Akram Trading Co.

Income Statement
For the year ended December 31st 2018

Sales
Cash Sales 810000

Less: Cost Of Goods Sold

Opening Stock 132000
Add: Purchases 704400
Less: Closing Stock 150000 686400

Gross Profit:
Add:Discounts Received 7200
Less:
Expenses
Salaries 66000
Office Rent 13200
VRM 8100
General Exp 3600
Advertising Exp 11700
Stationery Exp 4800
Electricity Exp 6000
Provision For Doubtfull Debts(5%) 10500
Depriciation:
Vehicle 600
Loading Machine 1200 1800
Discount Allowed 8400

Net Profit
 Cash Book
Description Amount Description Amount
Opening Balance 2400 Salaries 66000
Office Rent 13200
Account receivable 810000 VRM Exp 8100
Increase in Capital 12000 General Exp 3600
Trade Payable 672000
Advertising Exp 11700
Stationery 4800
Electricity 6000
Drawing 39600

Closing Balance 5100

Total 8,19,600 Total 830100

Creditors
Description Amount Description Amount
Payable Against Stationary 2,700 Opening Balance 1,40,400
Payable Against Electricity 1,500 Cash Paid To Trade Payable 6,72,000
Discounts Received 7,200
Credit Purchases 7,04,400

Closing Balance 1,11,000

Total 8,19,600 Total 8,19,600