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    Statement of Financial Performance

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    catizfavs
    The document provides financial statements for a business in 2012. It shows that the business had a gross profit of 19.6 million and a net profit of 3.2 million. As of December 31, 2012, the business had total assets of 354.6 million including current assets of 340.4 million and fixed assets of 14.1 million. Current liabilities were 40.3 million resulting in net assets of 314.2 million. Capital (equity) was calculated at 3.2 billion.

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    Statement of Financial Performance

    Uploaded by

    catizfavs
    21 views2 pages
    The document provides financial statements for a business in 2012. It shows that the business had a gross profit of 19.6 million and a net profit of 3.2 million. As of December 31, 2012, the business had total assets of 354.6 million including current assets of 340.4 million and fixed assets of 14.1 million. Current liabilities were 40.3 million resulting in net assets of 314.2 million. Capital (equity) was calculated at 3.2 billion.

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    STATEMENT OF FINANCIAL PERFORMANCE

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    The document provides financial statements for a business in 2012. It shows that the business had a gross profit of 19.6 million and a net profit of 3.2 million. As of December 31, 2012, the business had total assets of 354.6 million including current assets of 340.4 million and fixed assets of 14.1 million. Current liabilities were 40.3 million resulting in net assets of 314.2 million. Capital (equity) was calculated at 3.2 billion.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    21 views2 pages

    Statement of Financial Performance

    Uploaded by

    catizfavs
    The document provides financial statements for a business in 2012. It shows that the business had a gross profit of 19.6 million and a net profit of 3.2 million. As of December 31, 2012, the business had total assets of 354.6 million including current assets of 340.4 million and fixed assets of 14.1 million. Current liabilities were 40.3 million resulting in net assets of 314.2 million. Capital (equity) was calculated at 3.2 billion.

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    of 2

    STATEMENT OF FINANCIAL PERFORMANCE

    Showing the financial performance of the business for the year 2012.

    1. Calculating gross profit

    Gross profit= sales – purchases gross profit= 81,742- 62,101 gross profit= sh 19,641,000

    2. Calculating net profit

    Net profit= gross profit – expenses net profit= 19,641,000- (Rent and rates= light and heat+ salaries
    and wages+ bad debts+ motor expenses + general expenses+ depreciation on buildings) net profit=
    19,641,000- (880 + 246+ 8,268 +247+ 861+933 +5,000) net profits= sh 3,206,765

    STATEMENT OF FINANCIAL POSITION

    Showing the financial position of the business as of 31st December 2012.

    1. Calculating the revised stock in trade


    Stock in trade (as of 31st DDec 2012)= sh 9,884,000
    2. Calculating current assets
    Current assets= debtors? Creditors + rent receivable+ lighting and heating current
    Assets= 5,462 + 250,000+ 85,000 current assets= sh 340,462,000
    3. Calculating fixed assets
    Fixed assets= (motor van – accumulated depreciation) + (freehold premises – accumulated
    appreciation) fixed assets= (8,000 – 3850) + (15,000 – 5,000) fixed assets = sh 4,150,000 + sh
    10,000,000 fixed assets = sh 14,150,000
    4. Calculating total assets
    Total assets= current assets + fixed assets total assets= 340,462,000 + 14,150,000
    Total assets = sh 354,612,000.
    5. Calculatng current liabilities
    Current liabilities= provision of bad debts+ rates paid in advance current liabilities= 326 + 40,000
    Current liabilities= sh 40,326,000
    6. Calculating net assets (capital)
    Net assets = total assets – current liabilities net assets + 354,612,000 – 40,326,000
    Net assets = sh 314,286,000
    7. Calculating capital (equity)
    Capital= drawings/capital + net profit capital= 20,271 + 3,206,765
    Capital= sh 3,226,036,765
    STATEMENT OF FINANCIAL POSITION (as of31st December 2012)
    Assets
    Current assets: sh 340,462,000
    Fixed assets: sh 14,150,000
    Total assets: sh 354,612,000
    Liabilities
    Current liabilities: sh 40,326,000
    Equity
    Capital: sh 3,226,036,765.

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