTURE SESSION (BAL SHEET)


PLANT B/D 880 144 COST OF WORK NOT CERTIFIED C/D
MAT ON SITE 75 15
COST OF WORK NOT CERTIFIED (C/D) 205
ETP A B
A B CONTACT PRICE
80 30 COST OF CONTRACT
75 15 COST OF WORK NOT CERTIFIED C/D 160 20
880 144 COST OF WORK CERTIFIED 1065 453
40 COST TO COMPLETION 135 110

160 20
1065 453 PROFIT=
2300 662 (value of work certified/contract price)*ETP 480

BAL SHHET
FIXED ASSETS A B
1500 500 PLANT 1000 150
205 DEP 120 6
NBV 880 144

1705 500 DEBTORS


VALUE OF WORK CERTIFIED 1500 500
CASH RECEIVED 1440 460
60 60 40
A B
2000 550

1360 583
640 -33
material issued 200
supervisory staf 88
machine 100
machine B 200
scafolding 400
wages paid 280
head office 65
wages accrued (c/d) 15

1348

cost of work not certified 42.5


cost of work certified 663
mat return 30 cost
scafolding 300
material transferred 5
mat on site (c/d) 20 705.5
value palnt a 95 com
value palnt b 192.5
cost of work not certified 42.5
cost of work certified 663 7.5
192.5
1348

wages 15000

137
SALES $ 71,436.00
SALES RETURNS $ 1,260.00
NET SALES $ 70,176.00
COST OF SALES
OPENING STOCK $ 8,760.00
PURCHASES $ 62,172.00
LESS PURCH. RETURNS $ 1,746.00
$ 60,426.00
ADD CARIAGE $ 1,500.00
$ 61,926.00
$ 70,686.00
LESS CLOSING STOCK $ 10,200.00
COST OF SALES $ 60,486.00
GROSS PROFIT $ 9,690.00
ADD APPRENTICE PREMIUM $ 750.00
LESS PORTION C/F $ 120.00 $ 630.00
$ 10,320.00
DISCOUNT RECEIVED $ 360.00
DISC. ON CREDITORS $ 120.00
$ 10,800.00
LESS EXPENSES
BAD DEBTS $ 1,032.00
ADD PROV FOR BD. $ 360.00
$ 1,392.00
RENT BAL B/D $ 720.00
ADD ACCRUED $ 160.00 $ 880.00
TAXES AND RATES $ 1,200.00
LESS ADVANCE PMTS. $ 320.00 $ 880.00
INTEREST ON CAPITAL $ 1,350.00
SALARIES $ 2,640.00
DEPRECIATION (FURNITURE) $ 570.00
$ 7,712.00
$ 3,088.00
BALANCE SHEET 31/DEC/ 2018
NON-CURRENT ASSETS NBV
FURNITURE $ 5,700.00
LESS DEP $ 570.00
NBV $ 5,130.00
CURRENT ASSETS
STOCK $ 10,200.00
DEBTORS $ 19,200.00
LESS PROV $ 960.00
NET DEBTORS $ 18,240.00
BILLS RECEIVABLES $ 1,440.00
CASH $ 288.00
PREPAID TAXES $ 320.00
$ 30,488.00
CURRENT LIABILITIES
CREDITORS $ 6,000.00
LESS DISCOUNT ON CREDITORS $ 120.00 $ 5,880.00
BILLS PAYABLES $ 1,080.00
OVERDRAFT $ 1,200.00
APPRENTICE PREMIUM $ 120.00
RENT OUTSTANDING $ 160.00
$ 8,440.00
$ 22,048.00
TOTAL ASSETS $ 27,178.00
LONG TERMS LIABILITIES
CAPITAL $ 27,000.00
INTEREST ON CAPITAL $ 1,350.00
$ 28,350.00
PROIFTS $ 3,088.00
$ 31,438.00
LESS DRAWINGS $ 4,260.00
$ 27,178.00
BD 1032
OLD PROV. 600
NEW PROV. 960
UNDER PROVISION 360
1392
ASSETS
STOCKS BANK FURNITURE
I 250,000.00
II (250.00)
III (10,500.00) 10,500.00
IV (50,000.00)
V (25,000.00)
VI 75,000.00
VII 500.00
VIII
IX (3,000.00)
X
172,000.00 64,750.00 10,500.00

