Trail Balance And Income Statement Of B Moore For The Year Ending 30th Sep. 2021

1.Journal Entries

Date	Particulars	Debit £	Credit £ Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper
Sep. 1	Allowance for bad debts	105
	Account receivable		105
	Receivable from P. Mullen recorded as write off
Sep. 5	Account Payable	150
	office Fixture		150
	office fixture returns
Sep-10	cash	180
	Allowances for bad debt	131
	Account receivable		311
	Receivable from M. Abel recorded as payment and write off
Sep-18	Machinery	1800
	Cash		100
	Bank		500
	account payable		1200
	Purchase of machinery
Sep. 26	Account payable	600
	Bank		600
	Brown Ltd account is partial settled
Sep-28	Insurance expenses	60
	Drawing (private insurance)	70
	Bank		130
	Payment for insurance

2.General Ledger

Office Fixture
	Amount £		Amount £
Opening Balance	1200
Bank	1000
Sharp office Ltd	2400
Cash	110
Bank	750	Balance C/d	5460
	5460		5460

Van
	Amount £		Amount £
Opening Balance	32000
Bank	6200
Toyota Co.	8700	Balance C/d	46900
	46900		46900

Bank
	Amount £		Amount £
Opening Balance	36800	Cash	2800
Loan	12400	Van	6200
Cash	430	Office fixture	1000
		Toyota Co.	8700
		Office fixture	750
		Balance C/d	30180
	49630		49630

Loan
	Amount £		Amount £
Opening Balance	12400	Bank	12400
	12400		12400

Equity
	Amount £		Amount £
Opening Balance	70000	Balance C/d	70000
	70000		70000

Cash
	Amount £		Amount £
Bank	2800	Office fixture	110
		Bank	430
		Balance C/d	2260
	2800		2800

Sharp Office Ltd
	Amount £		Amount £
		Office fixture	2400
Balance C/d	2400
	2400		2400

Toyota Co.
	Amount £		Amount £
Bank	8700	Van	8700
	8700		8700

Trail balance as of August 31, 2021
	Amount £	Amount £
Equity		70000
Office Fixture	5460
Van	46900
Bank	30180
Loan		12400
Sharp office ltd		2400
Cash	2260
	84800	84800

3.A.

Income statement of B Moore
For the year ending 30th Sep. 2021
	Amount £	Amount £
Sales	95000
Less: sales return	3500
Total revenue		91500
Less: Cost of goods sold
Opening stock	18000
Add: Purchase	110000
Add: Carriage inwards	890
Less purchase return	720
Less Closing stock	13000	115170
Gross profit		-23670
Less: Expenses
Carriage outwards	500
Motor expenses	1400
Rent	7000
Telephone charges	830
Wages and salaries	14000
Insurance	1030
Office expenses	800
Sundry expenses	250
Total expenses		25810
Net Profit		-49480

B.Percentage increase in profit and loss = (Current year profit – previous year profit)/previous year profit *100

2013 = £55800 Not applicable

2014 = (£77100-55800)/55800*100 = 38.17%

2015 = (£85500-77100)/77100*100 = 10.89%

2016 = (£98400-85500)/85500*100 = 15.17%

2017 = (£87600-98400)/98400*100 = -10.98%

2018 = (£97200-87600)/87600*100 = 10.95%

2019 = (£112400-97200)/97200*100 = 15.64%

2020 = (-£65400-112400)/112400*100 = -158.16%%

2021 = (-£49480-(-65400))/65400*100 = 24.34%

The profit of the company was dropped between 2017 and 2020, according to the results of the research. Profit dropped in the year 2017 but recovered in the year 2018 and 2019. The highest profit earned in the year 2019 was £112400. Because of pandemics, earnings in 2020 will drop by a considerable margin, -158.16 percent, compared to the previous year. The profit in 2021 is reduced, but when compared to the previous year, we see that the performance has improved by 24.34 percent, which is a great indicator for the firm. As a result of this, there is a likelihood that earnings will improve in 2020 due to the Business’s Favorable State.

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