financial statements sample

Excel Skills | Financial Statements TemplateAbout this templateThis template enables users to compile comprehensive financial statements based on International Financial Reporting Standards for small & medium enterprises (IFRS for SME's) from any trial balance regardless of the structure of the accounts that are included in the trial balance. The financial statements are compiled by linking each account in the trial balance to a pre-defined financial statement reporting class code and all the amounts that are included on the financial statements are automatically calculated based on the linked class codes. The template can also easily be rolled forward or back by simply changing the year value in a single input cell.About our unique templatesOur unique, practical templates produce results that are more comparable to software solutions than regular Excel templates. Most Excel templates only contain limited functionality but our templates produce complex automated reports based on limited user input. You also don't need advanced Excel skills in order to use our templates - all our templates only require basic user input and include comprehensive step by step instructions.About this sample fileThis Excel document is only a sample of the financial statements template. We’ve created this sample to enable customers to view the layout and features of this template. You will therefore not be able to use this version of the template - the full version of the template can only be downloaded after buying the template or a full membership of the Excel Skills website.Our full membership includes:■ Access to all 40+ of our unique Excel templates■ 365 days access to our 300+ Excel video tutorials

Buy this templateclick here

Excel Skills | Financial Statements TemplateAbout this templateThis template enables users to compile comprehensive financial statements based on International Financial Reporting Standards for small & medium enterprises (IFRS for SME's) from any trial balance regardless of the structure of the accounts that are included in the trial balance. The financial statements are compiled by linking each account in the trial balance to a pre-defined financial statement reporting class code and all the amounts that are included on the financial statements are automatically calculated based on the linked class codes. The template can also easily be rolled forward or back by simply changing the year value in a single input cell.About our unique templatesOur unique, practical templates produce results that are more comparable to software solutions than regular Excel templates. Most Excel templates only contain limited functionality but our templates produce complex automated reports based on limited user input. You also don't need advanced Excel skills in order to use our templates - all our templates only require basic user input and include comprehensive step by step instructions.About this sample fileThis Excel document is only a sample of the financial statements template. We’ve created this sample to enable customers to view the layout and features of this template. You will therefore not be able to use this version of the template - the full version of the template can only be downloaded after buying the template or a full membership of the Excel Skills website.Our full membership includes:■ Access to all 40+ of our unique Excel templates■ 365 days access to our 300+ Excel video tutorials

Buy this templateclick here

Register for a full membershipclick here

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Excel Skills | Financial Statements TemplateInstructions

The following sheets are included in the template:

Set-up

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This template enables users to compile comprehensive financial statements based on International Financial Reporting Standards for small & medium enterprises (IFRS for SME's) from any trial balance regardless of the structure of the accounts that are included in the trial balance. The financial statements are compiled by linking each account in the trial balance to a pre-defined financial statement reporting class code and all the amounts that are included on the financial statements are automatically calculated based on the linked class codes. The template can also easily be rolled forward or back by simply changing the year value in a single input cell.

Disclaimer: The aim of this template is to assist users in compiling a standard set of financial statements and we can therefore not guarantee that all the financial statement disclosures that are required for the particular business will be accommodated in the template. The user therefore remains solely responsible for ensuring the accuracy and completeness of financial statement disclosure.

Set-up - enter all the relevant business details on this sheet and specify the financial year end month and the current financial reporting period. The reporting period that is specified determines which annual periods will be included in the current and comparative periods on the financial statements.

Classes - this sheet contains all the pre-defined financial statement reporting classes that should be used to link the accounts on the trial balance to the calculations on the financial statements. The classes are provided in order to simplify the linking of accounts and are not linked to the financial statements. Changes that are made to the pre-defined classes on this sheet will therefore have no effect on the financial statement calculations.

TB - a complete trial balance for each annual period should be included on this sheet and each account in the trial balance should be linked to the appropriate financial statement reporting class by entering or copying the appropriate class code into column A. The amounts that are included on the financial statements are automatically updated based on the classes that are specified on this sheet.

FinInfo - this sheet contains financial statement information that is incorporated in the financial statements but not derived from the trial balance. Users are therefore required to enter the appropriate values for each annual period that is included in the template. The values that are specified on this sheet are automatically included on the financial statements based on the pre-defined code that is included in column A.

AFS - this sheet includes a complete set of financial statements which is automatically compiled based on the current reporting period that is selected on the Set-up sheet, the account balances that are included on the TB sheet and the financial information that is included on the FinInfo sheet. No user input is required on this sheet but users can customize the standard financial statements based on their own requirements if necessary.

TBImport - the calculations on this sheet enables users to review the sequence of trial balance accounts before copying the account balances to the TB sheet. The sequence of accounts can be amended until no errors are reflected and the calculations in column E round all trial balance amounts to the nearest integer value thereby ensuring that all the totals on the financial statements are accurate.

The input cells that contain a yellow cell background on the Set-up sheet need to be completed in order to include your business details on the financial statements. The business name is included on all the financial statement page headings and the business registration number is included on the index page (the first page of the financial statements).

The business address and country are included in the first note to the financial statements and the currency symbol that is specified in cell B12 is included below the year on a number of pages of the financial statements. The year end month in cell B14 is used to determine the appropriate year end date and previous year end date which are included in a number of notes to the financial statements.

The current reporting year needs to be entered in cell B16 and determines which annual period is used as the current reporting period in the financial statements. The comparative year is also determined based on the input in this cell and all the values that are included on the TB sheet and the FinInfo sheet are included in the automated financial statement calculations based on the year that is entered in this cell.

Note: You can therefore automatically roll the financial statements forward or back by simply changing the year that has been entered in cell B16 on the Set-up sheet. All the calculations on the financial statements will be updated automatically after editing the value in this cell.

On this sheet:

This sheet includes detailed instructions

on setting up and using this template.

This is the only protected sheet in the

full version of the template!

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On this sheet:



Trial Balance

New businesses

Existing businesses

The reporting date in cell B18 is determined based on the year end period that is specified in cell B12 and the current financial reporting year that is specified in cell B14. This date is used in the headings of the financial statements and in multiple notes.

The total number of pages that is entered in cell B20 is only used to determine the total number of pages that needs to be included in the table of contents on the financial statements (on the first page in cell I17). The default value is 12 but may need to be changed after customizing the financial statements and determining the total number of pages that will be printed.

A complete trial balance should be copied or entered on the TB sheet for each annual reporting period that needs to be included in the financial statements. All the account numbers and account descriptions that form part of the trial balance need to be copied or entered into column B and C on the TB sheet and the appropriate account balances need to be entered into the columns from column D onwards.

Each account then needs to be linked to one of the pre-defined financial statement reporting classes that are listed on the Classes sheet. The template will contain default data on the TB sheet when you use it for the first time but you can replace all the account numbers and descriptions with your own and clear all the class codes in column A before you commence with the exercise of linking your accounts to the appropriate pre-defined financial statement reporting classes.

After clearing all the class codes from column A, you need to refer to the Classes sheet in order to determine which accounts need to be linked to which financial statement reporting classes. Note that you do not need to use all the default classes if they are not required but it is imperative that each account is linked to a class. After completing the linking exercise, there should therefore be no blank values in column A.

