Page 155 - Book-keeping for Secondary Schools Student’s Book Form One
P. 155
Basic financial statements
Solution
Sauda
Income statement for the year ending 30 September 2020
th
Details TZS TZS TZS
FOR ONLINE READING ONLY
Sales 254,868,000
Less: Sales returns (1,031,800)
Net Sales 253,836,200
Less: Cost of goods sold:
Opening inventory 27,872,000
Add: Purchases 126,248,100
Less: Purchase returns (2,284,700)
Net Purchases 123,963,400
Add: Carriage in wards 2,479,000 126,442,400
Cost of goods available for
sale 154,314,400
Less: Closing inventory (30,002,600) (124,311,800)
Gross profit 129,524,400
Less: Expenses:
Salaries and wages (41,138,000)
Warehouse rent (2,479,000)
Carriage outwords (1,407,000)
Insurance (908,520)
Motor expenses (1,279,700)
Office expenses (276,040)
Lighting and heating (598,980)
General expenses (164,150)
Total expenses (48,251,390)
Profit for the year 81,273,010
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Book Keeping Form 1 New 2024 FINAL.indd 147 18/10/2024 10:14
