Balance Sheet and PNL

Question 1

What is on a Balance Sheet

Answer 1

Fixed Assets, Current Assets, Less current liabilities, ;less long-term liabilities, net assets, Financed by Capital and Add Profit, Less Drawings

Question 2

What is on a Trading PnL

Answer 2

Sales, less sales returns inwards, less cost of goods sold, less returns outwards, less closing stock, gross profit, less expenses, add income, net profit

Question 3

Fixed Assets

Answer 3

Balance Sheet

Question 4

Current Assets

Answer 4

Balance Sheet

Question 5

Less current liabilities

Answer 5

Balance Sheet

Question 6

Less Long-term Liabilties

Answer 6

Balance Sheet

Question 7

Financed by Capital and Add Profit

Answer 7

Balance Sheet

Question 8

Less Drawings

Answer 8

Balance Sheet

Question 9

Sales - Less returns inwards

Answer 9

Trading PnL

Question 10

Less cost of goods sold

Answer 10

Trading PnL

Question 11

Less returns outwards

Answer 11

Trading PnL

Question 12

Less Closing Stock

Answer 12

Trading PnL

Question 13

Less Expenses

Answer 13

Trading PnL

Question 14

Add Income

Answer 14

Trading PnL

Question 15

Net Profit

Answer 15

Trading PnL

Question 16

Premises, motor vehicle, office furniture, office equipment, machinery

Answer 16

Fixed Assets on the Balance Sheet

Question 17

Stock(closing), Debtors(Less provision for bad debts), prepayment, Cash at bank, Cash in hand

Answer 17

Current Assets on the Balance Sheet

Question 18

Creditors, Expense owing, Bank overdraft

Answer 18

Less current liabilities on the Balance Sheet

Question 19

Net current Assets

Answer 19

Balance Sheet

Question 20

Capital and add profit

Answer 20

Financed by Balance Sheet

Question 21

Less returns inwards

Answer 21

Sales - Trading PnL

Question 22

Opening stock, add purchase, add carriage inwards

Answer 22

Less cost of goods sold - Trading PnL

Question 23

Less Returns Outwards

Answer 23

Trading PnL

Question 24

Less Closing stock and Gross Profit

Answer 24

Trading PnL

Question 25

Bad Debts (written off) , wages and salaries, Rates, Insurance, Rent, General Expenses, Postages, Stationary, Carriage Onwards, Discounts Allowed, Heating, Electricity, Depreication,Increase in provision for bad debts

Answer 25

Less Expenses - Trading PnL

Question 26

Discounts + Interest Received, Reduction in provision for bad debts

Answer 26

Add Income - Trading PnL

Question 27

Net Profit

Answer 27

Trading PnL