ASSETS
STOCKS BANK FURNITURE
I 250,000.00
II 250,000.00 (250.00)
III 250,000.00 (10,750.00) 10,500.00
IV 200,000.00 (10,750.00) 10,500.00
V 175,000.00 (10,750.00) 10,500.00
VI 175,000.00 64,250.00 10,500.00
VII 175,000.00 64,750.00 10,500.00
VIII 175,000.00 64,750.00 10,500.00
IX 172,000.00 64,750.00 10,500.00
X 172,000.00 64,750.00 10,500.00

I II III IV
ASSET
STOCK 250,000.00 250,000.00 250,000.00 200,000.00
BANK (250.00) (10,750.00) (10,750.00)
OFFICE FURNITURE - 10,500.00 10,500.00
RECEIVABLES 90,000.00
CASH
PREP
250,000.00 249,750.00 249,750.00 289,750.00

EQUITY
RENT EXP. (250.00) (250.00) (250.00)
PROFIT 40,000.00
CAPITAL)
INTERST INCOME
DRAWINGS
LIABILITIES
TRADE PAYABLES 250,000.00 250,000.00 250,000.00 250,000.00
250,000.00 249,750.00 249,750.00 289,750.00
ASSETS LIABILITIES
T.RECEIVABLES CASH PREP ELEC TRADE PAYABLES RENT
250,000.00
(250.00)

90,000.00
50,000.00

(1,000.00) 1,000.00

(150,000.00) (150,000.00)
90,000.00 (101,000.00) 1,000.00 237,250.00 100,000.00 (250.00)

ASSETS LIABILITIES
T.RECEIVABLES CASH PREP ELEC TOTAL TRADE PAYABLES RENT
250,000.00
250,000.00 (250.00)
250,000.00 (250.00)
90,000.00 250,000.00 (250.00)
90,000.00 50,000.00 250,000.00 (250.00)
90,000.00 50,000.00 250,000.00 (250.00)
90,000.00 50,000.00 250,000.00 (250.00)
90,000.00 49,000.00 1,000.00 250,000.00 (250.00)
90,000.00 49,000.00 1,000.00 250,000.00 (250.00)
90,000.00 (101,000.00) 1,000.00 237,250.00 100,000.00 (250.00)

V VI VII VIII IX X

175,000.00 175,000.00 175,000.00 175,000.00 172,000.00 172,000.00


(10,750.00) 64,250.00 64,750.00 64,750.00 64,750.00 64,750.00
10,500.00 10,500.00 10,500.00 10,500.00 10,500.00 10,500.00
90,000.00 90,000.00 90,000.00 90,000.00 90,000.00 90,000.00
50,000.00 50,000.00 50,000.00 49,000.00 49,000.00 (101,000.00)
1,000.00 1,000.00 1,000.00
314,750.00 389,750.00 390,250.00 390,250.00 387,250.00 237,250.00

(250.00) (250.00) (250.00) (250.00) (250.00) (250.00)


65,000.00 65,000.00 65,000.00 65,000.00 65,000.00 65,000.00
75,000.00 75,000.00 75,000.00 75,000.00 75,000.00
500.00 500.00 500.00 500.00
(3,000.00) (3,000.00)

250,000.00 250,000.00 250,000.00 250,000.00 250,000.00 100,000.00


314,750.00 389,750.00 390,250.00 390,250.00 387,250.00 237,250.00
EQUITY TOTAL
PROFIT CAPITAL INT INCOME DRAWINGS

40,000.00
25,000.00
75,000.00
500.00

(3,000.00)

65,000.00 75,000.00 500.00 (3,000.00) 237,250.00

EQUITY TOTAL
PROFIT CAPITAL INT INCOME DRAWINGS

40,000.00
65,000.00
65,000.00 75,000.00
65,000.00 75,000.00 500.00
65,000.00 75,000.00 500.00
65,000.00 75,000.00 500.00 (3,000.00)
65,000.00 75,000.00 500.00 (3,000.00) 237,250.00

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