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ASSESSMENT TASK 1: PRACTICAL APPLICATION (PROFIT AND LOSS STATEMENT AND BALANCE SHEET)
1. Prepare a Profit & Loss Statement and Balance Sheet using the information given below.
2. Explain how the business is affected by the completed Profit and Loss Report.
From the following financial Information Prepare a Profit & Loss Statement and Balance Sheet;
Food Sales
$25 000
Beverage Sales
$42 000
Rooms Sales
$33 000
Conference Sales
$45 000
Opening Food Stock
$10 000
Food Purchase
$20 000
Closing Food Stock
Opening Beverage
Beverage Purchase
$40 000
Closing Beverage Stock
Advertising
$1 200
Rates (Council Fees for emptying Rubbish Bins, Landscaping and Street Cleaning)
$1 500
Decorations (Christmas Trees or Flowers for Table Centre Pieces)
$700
Repairs & Maintenance
$2 300
Laundry
$2 900
Office Supplies (Pens, Stationary)
$2 500
Insurance
Wages
$58 000
Cash in Bank
$48 866
Retained Earnings for Previous Year
-$41 790
Linen & Glassware
$510
Liquor
$2 558
Food
$4 996
Equipment
$5 200
Accounts Payable
Capital
$70 000
Accounts Receivable (A/R)
$480
Verified Expert
A quick assignment which deals with providing a base knowledge about the financial accounting and its concepts,it requires intermediate skills to complete the whole assignment.It deals with making a profit and loss along with balance sheet.
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