| Label | Calc1 | Calc2 | Running Total |
| Sales | 546,000 | ||
| Less: Sales Returns | 0 | 546,000 | |
| Net Sales | 546,000 | ||
| . | |||
| Add: Opening Inventory | 30,000 | ||
| Add: Purchases | 320,000 | ||
| Less: Purchase returns | 0 | ||
| Net purchases | 320,000 | ||
| Goods Available for Sale | 350,000 | ||
| . | |||
| Less: Closing Inventory | 28,000 | ||
| Cost of Sales | 322,000 | ||
| Gross Profit | 224,000 | ||
| Expenses: | |||
| Selling Expenses | 44,000 | ||
| Office Expenses | 18,000 | ||
| Overdraft Interest | 4,000 | ||
| Bad Debts | 4,000 | ||
| Depreciation – Fittings | 6,000 | ||
| Depreciation – Vehicles | 24,000 | ||
| Loan Interest (Jones) | 8,000 | ||
| Total Expenses | 108,000 | ||
| Add: Decrease in PDD (Provision for Doubtful Debts) | 6,000 | ||
| Profit for the Year | 122,000 | ||
| (APPROPRIATION ACCOUNT BELOW FROM NOW) | |||
| Label | Calc1 | Calc2 | Running Total |
| Add: Interest on Drawings – Smith | 4,000 | ||
| Add: Interest on Drawings – Jones | 8,000 | ||
| 134,000 | |||
| Less: Partner Salary – Smith | 12,000 | ||
| Less: Partner Salary – Jones | 0 | ||
| 122,000 | |||
| Less: Interest on Equity – Smith | 10,000 | ||
| Less: Interest on Equity – Jones | 6,000 | ||
| 106,000 | |||
| Transfer to General Reserve | 10,000 | ||
| 96,000 | |||
| Residual Profit | 96,000 | ||
| Share of Profit – Smith | 60,000 | ||
| Share of Profit – Jones | 36,000 |
| Label | DR (£) | CR (£) | Balance (£) |
| Laurel - Opening Balance | 24,000 | 24,000 | |
| Laurel - Partner Salary | 13,000 | 37,000 | |
| Laurel - Interest on Equity | 25,000 | 62,000 | |
| Laurel - Share of Profit/Loss | 1,120 | 63,120 | |
| Laurel - Interest on Drawings | 2,000 | 61,120 | |
| Laurel - Drawings | 20,000 | 41,120 | |
| Laurel - Closing Balance | 41,120 | ||
| Hardy - Opening Balance | 12,000 | 12,000 | |
| Hardy - Partner Salary | 0 | ||
| Hardy - Interest on Equity | 20,000 | 20,000 | |
| Hardy - Share of Profit/Loss | 880 | 20,880 | |
| Hardy - Interest on Drawings | 3,000 | 17,880 | |
| Hardy - Drawings | 30,000 | -12,120.0 | |
| Hardy - Closing Balance | -12,120.0 |
| Label/Name | Cost (£) | Depreciation (£) | NBV (£) |
| Non-Current Assets | |||
| Property | 260,000 | 40,000.0 | 300,000 |
| Fittings | 100,000 | 46,000 | 54,000 |
| Vehicles | 120,000 | 84,000 | 36,000 |
| Total Non-Current Assets | 390,000 | ||
| . | |||
| Current Assets | |||
| Closing Inventory | 28,000 | ||
| Trade Receivables | 80,000 | ||
| Office Expenses Receivables | 4,000 | ||
| Provision for Doubtful Debts | 4,000 | ||
| Total Current Assets | 116,000 | ||
| . | |||
| Less: Current Liabilities | |||
| Trade Payables | 64,000 | ||
| VAT Payable | 10,000 | ||
| Selling Expenses | 6,000 | ||
| Loan Interest Payable | 8,000 | ||
| Cash & Cash Equivalents | 40,000 | ||
| Total Current Liabilities | 128,000 | ||
| . | |||
| Working Equity | -12,000.0 | ||
| Net Assets Employed | 378,000 | ||
| Non-Current Liabilities | |||
| Loan – Jones | 80,000 | ||
| Net Assets | 298,000 | ||
| . | |||
| Smith Equity | 100,000 | ||
| Smith Current | 68,000 | ||
| Jones Equity | 60,000 | ||
| Jones Current | -10,000.0 | ||
| General Reserve | 40,000 | ||
| Revaluation Reserve | 40,000 | ||
| Total Equity | 298,000 |