Note: We have included conditional formatting in column A in order to highlight all the cells that have not been linked to one of the pre-defined reporting classes in red. If you therefore notice that a cell has been highlighted in red, it either means that the account is not linked to a class at all or that the account is not linked to a valid class. After correcting the input in column A, the red highlighting will be removed automatically.

Note: All the accounts that are included in your trial balance should be entered in a continuous cell range on the TB sheet - there should not be any blank rows or columns in between account numbers or financial periods otherwise all the accounts or periods may not be included in the financial statement calculations and your balance sheet may therefore not balance!

We have also included totals above the column headings which will indicate if the sum of the account balances for any annual period does not equal nil. If the total of all the account balances in a trial balance does not equal nil, it means that the financial statements will not be accurate and that the balance sheet will probably not balance. You should therefore always ensure that the trial balance for each annual period adds up to a nil value.

When compiling financial statements for a new business, you only need to include the account balances of the current financial reporting period on the TB sheet. All the amounts for the comparative financial year on the financial statements will be nil.

The TB sheet contains a number of default years - you can therefore change the column heading in column D to the appropriate current financial year and change all the subsequent columns to the appropriate subsequent years. Also remember to enter the correct current financial reporting period in cell B16 on the Set-up sheet.

When compiling financial statements for an existing business, you need to include the trial balances of at least the last two financial years on the TB sheet but you will also need to include the balance sheet balances of a third year so that the cash flow calculations in the financial statements are accurate.


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On this sheet:



Adding new financial periods

Trial balance check & import

■ Sort the data on the TB sheet in an ascending order based on the account number in column B.■ Sort the data on the trial balance export file in an ascending order based on the account number column.

We therefore recommend that users include the complete trial balances of at least three financial years on the TB sheet when using the template to compile financial statements for existing businesses. If you only include the balance sheet of the third financial year (the year prior to the comparative financial period), it is absolutely essential that the trial balance still balances and that the retained earnings balance is calculated accurately, otherwise your financial statements for the comparative year may not be accurate.

The TB sheet contains four financial periods by default and in most instances, these financial periods will represent the financial periods that are required for existing businesses. If you are compiling financial statements for previous periods, you may however need to change the column headings accordingly (start with the year before the comparative period in column D). Also remember to enter the correct current financial reporting period in cell B16 on the Set-up sheet so that the financial statements are compiled for the correct period!

After using the template to compile your first set of financial statements, you can add subsequent financial periods by simply copying the last column on the TB sheet to the next available column, changing the column heading to the next financial period and clearing all the account balances in the new column (we recommend replacing the existing values with nil values before entering or copying the appropriate account balances into the new column).

Note: The same procedure can be followed to also add the new financial period to the FinInfo sheet but before you replace all the values in the new column with nil values, note that some of these values will need to remain unchanged for the next financial period.

Note: All the trial balance data on the TB sheet should form part of a continuous cell range and you should therefore not include any blank rows or columns between rows or columns that contain data otherwise the financial statement calculations will not be accurate.

If you use a trail balance export file in order to compile financial statements, the trial balance export will have to be converted so that the account numbers are in the exact same sequence as the accounts on the TB sheet before you will be able to copy the balances onto the TB sheet. This is an absolute necessity in order to ensure that the correct account balances are included next to the correct account number.

New accounts may also have been added during the current financial period which may not be included in the previous trial balance on the TB sheet. These accounts therefore need to be identified and inserted in the correct row position before the account balances can be copied. This could be quite a time consuming exercise and we have therefore created the TBImport sheet to assist users in simplifying this exercise.

The following steps need to be completed in order to ensure that the trial balance for the new financial period is correctly included on the TB sheet:

■ Copy the account number, account description and account balance from the export file and paste the data into column A to C on the TBImport sheet (replace the existing data on this sheet).

■ Copy cells D5 and E5 and paste these cells into all the rows in column D and E that contain account numbers. Note that these two cells contain formulas and formatting that will assist you in identifying new accounts or changes that need to be made to the sequence of the accounts in the export file.

■ Review the contents in column D - a row that contains a green "ok" cell is in the correct sequence but if an "error" is displayed in orange, it means that the sequence of accounts on the TBImport sheet is not the same as the accounts on the TB sheet.

■ Compare the contents of all the rows that contain errors by comparing the account sequence on the TBImport sheet with the account sequence on the TB sheet.

■ Where an account is included on the TBImport sheet but not on the TB sheet, insert a new row on the TB sheet, copy the account number and description into column B and C and enter a nil value into all the columns that relate to previous financial periods. After completing these steps, the error in the particular row will automatically be removed from the TBImport sheet.

■ Where an account is included on the TB sheet but not on the TBImport sheet, insert a new row on the TBImport sheet, copy the account number & description from the TB sheet and copy the formulas in column D and E from one of the existing rows. Column D should now contain a green "ok" message.


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On this sheet:



■ Repeat the previous two steps until the TBImport sheet contains no errors.

Rounding in financial statements

Financial Information

■ Ensure that the total of the amounts in column E on the TBImport sheet is nil - the total calculation is included in the row above the column headings. If the total is not nil, the difference will be reflected in red in the cell above the column headings with an "error" message next to it. Note that the difference may be attributable to rounding which is covered in the next section of these instructions.

■ If the column E total is not nil and the difference cannot be attributable to rounding, review your trial balance export and make sure that the total of the export file is in fact nil. Also review the TBImport sheet and ensure that all the accounts on the trial balance export have been added to this sheet.

■ Rounding errors can be corrected by amending the trial balance amounts of selected accounts in column C. When the red cell background is removed from the total calculation and the "error" text is replaced by an "ok" message, it means that the trial balance has been corrected.

■ The amounts in column E can now be copied and pasted as values in the appropriate column (for the new period) on the TB sheet. After completing this step, the trial balance has successfully been imported into the template.

Rounding can have a significant impact on financial statements because the amounts that are displayed on the financial statements may not always add up to the totals that are displayed. Even the most insignificant of errors could result in financial statements appearing to be inaccurate and as a consequence also result in the value of the financial information that is included in the financial statements being questioned.

Checking all the calculations in financial statements and making the appropriate adjustments could be quite a time consuming and cumbersome approach and we therefore recommend making the required adjustments on a trial balance level instead. This approach will ensure that the calculations that are included in the financial statements are always accurate and negate the need to go through the entire cumbersome (manual) calculation exercise.

The problem with rounding in financial statement terms is that a trial balance typically includes two decimal values while financial statements are typically compiled to the nearest integer value. When two amounts that contain decimal values are rounded and added, the result is not necessarily the same as the rounded value of the total but if the decimal values are rounded to the nearest integer value and then added, the total that is calculated is guaranteed to be accurate.

This approach is followed in the calculations in column E on the TBImport sheet in that the trial balance amounts in column C are rounded to the nearest integer value in column E. If you therefore use the TBImport sheet to round all the amounts on the trial balance to the nearest integer values before correcting any rounding differences that may exist and copying & pasting the values onto the TB sheet, your financial statements are guaranteed to be accurate. We therefore recommend always using the TBImport sheet before including the appropriate trial balance amounts for a new financial period on the TB sheet.

