Question

Amy offers legal services to small and medium sized businesses. The following information relates to the...

Amy offers legal services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year ended 30 September 2020:

Account:

$

Creditors 960

Debtors 1,570

Accumulated depreciation - office equipment 6,950

Accumulated depreciation – vehicle 9,250

Marketing expenses 510

Capital – Amy 18,500

Cash at bank 8,445

Office equipment 9,250

Depreciation expense - office equipment 1,650

Depreciation expense – vehicle 2,750

Drawings 5,520

Bank loan 4,500

Vehicle 26, 750

Vehicle expense 330

Office supplies 1,625

Office supplies used 840

Mobile phone charges 255

Legal services fees earned 9,750

Requirement: Prepare a Statement of Profit or Loss for the year ended 30 September 2020

Business   Accounting   
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Answer #1
Amy
Statement of Profit or Loss
For the year ended 30 September 2020
Legal services fees earned         9,750
Expenses
Depreciation expense – vehicle         2,750
Depreciation expense - office equipment         1,650
Office supplies used            840
Marketing expenses            510
Vehicle expense            330
Mobile phone charges            255
Total Operating expenses         6,335
Net Profit         3,415
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