Sample Assignment on Income Statement and Balance Sheet
Table of Contents
Accounting statement for 2004.
Extract income statement for the year 2004.
Extract of the balance sheet of 2004.
Notes to accounts.
Accounting statement for 2005.
Extract income statement for the year 2005.
Extract of the balance sheet of 2005.
Notes to accounts.
Accounting statement for 2006.
Extract of the income statement of 2006.
Extract of the balance sheet of 2006.
Notes to accounts.
Bibliography.
Accounting Statement for 2004
Extract Income Statement for the year 2004
| Extract of income statement | |||
| For the year ended 31 December 2004 | |||
| Particulars | Notes to accounts | Amount | Amount |
| Revenue from operations | … | ||
| Less: Cost of goods sold | … | ||
| Gross profit | … | ||
| Expenses | |||
| Depreciation and amortization | 1 | £ 2,000.00 | |
Extract of the Balance Sheet of 2004
| Extract of Balance sheet | |||
| As of 31 December 2004 | |||
| Particulars | Notes to accounts | Amount | Amount |
| EQUITY AND LIABILITIES | Notes to accounts | Amount | |
| Equity shareholders' fund | … | ||
| Non-current liabilities | … | ||
| Current liabilities | … | ||
| Total Liabilities | |||
| ASSETS | |||
| Non-current assets | |||
| Machines | £ 8,000.00 | ||
| Current assets | … | ||
| Total Assets | |||
Notes to Accounts
| Notes to Accounts 1: Depreciation | Amount |
| The acquisition cost of the machine | £ 10,000.00 |
| Estimated residual value | £ 2,000.00 |
| Useful life | 4 |
| Depreciation per annum under the straight-line method = (Acquisition cost of machine - Estimated residual value) / Useful life |
£ 2,000.00 |
Accounting Statement for 2005
Extract Income Statement for the year 2005
| Extract of income statement | |||
| For the year ended 31 December 2005 | |||
| Particulars | Notes to accounts | Amount | Amount |
| Revenue from operations | … | ||
| Less: Cost of goods sold | … | ||
| Gross profit | … | ||
| Expenses | |||
| Depreciation and amortization | 1 | £ 4,500.00 | |
Extract of the Balance Sheet of 2005
| Extract of Balance sheet | |||
| As of 31 December 2005 | |||
| Particulars | Notes to accounts | Amount | Amount |
| EQUITY AND LIABILITIES | Notes to accounts | Amount | |
| Equity shareholders' fund | … | ||
| Non-current liabilities | … | ||
| Current liabilities | … | ||
| Total Liabilities | |||
| ASSETS | |||
| Non-current assets | |||
| Machines | £ 20,500.00 | ||
| Current assets | … | ||
| Total Assets | |||
Notes to Accounts
| Notes to accounts | Amount | Amount |
| 1. Calculation of depreciation | ||
| Depreciation of the existing machine | £ 2,000.00 | |
| Add: Depreciation of the new machine | ||
| The acquisition cost of the machine | £ 15,000.00 | |
| Estimated residual value | £ 2,500.00 | |
| Useful life | 5 | |
| Depreciation per annum under the straight-line method = (Acquisition cost of the machine - Estimated residual value) / Useful life |
£ 2,500.00 | |
| Total depreciation for the year | £ 4,500.00 |
Accounting Statement for 2006
Extract of Income Statement of 2006
| Extract of income statement | |||
| For the year ended 31 December 2006 | |||
| Particulars | Notes to accounts | Amount | Amount |
| Revenue from operations | … | ||
| Less: Cost of goods sold | … | ||
| Gross profit | … | ||
| Expenses | |||
| Depreciation and amortization | 1 | £ 4,500.00 | |
| Loss on sale of machine | 2 | £ 3,000.00 | |
Extract of the Balance Sheet for 2006
| Extract of Balance sheet | |||
| As of 31 December 2006 | |||
| Particulars | Notes to accounts | Amount | Amount |
| EQUITY AND LIABILITIES | Notes to accounts | Amount | |
| Equity shareholders' fund | … | ||
| Non-current liabilities | … | ||
| Current liabilities | … | ||
| Total Liabilities | |||
| ASSETS | |||
| Non-current assets | |||
| Machines | £ 10,500.00 | ||
| Current assets | … | ||
| Total Assets | |||
Notes to Accounts
| Notes to accounts | Amount | Amount |
| 1. Calculation of depreciation | ||
| Depreciation of old machine | £ 2,000.00 | |
| Depreciation of new machine | £ 2,500.00 | |
| £ 4,500.00 | ||
| 2. Calculation of profit or loss on sale of assets | ||
| Actual cost of Machine | £ 10,000.00 | |
| Less: Depreciation for 2004 and 2005 (£2000 + £2000) | £ 4,000.00 | |
| Written down the value of the machine sold | £ 6,000.00 | |
| Less: Sale proceeds | £ 3,000.00 | |
| Loss on sale of machine | £ 3,000.00 |
Bibliography
Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015.Advanced accounting. McGraw Hill.
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