The FinInfo sheet contains the financial information that needs to be included in our standard financial statements but can typically not be derived from the amounts on a trail balance. These values therefore need to be entered for each financial period that is included in the financial statements and for which a trial balance is therefore included on the TB sheet.

In terms of new and existing businesses and the addition of new columns, the same procedure that needs to be followed in order to add new columns to the TB sheet needs to be completed for the FinInfo sheet. Refer to the Trial Balance section of the instructions for guidance on how to amend the default columns and how to add new columns to this sheet.

Note: Some of the financial information that is listed on the FinInfo sheet may not be applicable to all businesses but we recommend that you retain all the data on this sheet and that you simply enter nil values for the items that are not applicable. Do not therefore delete any of these items as you may need some of them in future.


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On this sheet:



Annual Financial Statements

Customizing the standard financial statements

The values on the FinInfo sheet will have no bearing on whether the financial statements balance or not - this aspect of the financial statements is entirely determined by the account balances that are included on the TB sheet. The values on the FinInfo sheet are mainly used to provide additional disclosures that may be required and in some instances to include amounts that are required to be disclosed but typically do not get allocated to separate accounts in a general ledger (and therefore trial balance).

All the values on the FinInfo sheet are included on the financial statements based on the code that is included in column A (note that all the codes start with an "F"). It is therefore imperative that you do not delete any of the pre-defined codes on this sheet.

Note: We are not going to cover each individual item on the FinInfo sheet in these instructions but you can trace the codes in column A to column A on the AFS sheet in order to see where the information is included in the financial statements. Note that all the codes for the financial information that originates from the FinInfo sheet are displayed in orange on the AFS sheet.

The annual financial statements are included on the AFS sheet. All the amounts that are included in the financial statements are calculated from the trial balance that is included on the TB sheet and the additional financial information that is included on the FinInfo sheet based on the reporting class codes that are included in column A on the AFS sheet. It is therefore imperative that you do not delete these codes (this column does not form part of the printed pages).

The codes that are included in column A on the AFS sheet can be used to trace the appropriate amounts back to the source sheet. Codes that are displayed in orange text can be found on the FinInfo sheet (all these codes begin with a "F") and codes that are displayed in green text can be found on the TB sheet (all these codes begin with either an "I" for income statement or a "B" for balance sheet).

Note: In some instances, multiple accounts on the Trial Balance may be linked to the same financial reporting class code. We recommend that you filter the TB sheet based on the appropriate code by using the filter feature in the column heading row in column A on the TB sheet. The totals that are displayed above the column headings are calculated by including only filtered data and should therefore agree to the appropriate amount on the financial statements. Where a reporting class consist of sub-codes, you will need to select all the codes that form part of the main code when filtering data.

Note: All the financial statement reporting class codes are pre-defined - you should therefore not amend any of these codes because this will result in an amendment in the appropriate calculation which may lead to inaccuracies in the financial statement calculations.

The standard financial statements on the AFS sheet do not require any user input but some amendments may be required in order to customize the standard financial statements for your business. For example, some of the notes to the financial statements may not be applicable to your business and the note numbers that are included in the yellow input cells next to the heading of the retained notes therefore may need to be amended.

Note: We don't recommend deleting any of the contents on the AFS sheet because you will not be able to recover the data and some of the data may also affect other calculations on this sheet. If you therefore don't want to include any of the notes in your version of the financial statements, we recommend hiding the appropriate rows instead of deleting them. This will ensure that none of the other calculations are affected.

After linking your trial balance to the reporting class codes on the TB sheet and entering all the required values on the FinInfo sheet, we recommend that you review the standard financial statements on the AFS sheet. You can then hide all the content that is not applicable to your business and change the note numbers next to the note headings accordingly. As we mentioned before, you should not delete any of the data on the AFS sheet.


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On this sheet:



AFS Components

Table of contents

Statement of comprehensive income and retained earnings

It is imperative that you read through all the contents that are included on the AFS sheet in order to determine whether all the standard information is applicable to your business. This is especially necessary for the notes on the accounting policies that have been applied in compiling the financial statements because these policies may very well differ between different types of businesses.

It is practically impossible to include financial statement information that will be suitable to all types of businesses in a financial statement template and the responsibility for ensuring that all the required disclosures are included in the financial statements remains that of the user. We will also not be able to assist you in adding additional notes to the standard financial statements; instead we recommend that you contact your accountant in order to assist you in ensuring that all the required disclosures are added to the template.

If you need to add a new reporting class to the template that is based on information that is included in the trial balance, you can add the appropriate row(s) to the AFS sheet by inserting the required number of new rows, entering a new class code in column A and copying the TB formulas which are included at the bottom of the AFS sheet into the current and comparative financial period columns. The new class code then also needs to be linked to the appropriate accounts on the TB sheet in order to update the relevant calculation.

You can also include new financial information items on the AFS sheet by following the same approach and simply copying the FININFO formulas which are included at the bottom of the AFS sheet. The new codes also then need to be linked to the appropriate new items on the FinInfo sheet in order to update the relevant calculations.

Note: When adding new codes to the TB or FinInfo sheets, it is imperative that the calculations be integrated into the existing income statement or balance sheet and cash flow calculations in order to ensure that all the financial statement calculations remain accurate. Due care should therefore be taken when customizing the standard financial statements because errors may result in inaccurate financial statement info.

In this section of the instructions, we provide guidance on the information that is included in each section of the financial statements on the AFS sheet. One of the most important points to note is that the current and comparative periods are determined by the year that is specified in cell B16 on the Set-up sheet. Users therefore don't need to change the individual dates on the AFS sheet when compiling financial statements for a new period.

The business registration number and the total number of pages that is included in the notes to the financial statements row need to be specified on the Set-up sheet. The date of approval of the financial statements needs to be specified as part of the financial statement info on the FinInfo sheet.

Revenue, other income, finance costs and income tax are calculated in the respective notes to the financial statements. Cost of sales, dividends paid and the default groups of expenses are calculated on the statement of comprehensive income and retained earnings. The reporting class codes for these calculations are included in column A and formatted in green text.

Note: The income statement includes four default expense groups and the codes in column A indicate to which reporting class individual expense accounts should be linked in order to be included in these expense groups. Users can also change the description of the expense groups in column B in order to change the groups that are included in the income statement and also create additional groups if required.


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On this sheet:



Statement of financial position

Statement of changes in equity

Statement of cash flows

Note: Additional expense groups can be created by inserting a new row, copying the formulas in column G and I and entering a new reporting class code in column A. The new code should then be used to link individual expense accounts to the expense group. When creating new expense reporting class codes, users should take care not to use one of the existing reporting class codes.

The retained earnings balances at the start of each financial year are calculated from the trial balance based on the account(s) that are linked to the "B-RET" reporting code. If the retained earnings balance in the current reporting year is not equal to the closing balance of the comparative year or the retained earnings balance in the comparative year is not equal to the balance in the year before that year, the difference will be highlighted in orange in column K or L and the user will need to review the trial balance in order to determine why the imbalance occurred.

