–––– –––– 480 300 –––– –––– 1,880 1,600 Current assets Inventory 300 100 Receivables 400 100 –––– –––– 700 200 –––– –––– 2,580 1,800 Capital and reserves Share capital $1 ordinary shares 1,200 1,200 – Retained earnings 310 220 –––– –––– 1,510 1,420 –––– –––– Current liabilities Bank overdraft 590 210 Payables and accruals 370 70 Taxation liability 110 100 –––– –––– 1,070 380 –––– –––– 2,580 1,800 –––– –––– Income statements 20X2 20X1 $000 $000 Sales revenue 1,500 1,000 Cost of sales (700) (300) –––– –––– Gross profit 800 700 Administration and distribution expenses (400) (360) –––– –––– Net profit before tax 400 340 Income tax expense (200) (170) –––– –––– Net profit after tax 200 170 Dividends (110) (100) –––– –––– Retained profit for the year 90 70 Retained profit brought forward 220 150 –––– –––– Retained profit carried forward 310 220 –––– ––––
–––– –––– 480 –––– 300 –––– 1,880 1,600 Current assets Inventory 300 100 Receivables 400 –––– 100 –––– 700 –––– 200 –––– 2,580 1,800 Capital and reserves Share capital – $1 ordinary shares 1,200 1,200 Retained earnings 310 –––– 220 –––– 1,510 –––– 1,420 –––– Current liabilities Bank overdraft 590 210 Payables and accruals 370 70 Taxation liability 110 –––– 100 –––– 1,070 380 –––– –––– 2,580 –––– 1,800 –––– Income statements 20X2 $000 20X1 $000 Sales revenue 1,500 1,000 Cost of sales (700) –––– (300) –––– Gross profit 800 700 Administration and distribution expenses (400) –––– (360) –––– Net profit before tax 400 340 Income tax expense (200) –––– (170) –––– Net profit after tax 200 170 Dividends (110) –––– (100) –––– Retained profit for the year 90 70 Retained profit brought forward 220 –––– 150 –––– Retained profit carried forward 310 –––– 220 ––––
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