FINAL ACCOUNTS FOR SOLE TRADERS

XYZ Enterprises
Trading, Profit and Loss Account for the year ending XXXX
Sales XXXX
Less: Returns inwards (XX) XXXX

Less Cost of good sold

Opening stock XX
Purchases XXXX
Less: Goods Withdrawn (XX)

Add: Carriage inwards

XX
Cost of the goods available for re-sale XXXX
Less: Return outwards (XX)
Less: Closing stock (XXX) (XXX)

Gross Profit /(loss) XXXX

Add: Non operating income

Discount Received XX
Investments Income XX
Gains on property sales XX
Over provision of doubtful debts XX

Less: Expenses
Administrative Expenditure
Salaries XX
Rent XX
Stationary XX
Utility expenses XX
Depreciation (Building, Furniture, etc) XX
Insurance XX
Office expenses XX
(XXXX)

Selling and distribution Expenditure

Advertising XX
Sales commission XX
Discount Allowed XX
Bad debt/under provision of doubtful debts XX
Carriage Outwards XX

M.V.Depreciation (XXXX)
XX
Financial Expenses
Bank interest/ Loan Interest XX
Bank Charges XX (XXX)

Net Profit/loss XXXX

 XYZ Enterprises
Balance Sheet as
at XXXX
Accumulated
Fixed Assets Cost Net Value.
Depreciation

Land XX - XX
Buildings XX (X) XX
Machinery XX (X) XX
Motor vehicle XX (X) XX
Fixtures and fittings XX (X) XX
XXX XX XXX

Current Assets
Closing Stock XX
Debtors XX
Less: Provision for doubtful
(XX)
debts
Cash in Bank XX
Cash at hand XX XXX
XXX

Capital XXXX
Add :Net profit for the year XXX
Less: Drawings (XX) XXXX

Long term liabilities

Bank loan XXXX

Current Liabilities
Trade Creditors XX
Accrued expenses XX
Bank Overdrafts XX
XXX

XXX
XXX