Most of the amounts that are included on the balance sheet are calculated in the notes to the financial statements. The only exceptions are the interest payable, dividends payable and the provision for taxation which are all calculated on the balance sheet based on the reporting codes that are included in column A. The retained earnings amounts are calculated on the income statement.

Note: The balance sheet includes three years but only the current and comparative years are included in the printed pages. The third year is only included in order to facilitate accurate cash flow calculations for the comparative financial year.

Note: If the balance sheet is not in balance, the appropriate total assets and total liabilities & equity totals will be highlighted in orange. We suggest that users review the guidance in the Troubleshooting section in order to resolve any imbalances that may have occurred.

The retained earnings calculations are based on the amounts that are included on the income statement and the share capital calculations are based on the amounts that are calculated in note 15.

The profit / (loss) for the year is calculated in the income statement while the income tax and finance costs are also calculated in the income statement and are added back because the amounts that have been paid are included separately on the cash flow statement (refer to rows 145 and 146).

The dividends received amounts are calculated in note 4 and deducted in the operating cash flow calculation because the amounts are included separately under the cash flow from investing activities section of the cash flow statement. Depreciation, amortisation and fair value adjustments / impairment losses are calculated in notes 8 and 9. The movement in provisions is calculated on the balance sheet. All of these amounts do not represent actual cash flow movements and are therefore added back in the operating cash flow calculation.

Gains / (Losses) on the sale of equipment are added back in the operating cash flow calculation because the proceeds from the sale of equipment is included under the cash flow from investing activities section. Gains on the sale of equipment are calculated in note 4 and losses are calculated in note 6.

Working capital movements are calculated on the balance sheet - note that a balance sheet for 3 financial years is required in order to calculate these amounts accurately. If you therefore only include a trial balance for 2 financial years in the template, the entire closing balances of these working capital items will be included in the cash flow statement for the comparative financial period.

The interest and income tax paid amounts are calculated by deducting the opening balances and income statement charges from the closing balances of the respective income tax and interest payable amounts. The net result is that only the interest and income tax amounts that have actually been paid during the financial period are included in the cash flow statement.


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On this sheet:



Notes to the financial statements

The proceeds from the sale of equipment are calculated by adding or deducting the profit or loss on the sale of equipment from the book value of the equipment that has been sold. The profit on the sale of equipment is calculated in note 4, the loss on the sale of equipment is calculated in note 6 and the book value of the equipment that has been sold is calculated in note 8.

The purchases of equipment amounts are calculated by deducting the new finance leases amounts from the additions to property, plant & equipment that is calculated in note 8. The new finance leases amounts need to be specified as part of the financial info on the FinInfo sheet.

The purchases of intangible assets and investments are calculated in note 9 and note 10 respectively. As we mentioned before, the dividends received amounts are calculated in note 4 while the interest received amounts need to be specified on the FinInfo sheet. We have included this item on the FinInfo sheet because many businesses do not allocate interest receipts to a separate general ledger account.

The proceeds from the issuance of shares amounts are calculated in note 15. The proceeds from new loans need to be specified on the FinInfo sheet and the repayment of loan amounts are calculated based on the balance sheet movement of long term and short term loans and the proceeds from new loans.

The repayment of finance leases amounts are calculated based on the balance sheet movement of the long term and short term finance lease liabilities and the new finance leases amounts that are specified on the FinInfo sheet. New finance lease amounts are therefore removed from the additions to property, plant & equipment and also removed from the finance lease liabilities in order to ensure that only the actual cash repayments of finance leases are included in the cash flow statement.

The dividends paid amounts are calculated by deducting the opening balance and income statement charges for dividends from the closing balance of dividends payable. The net result is that only dividends that have actually been paid during the financial period are included in the cash flow statement.

The cash equivalents at the beginning of the year are calculated based on the balance sheet movements of the cash & cash equivalents and bank overdraft lines. This is also an important point to note in terms of the closing cash balance - the closing balance should agree to the cash & cash equivalents note (note 14) and includes the bank overdraft balance!

Note: If the closing cash equivalents balances on the cash flow statement do not agree to the balances that are calculated in note 14, an error will be displayed in column K. This error is probably a result of an error with the retained earnings balances but could also be attributed to changes that the user has made to the cash flow statement. We recommend that you check the accuracy of all the changes that have been made to the template in order to resolve the error.

Note: A retained earnings imbalance can also result in an error on the cash flow statement. This will only occur if the retained earnings balance at the beginning of the period plus the net profit or loss for the period does not equal the retained earnings balance at the end of the period. If this is the case, it probably means that an amount has been allocated to the retained earnings account that should not have been. The retained earnings account should therefore be investigated and any incorrect allocations should be reallocated to the correct account.

This section deals with all the default notes that have been added to the financial statements. It is imperative that users review all the default notes in order to ensure that all the information that is included in the default notes are applicable to their businesses. Users may also need to add additional disclosure to this section of the financial statements and it is imperative that any changes that are made are incorporated correctly within the existing template structure, otherwise the amended financial statements may contain errors!

Note: If you delete some of the default notes that have been included in the standard financial statements, you will need to change the note numbers of all of the remaining notes by entering a new number in the yellow input cells next to the appropriate note headings.


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On this sheet:



General information and accounting policies

Revenue

Other Income

Finance Costs

Profit before tax

Note: We have included a page heading which consist of the business name and a financial statement notes title in the appropriate rows based on the notes that have been included in the standard financial statements. If you delete some of the default notes or add additional notes, you may have to move the rows which contain the page headings to new row locations so that the page headings are included at the top of each printed page.

The general information and accounting policy notes need to be reviewed carefully and the user needs to ensure that the descriptive text is correct and that all the accounting policies are applicable to the business. The form and nature of the business in note 1 will probably need to be amended and some of the accounting policies in note 2 may need to be deleted. Users may also need to include additional accounting policies that are not covered in our default accounting policy notes.

The business name, country of incorporation and the business address need to be entered on the Set-up sheet. The depreciation rates that are included in the accounting policy note need to be specified as part of the financial information on the FinInfo sheet.

This note includes two revenue categories namely sale of goods and other revenue. You can add additional categories to this note by inserting the required number of rows, entering a new reporting class in column A, copying the formulas from one of the existing rows and linking the new reporting class to the appropriate accounts on the trial balance. Note that all the new reporting classes should start with the "I-REV" text string.

Note: Whenever you insert new rows in a note, you should always ensure that you also review and adjust the formula in the total row. If the formula does not include all the relevant items, your balance sheet will not balance.

The default note includes three other income items but you can add additional items if required by inserting the required number of rows, entering a new reporting class in column A, copying the formulas from one of the existing rows and linking the new reporting class to the appropriate accounts on the trial balance. Note that all the new reporting classes should start with the "I-OTI" text string.

The total of the finance costs note is calculated based on all the accounts that are linked to the "I-FIN" reporting class. The interest on finance leases should be entered on the FinInfo sheet and this amount is deducted from the total in order to calculate the interest on loans and overdraft amounts. The reason for including the finance lease interest on the FinInfo sheet is that many entities do not allocate lease interest to separate accounts.

All the expense items that require separate disclosure should be included under this note. The cost of sales amount is calculated in the income statement but the reporting codes for all other expense items should be included in column A and the formulas should be copied from one of the existing rows.

