Pbl2 p & l statement - excel

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  • 1. Profit & Loss Statement 30 Jun 2011 Meeting to Cycle Pty LtdREVENUE Sales Sales of bicycle and accessories 340,000 Coaching income 160,000 Repair shop income 40,000 Other income (eg. Cycling tours) 10,000 Sales - Total Revenue 550,000 Freight CollectedTotal Revenue 550,000DIRECT COST Cost of Goods Sold 221,000 0 0 Total Cost of Good Solds 0 Total Direct Costs 221,000GROSS PROFIT 221,000OPERATING EXPENSES Accountancy fees 3,500 Advertising 7,500 Bank fees 1,000 Computer expenses 3,500 Credit card fees 1,200 Depreciation expense ** 5,000 Electricity 8,500 Entertainment 6,000 Insurance 5,000 Interest expense 15,833 Legal expenses 2,000 Printing, stationery and postage 7,500 Rent ($4,000 per month) 5% increase 40,000 p.a.
  • 2. Repairs and Maintenance 6,000 Salaries and wages – Directors 50,000 Salaries and wages – Other staff 116,000 Staff amenities (tea, coffee, biscuits) 1,000 Superannuation (@ 9% of total salaries) 15,000 Telephone and facsimile charges 3,000 Other costs 20,000 Bank Charges 0 Freight Paid 0 Set-Up Cost Opening party 5,500 Fit-out 83,600 Workshop 7,040 Displaying stock 28,160 Indoor windtraining sessions 21,120 Office 14,080 Install tiles 13,200 Cash registers 9,680 Computers 27,060 Photocopying machine 4,180 Facsimile machine 880 Timber bookcases 6,820 Television sets 9,680 Fluorescent lighting system 20,240 Carpets 28,820 MYOB Accounting Plus Version 18 and other 8,360 retail-based computer software Total Set-Up Cost 204,820 Total Motor Vehicle Expenses 0 Office Supplies 0 Rent 0 Telephone and internet 0 Total Expenses 522,353NET PROFIT -301,353
  • 3. Under ITAA 1997 S20-30- "upgrading assets to meet GST obligations " are deductible BUT we should consider what is "GST obligation". Theabove A NEW TAX SYSTEM (INDIRECT TAX AND CONSEQUENTIAL AMENDMENTS) ACT (NO. 2) 1999 - SCHEDULE 5 - Income tax deductionsfor GST-related expenditure : S25-80(d) &(e), we should consider pre-GST annual turnover for income year.Our fit-out has been installed tiles ($13,200) in 2010 ( Commencement date of the business will be 1 September 2010.), under S25-80 (d),this upgraded plant is post 1 July 2000 so this item is undeductible.
  • 4. Fit-out GST Exclusive GST Workshop 10% 6,400 10% Displaying stock 40% 25,600 10% Indoor windtraining sessions 30% 19,200 10% Office 20% 12,800 10% Instal tiles 12,000 10% 64000.00 76,000
  • 5. GST Inclusive 7,040 28,160 21,120 14,080 13,200 83,600