I have a homework assignment in 3 parts, the second part was to prepare an income & expenditure account clearly showing the profit/loss on the bar and annual dance of a social club . To this end, I created separate trading accounts for the Bar and Annual dance. To do this I extracted the figures from the summary of receipts & payments given for the club for the year ended October 31 2008

PAYMENTS EXPENSES
Balance 1/11/93 380 Bar Purchases 1,485
Subscriptions 1,420 Annual dance exp. 470
Annual dance 750 Rent 890
Bar sales 2,050
= 4,600


EXPENSES
Bar Purchases 1,485
Annual dance exp. 470
Rent 890
Secretarial exp. 260
Purchase of furniture 350
Caretaker wages 720
Balance 31 Oct 08 425
= 4,060


Extra info given is: the opening bar stock was 120 (at 1/11/07) and the closing stock at 31/10./08 was 160


So I added the opening stock of 120 and purchases of 1,485 which = 1,605 then deducted closing stock of 160 which = 1445 which I deducted from the sales of 2,050 which left a profit of 605.

The Annual Dance profit was straight forward because I just had to deduct the expenses from the sales of the tickets.

The final part of my homework was to prepare the balance sheet and it's not coming right, so I wonder if I have wrongly worked out the profit for the bar?

Please, can anybody help? I've attached an Excel sheet with all my workings and a clearer brain than mine might be able to see where I've gone wrong!

Fr_Chuck,

You removed the wrong duplicated item.
The attachment has been lost.
Please make sure as to what you are doing.
You need to apologise to Lou3000.

It might have been me who messed it up - I realised I wanted to change a figure in the excel sheet so tried to delete the first excel sheet - obviously something went awry!

So here's the attachment again, hopefully right this time!