Note: The reporting codes for any additional items that you may want to add should be consistent with the codes that are used to include the expense categories on the income statement. Simply add additional letters to the default expense category codes in order to facilitate including the individual items under this note.

Example: In our standard financial statements, the account for foreign exchange losses is included under the Other Expenses category on the income statement. This expense category has a default code of "I-OTX" and we have therefore used the code "I-OTXXL" as the reporting code for foreign exchange losses. This means that the expense will be included in the income statement under Other Expenses but can also be included under the Profit before tax note by using the full reporting class code.


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On this sheet:



Income Tax Expense

Property, Plant & Equipment

The total of the income tax expense note is calculated based on all the accounts that are linked to the "I-TAX" reporting class. The default tax charges for the year are calculated in the Deferred Tax note and these amounts are deducted from the total in order to calculate the current taxation amounts. The income tax percentages that are included below these calculations need to be specified on the FinInfo sheet.

The property, plant & equipment note includes three default categories of assets namely land & buildings, plant & equipment and furniture & fittings. Each of these categories is included in a separate column and the amounts in the Total column are the sum of these three columns. The cost and accumulated depreciation of these categories are also displayed separately.

The opening and closing costs of the three categories are calculated based on the accounts on the trial balance that have been linked to the "B-PPEC" reporting code but a number which refers to the appropriate asset class also needs to be included in the code. All accounts that are linked to code "B-PPEC1" are included in the first column, accounts linked to code "B-PPEC2" are included in the second column and accounts that are linked to "B-PPEC3" are included in the third column.

The cost of assets that have been disposed of during the period should be entered on the FinInfo sheet next to the "F-PPEDC1", "F-PPEDC2" and "F-PPEDC3" codes and the amounts are included in the note on the same basis as described in the previous paragraph.

The opening and closing balances and the cost of disposals are therefore determined based on formulas and the additions line in the note is therefore simply the balancing figure. If you therefore don't enter your disposals amounts correctly, the additions for the particular asset class will also not be accurate.

Note: The descriptions of the three asset categories can be amended by changing the text in the note but the same default reporting codes need to be used in order to link the appropriate accounts in the trial balance to the financial statements.

Note: If you only require one asset category, you can simply use the last ("B-PPEC3" and "F-PPEDC3") reporting codes in order to only use the calculations in the third column. The calculations in the other columns will include zero amounts because no accounts will have been linked to these reporting codes but you can clear the contents of these columns if you don't want to include them in the financial statements.

The accumulated depreciation amounts are calculated in much the same way. The opening and closing balances are determined based on the accounts on the trial balance that are linked to the "B-PPED1", "B-PPED2" and "B-PPED3" reporting codes. The accumulated depreciation relating to the disposal of assets needs to be entered on the FinInfo sheet next to the "F-PPEDD1", "F-PPEDD2" and "F-PPEDD3" reporting codes.

The accumulated depreciation section of the note also includes an additional line for the impairment of assets. Any impairment losses relating to the three asset categories should be entered on the FinInfo sheet next to the "F-PPEI1", "F-PPEI2" and "F-PPEI3" reporting codes.

The depreciation charge for the period relating to each asset category is the balancing figure in the note and if you therefore do not enter the disposal and impairment amounts correctly, the depreciation amounts will also be inaccurate. We therefore recommend that you compare the calculated depreciation amounts to the appropriate balances of the depreciation expense accounts on the trial balance.

The carrying amounts of the assets that are held under finance leases are included below the depreciation section and should be entered on the FinInfo sheet next to the "F-PPELA" reporting code.


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On this sheet:



Intangible Assets

Investments

Deferred Tax

Inventories

The intangible assets note is compiled in much the same way as the property, plant & equipment note. The main difference is however that different reporting codes are used in order to calculate the opening and closing balances and the impairment and amortisation amounts. The note also does not include disposal lines under the cost and accumulated amortisation sections.

Note: The descriptions of the three asset categories can be amended by changing the text in the note but the same default reporting codes need to be used in order to link the appropriate accounts in the trial balance to the financial statements.

Note: If you only require one asset category, you can simply use the last ("B-IPC3" and "F-IPA3") reporting codes in order to only use the calculations in the third column. The calculations in the other columns will include zero amounts because no accounts will have been linked to these reporting codes but you can clear the contents of these columns if you don't want to include them in the financial statements.

The cost of investments is calculated based on the accounts on the trial balance that are linked to the "B-VEST" reporting code. Dividend income is also included in this note and is calculated based on all the accounts that are linked to the dividend income reporting code ("I-OTIDV").

Note: If you require more than one investment to be included in the note, you can add a number to the reporting code ("BVEST1", "B-VEST2", etc.) and enter the new codes in column A next to each of the lines that you want to include. The appropriate accounts on the trial balance should then be linked to these codes and the formulas for the existing investment should be copied to the new investment lines. You will also need to insert a Total calculation and link this calculation to the Investments totals on the balance sheet.

The opening and closing balances for deferred tax in the Total column are calculated based on the accounts on the trial balance that have been allocated to the "B-DTAX" reporting code. The movement for the year in the same column is then calculated by simply deducting the opening balance from the closing balance.

The default deferred tax note includes three deferred tax categories in three separate columns. The opening and closing balances in the first column are calculated based on the amounts that are entered next to the "F-DTAX1" reporting code on the FinInfo sheet. The opening and closing balances of the second column are calculated based on the amounts that are entered next to the "F-DTAX2" reporting code on the FinInfo sheet.

The opening and closing balances in the third column are calculated by deducting the amounts that are calculated in the first two columns from the amounts in the Total column. All the deferred tax charges in all the columns are calculated by deducting the appropriate opening balances from the appropriate closing balances.

Note: The descriptions of the deferred tax categories can be changed without affecting any of the calculations as long as the reporting code format that has been described in the previous paragraph is retained. Also, if you don't require three categories of deferred tax, you can clear the contents of the columns that are not required for the purpose of the note (but make sure that you always retain the third column).

This note consists of three items namely raw materials, work in progress and finished goods. The inventory balances for these default items are calculated based on the reporting codes in column A. You can add additional items if required by simply entering the appropriate number of new reporting codes in column A, linking the new reporting codes to the appropriate accounts on the trial balance, copying the formulas from one of the existing rows and ensuring that the total calculations are accurate.


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On this sheet:



Trade and other receivables

Cash and cash equivalents

Share Capital

Loans

This note provides for two default trade receivable categories namely trade debtors and prepayments. The codes that are formatted in green text in column A are used to calculate the appropriate balances that need to be included in these rows. All the accounts that are linked to these codes on the TB sheet will therefore be included in these calculations.

The amounts that are due by related parties need to be specified on the FinInfo sheet next to the "F-RELDB" reporting code. These amounts are then deducted from the trade debtors amount and included in a separate row.

Note: You can add additional items if required by simply entering the appropriate number of new reporting codes in column A, linking the new reporting codes to the appropriate accounts on the trial balance, copying the formulas from the Prepayments row and ensuring that the total calculations are accurate.

The cash and cash equivalents balances are calculated based on the reporting codes that are included in column A. All the accounts that are linked to these codes on the TB sheet will be included in these calculations. All cash on hand accounts like petty cash and cash floats should be linked to the "B-CASH" reporting code and all bank accounts that are not in overdraft should be linked to the "B-BANK" code. The sum of these two calculations is included in the balance sheet under current assets.

All bank accounts that are in overdraft should be linked to the "B-OVD" reporting code. The balances that are calculated in this row are included on the balance sheet under current liabilities and deducted from the current asset calculation in order to determine the net cash and cash equivalents amount. This amount must agree to the cash balance at the end of the appropriate period that is calculated on the cash flow statement.

Note: The information about the security that is provided for the bank overdraft and the interest rates that are in effect are provided as an example. You should therefore review these details and amend the text to what is applicable to your bank overdraft.

The opening and closing share capital balances are calculated based on the accounts on the trial balance that have been linked to the "B-SCAP" reporting class and the shares issued amounts are calculated by deducting the appropriate opening balance from the appropriate closing balance.

The number of fully paid shares in issue and the number of authorised shares need to be specified on the FinInfo sheet next to the "F-SCPAID" and "F-SCAUTH" reporting codes. The par values of the shares are calculated by dividing the share capital balances by the number of fully paid shares.

The long term loan balances are calculated based on the accounts that have been linked to the "B-LOAN" reporting class on the trial balance. The short term portion of long term loans needs to be entered on the FinInfo sheet next to the "F-LOANST" reporting code and these amounts are then deducted from the long term loan balances.

The long term portion of the long term loans are included under the non-current liabilities on the balance sheet while the short term portion of long term loans are included under current liabilities on the balance sheet.

Note: The information about the security that is provided for the long term loans and the interest rates that are in effect are provided as an example. You should therefore review these details and amend the text to what is applicable to your long term loans.


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On this sheet:



Finance Leases

Commitments under operating leases

Trade and other payables

Provisions

The non-current finance lease balances are calculated based on the accounts that have been linked to the "B-FLEASE" reporting class on the trial balance. The current portion of finance leases needs to be entered on the FinInfo sheet next to the "F-LEASEST" reporting code and these amounts are then deducted from the non-current finance lease balances.

The non-current portion of the finance leases are included under the non-current liabilities on the balance sheet while the current portion of finance leases are included under current liabilities on the balance sheet.

The finance leases note also requires that the future finance lease repayments be split into three ageing categories namely less than one year, greater than one year but less than 5 years and greater than 5 years. These amounts need to be entered on the FinInfo sheet next to the "F-FLEASEP1", "F-FLEASEP2" and "F-FLEASEP3" reporting classes. Note that the full lease payments should be included in these totals and not just the capital portions of the finance lease repayments.

The operating lease commitments that have been recognised as an expense during the current and comparative periods need to be entered on the FinInfo sheet next to the "F-OLEASEXP" reporting code. The average lease period also needs to be specified next to the "F-OLEASEAP" code.

In addition, future operating lease payments that have been contracted need to be disclosed in the same ageing categories that have been covered under the finance lease section. These totals also need to be entered on the FinInfo sheet next to the "F-OLEASEP1", "F-OLEASEP2" and "F-OLEASEP3" reporting codes.

This note provides for two default trade payables categories namely trade payables and accrued expenses. The codes that are formatted in green text in column A are used to calculate the appropriate balances that need to be included in these rows. All the accounts that are linked to these codes on the TB sheet will therefore be included in these calculations.

The amounts that are due to related parties need to be specified on the FinInfo sheet next to the "F-RELCR" reporting code. These amounts are then deducted from the trade payables amount and included in a separate row.

Note: You can add additional items if required by simply entering the appropriate number of new reporting codes in column A, linking the new reporting codes to the appropriate accounts on the trial balance, copying the formulas from the Accrued Expenses row and ensuring that the total calculations are accurate.

The opening and closing balances for provisions in the Total column are calculated based on the accounts on the trial balance that have been allocated to the "B-PROV" reporting code. The additions, charges and reversals for the year in the same column are calculated by adding the amounts in the three provision category columns.

The default provisions note includes three provision categories in three separate columns. The opening and closing balances in the first column are calculated based on the amounts that are entered next to the "F-PROV1" reporting code on the FinInfo sheet. The opening and closing balances of the second column are calculated based on the amounts that are entered next to the "F-PROV2" reporting code on the FinInfo sheet.

The additions to provisions that are included in the first two columns are calculated based on the amounts that are specified next to the "F-PROVAD1" and "F-PROVAD2" codes on the FinInfo sheet and the reversals are based on the amounts that are specified next to the "F-PROVRV1" and "F-PROVRV2" codes. The charges for the year in these two columns are calculated as a balancing figure and the accuracy of these amounts are therefore dependent on the accuracy of the other amounts that have been entered.


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On this sheet:



Contingent Liabilities

Events after the end of the reporting period

Related Party Transactions

Troubleshooting

The opening and closing balances in the third column are calculated by deducting the amounts that are calculated in the first two columns from the amounts in the Total column. The additions and reversals amounts in the third column are calculated based on the amounts that have been specified next to the "F-PROVAD3" and "F-PROVRV3" codes on the FinInfo sheet and the charges for the year is again the balancing figure.

Note: The descriptions of the provision categories can be changed without affecting any of the calculations as long as the reporting code format that has been described in the previous paragraphs are retained. Also, if you don't require three categories of provisions, you can clear the contents of the columns that are not required for the purpose of the note (but make sure that you always retain the third column).

This note is provided as an example of the information that needs to be included in a contingent liability note and can be hidden if it is not required. The information in the default note needs to be replaced by your own info if the note is to be retained in the financial statements.

This note is provided as an example of the information that needs to be included in a post reporting period event note and can be hidden if it is not required. The information in the default note needs to be replaced by your own info if the note is to be retained in the financial statements.

This note includes the amounts owed by and to related parties of the reporting entity. The amounts owed by related parties need to be entered on the FinInfo sheet next to the "F-RELDB" reporting code and are also disclosed under the trade receivables note. The amounts owed to related parties need to be entered on the FinInfo sheet next to the "F-RELCR" reporting code and are also disclosed under the trade payables note.

The note also includes the disclosure of the total remuneration of directors and other key management which needs to be recorded on the FinInfo sheet next to the "F-REMUN" reporting code.

If after linking your trial balance to the appropriate financial statement reporting codes the balance sheet is not in balance, complete the following steps in order to resolve the imbalance:

■ Check that the appropriate totals above the column headings on the TB sheet are nil. If your trial balance does not balance, your balance sheet will also not balance.

■ Check whether there are any cells in column A on the TB sheet that are formatted with a red cell background. If a cell contains a reporting code and the cell is formatted in red, it means that the reporting code is not included in the financial statements on the AFS sheet. If a cell contains a red cell background and the cell is blank, it means that a reporting code needs to be entered in the cell.

■ If you've added new reporting codes to the financial statements, ensure that these codes are all linked to the correct accounts. Also ensure that all the affected totals on the AFS sheet incorporate the rows that you've added.

■ If some of the calculations on the AFS sheet contain a #REF! error, it means that you've deleted cells that form part of the financial statement calculations. In order to resolve this issue, you will have to undo the delete action or revert back to a previous saved version of the template. Remember, we recommend hiding the appropriate sections of the financial statements instead of deleting them.

■ Review all the notes that contain multiple columns and check that you have not allocated any accounts to columns that may have been cleared. All allocations that end with a "1" will be included in the first column, all allocations that end with a "2" will be included in the second column and all allocations that end with a "3" will be included in the third column.

■ Refer to the income statement and ensure that the retained earnings at the beginning of both the current and comparative periods are correct and that no errors are reflected next to the income statement. If an error message is noted, check that your retained earnings balances have been linked to the correct reporting class codes and that you have included a trial balance for three annual periods.


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On this sheet:



Help & Customization

© Copyright

■ If an error is displayed next to the cash flow statement, it means that the appropriate closing balance on the cash flow statement does not agree to the cash & cash equivalents balance that is calculated in note 14. This could be the result of changes that you have made to the template or that the retained earnings balance at the end of the period does not agree to the sum of the balance at the beginning of the period and the net profit or loss for the period. Review all changes that you have made to the template and check the calculation of the retained earnings balances in order to correct the error.

■ If none of these steps resolve the imbalance, we suggest filtering the TB sheet by individual allocation codes and tracing the totals at the top of the sheet to the appropriate amounts on the financial statements. Start with the income statement items and make sure that you include all sub codes in your filter selections.

If you experience any difficulty while using this template and you are not able to find the appropriate guidance in these instructions, please e-mail us at [email protected] for assistance. This template has been designed with flexibility in mind to ensure that it can be used in most business environments. If however you need an Excel based template that is customized specifically for your business requirements, please e-mail our Support function and provide a brief explanation of your requirements.

This template remains the intellectual property of www.excel-skills.com and is protected by international copyright laws. Any publication or distribution of this template outside the scope of the permitted use of the template is expressly prohibited. In terms of the permitted use of this template, only the distribution of the template to persons within the same organisation as the registered user or persons outside the organisation who can reasonably be expected to require access to the template as a direct result of the use of the template by the registered user is allowed. Subsequent distribution of the template by parties outside of the organisation is however expressly prohibited and represents an infringement of international copyright laws.


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Financial Statements TemplateSet-up

© www.excel-skills.com

Business Name ABC Trading (Pty) Limited

Registration Number 2011 999999 99

Business Address 10 Berkshire Avenue, Northcliff, Johannesburg

Country South Africa

Currency Symbol R R

Year End Period February

Reporting Year 2015

Reporting Date 28 February 2015

Total Number of Pages 12

January

February

March

April

May

June

July

August

September

October

November

December

On this sheet:

Enter all the relevant business details on this sheet and specify the financial year end month and the current financial reporting period. The reporting period that is specified determines which annual periods will be included in the current and comparative periods on the financial statements.

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Financial Statements TemplateFinancial Statement Reporting Classes


Class Description

Income Statement

I-REVS Sale of goods

I-REVO Other revenue

I-OTIDV Dividends received

I-OTIPP Gain on disposal of property, plant & equipment

I-OTIM Miscellaneous

I-COS Cost of sales

I-DIS Distribution costs

I-ADV Advertising & marketing costs

I-ADM Administrative expenses

I-OTX Other expenses

I-OTXPP Loss on disposal of property, plant & equipment

I-OTXXL Foreign exchange (gains) / losses

I-FIN Finance costs

I-TAX Income tax expense

I-DIV Dividends

Balance Sheet - Assets

B-PPEC1 Property, plant & equipment - Cost - Column 1



B-PPED1 Property, plant & equipment - Accumulated depreciation - Column 1



B-IPA1 Intangible assets - Accumulated amortisation - Column 1



B-IPC1 Intangible assets - Cost - Column 1



B-VEST Investments

B-DTAX Deferred tax

B-INVFG Finished goods

B-INVRM Raw materials

B-INVWP Work in progress

B-DEBT Trade debtors

B-DEBP Prepayments

B-CASH Cash on hand

B-BANK Cash at bank

B-BOVD Bank overdraft

Balance Sheet - Equity

B-SCAP Share capital

B-RET Retained earnings at start of year

Balance Sheet - Liabilities

B-LOAN Long term loans

B-FLEASE Finance leases

B-CREDT Trade payables

B-CREDA Accrued expenses

B-PROV Provisions

B-INT Interest payable

B-DIV Dividends payable

B-TAX Current tax liability

On this sheet:

This sheet contains all the pre-defined financial statement reporting classes that should be used to link the accounts on the trial balance to the calculations on the financial statements. The classes are provided in order to simplify the linking of accounts and are not linked to the financial statements. Changes that are made to the pre-defined classes on this sheet will therefore have no effect on the financial statement calculations.

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Financial Statements TemplateTrial Balance

© www.excel-skills.com - - - -

Class Acc No Account Description 2013 2014 2015 2016

B-PPEC1 BS-100 Land & Buildings - Cost 1,900,000.00 1,900,000.00 1,950,000.00 -

B-PPEC2 BS-105 Plant & Equipment - Cost 794,677.00 1,102,045.00 1,346,045.00 -

B-PPEC3 BS-110 Furniture & Fittings - Cost 160,000.00 180,000.00 210,000.00 -

B-PPED1 BS-150 Land & Buildings - Accum Depreciation -360,000.00 -390,000.00 -420,000.00 -

B-PPED2 BS-155 Plant & Equipment - Accum Depreciation -182,675.00 -228,590.00 -278,100.00 -

B-PPED3 BS-160 Furniture & Fittings - Accum Depreciation -26,000.00 -42,000.00 -58,000.00 -

B-IPC1 BS-200 Goodwill - Cost 50,000.00 50,000.00 50,000.00 -

B-IPC2 BS-205 Trademarks - Cost 27,500.00 27,500.00 39,500.00 -

B-IPC3 BS-210 Software - Cost 8,500.00 18,500.00 18,500.00 -

B-IPA1 BS-250 Goodwill - Accum Amortization -15,000.00 -20,000.00 -50,000.00 -

B-IPA2 BS-255 Trademarks - Accum Amortization -5,000.00 -7,500.00 -11,450.00 -

B-IPA3 BS-260 Software - Accum Amortization -4,250.00 -8,950.00 -13,650.00 -

B-VEST BS-270 Investments 107,500.00 132,500.00 142,500.00 -

B-CASH BS-300 Petty Cash 3,478.00 2,075.00 2,700.00 -

B-BOVD BS-305 Bank Overdraft -20,435.00 -115,507.00 -83,600.00 -

B-BANK BS-310 Bank Accounts 15,000.00 33,000.00 47,000.00 -

B-DEBT BS-500 Trade Debtors 679,044.00 728,381.00 728,788.00 -

B-DEBP BS-510 Prepayments 42,190.00 45,478.00 56,760.00 -

B-INVRM BS-600 Raw Materials 32,892.00 36,450.00 42,600.00 -

B-INVWP BS-605 Work in progress 1,800.00 900.00 1,140.00 -

B-INVFG BS-610 Finished goods 10,358.00 10,570.00 13,640.00 -

B-CREDT BS-700 Trade Creditors -335,190.00 -348,520.00 -275,030.00 -

B-CREDA BS-705 Accruals -55,000.00 -67,000.00 -79,500.00 -

B-INT BS-710 Interest Payable - -1,200.00 -2,000.00 -

B-TAX BS-715 Taxation Provision -173,211.00 -190,316.00 -271,647.00 -

B-DIV BS-720 Dividends Payable -80,000.00 -100,000.00 -150,000.00 -

B-PROV BS-730 Provision for Bonuses -211,637.00 -214,870.00 -214,823.00 -

B-LOAN BS-800 Long Term Liabilities -250,000.00 -260,000.00 -250,000.00 -

B-FLEASE BS-810 Finance Leases -82,931.00 -64,508.00 -44,624.00 -

B-DTAX BS-900 Deferred Tax 2,155.00 2,912.00 -4,309.00 -

B-SCAP BS-950 Share Capital -30,000.00 -40,000.00 -45,000.00 -

B-RET BS-990 Retained Earnings - Opening Balance -1,756,159.00 -2,003,765.00 -2,171,350.00 -

I-REVS IS-100 Sales -4,920,788.00 -5,688,650.00 -6,743,544.00 -

I-REVO IS-105 Royalties -100,000.00 -120,000.00 -120,000.00 -

I-OTIM IS-150 Other Income -5,000.00 - - -

I-OTIDV IS-155 Dividends Received -25,000.00 -25,000.00 -27,000.00 -

I-OTIPP IS-160 Profit on Disposal of Assets - - -61,850.00 -

I-COS IS-200 Cost of Sales 3,755,262.00 4,422,575.00 5,178,530.00 -

I-DIS IS-305 Distribution Costs 76,830.00 79,700.00 97,460.00 -

I-ADV IS-310 Advertising & Marketing 65,200.00 77,100.00 78,090.00 -

I-ADM IS-315 Administration Expenses 523,980.00 660,389.00 810,230.00 -

I-FIN IS-600 Interest Paid 45,390.00 36,712.00 26,366.00 -

I-TAX IS-650 Taxation Paid 167,290.00 189,559.00 278,868.00 -

I-OTX IS-700 Other Expenses 75,210.00 92,690.00 100,500.00 -

I-OTXXL IS-705 Foreign Exchange Loss 3,100.00 - 1,000.00 -

I-OTXPP IS-710 Loss on Disposal of Assets 10,920.00 7,340.00 5,260.00 -

I-DIV IS-900 Dividends Paid 80,000.00 100,000.00 150,000.00 -

On this sheet:

A complete trial balance for each annual period should be included on this sheet and each account in the trial balance should be linked to the appropriate financial statement reporting class by entering or copying the appropriate class code into column A. The amounts that are included on the financial statements are automatically updated based on the classes that are specified on this sheet.

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Financial Statements TemplateFinancial Statement Information


Class Description 2013 2014 2015 2016

F-APPDATE Approval date of financial statements 3/15/2013 3/18/2014 3/20/2015 3/20/2016

F-LEASENEW New finance leases 30,000.00 20,000.00 45,000.00 -

F-INTREC Interest received 3,000.00 4,200.00 5,100.00 -

F-LOANNEW Proceeds from new loans 50,000.00 40,000.00 20,000.00 -

F-DEPR1 Depreciation rate - Buildings 2.0% 2.0% 2.0% 2.0%

F-DEPR2 Depreciation rate - Plant & Equipment 20.0% 20.0% 20.0% 20.0%

F-DEPR3 Depreciation rate - Furniture & Fixtures 16.7% 16.7% 16.7% 16.7%

F-LINT Interest paid on finance leases -7,205.00 -6,577.00 -5,116.00 -

F-TAX% Income tax percentage 28.00 28.00 28.00 28.00

F-PPEDC1 Land & Buildings - Disposals - Cost - - - -

F-PPEDC2 Plant & Equipment - Disposals - Cost -88,000.00 -50,000.00 -241,000.00 -

F-PPEDC3 Furniture & Fittings - Disposals - Cost - - -6,000.00 -

F-PPEI1 Land & Buildings - Impairment - - 10,000.00 -

F-PPEI2 Fixtures & Equipment - Impairment - - 30,000.00 -

F-PPEI3 Furniture & Fittings - Impairment - - 3,000.00 -

F-PPEDD1 Land & Buildings - Disposals - Accum Depr - - - -

F-PPEDD2 Plant & Equipment - Disposals - Accum Depr -62,000.00 -40,000.00 -204,850.00 -

F-PPEDD3 Furniture & Fittings - Disposals - Accum Depr - - -5,000.00 -

F-PPELA Carrying amount of leased assets 80,000.00 60,000.00 40,000.00 -

F-IPI1 Goodwill - Impairment - - 25,000.00 -

F-IPI2 Trademarks - Impairment - - - -

F-IPI3 Software - Impairment - - - -

F-DTAX1 Deferred tax - Trademarks 2,800.00 3,700.00 3,100.00 -

F-DTAX2 Deferred tax - Software 1,700.00 1,020.00 340.00 -

F-RELDB Amounts due by related parties 3,000.00 5,000.00 8,000.00 -

F-SCPAID Number of full paid shares 30,000.00 40,000.00 45,000.00 -

F-SCAUTH Number of authorized shares 100,000.00 100,000.00 100,000.00 -

F-LOANST Current portion of long term loans 50,000.00 100,000.00 10,000.00 -

F-FLEASEP1 Minimum finance lease payments: < 1 year 25,000.00 25,000.00 25,000.00 -

F-FLEASEP5 Minimum finance lease payments: 1 - 5 years 75,000.00 50,000.00 25,000.00 -

F-FLEASEP9 Minimum finance lease payments: > 5 years - - - -

F-LEASEST Current portion of finance leases 18,423.00 19,884.00 21,461.00 -

F-OLEASEAP Operating lease average period 3.00 3.00 3.00 -

F-OLEASEXP Operating lease expenses for the year 12,500.00 13,400.00 11,850.00 -

F-OLEASEP1 Minimum operating lease payments: < 1 year 12,000.00 12,000.00 12,000.00 -

F-OLEASEP5 Minimum operating lease payments: 1 - 5 years 28,000.00 30,000.00 24,000.00 -

F-OLEASEP9 Minimum operating lease payments: > 5 years - - - -

F-RELCR Amounts due to related parties 5,000.00 8,000.00 12,000.00 -

F-PROV1 Provision 1 - Claims - Balance 50,000.00 54,300.00 61,800.00 -

F-PROV2 Provision 2 - Leave - Balance 71,200.00 61,500.00 82,650.00 -

F-PROVAD1 Provision 1 - Claims - Additions 32,000.00 58,900.00 61,000.00 -

F-PROVAD2 Provision 2 - Leave - Additions 70,300.00 60,600.00 81,010.00 -

F-PROVAD3 Provision 3 - Bonuses - Additions 90,437.00 99,070.00 70,373.00 -

F-PROVRV1 Provision 1 - Claims - Reversals -8,000.00 -9,200.00 -7,800.00 -

F-PROVRV2 Provision 2 - Leave - Reversals -50,000.00 -45,300.00 -53,600.00 -

F-PROVRV3 Provision 3 - Bonuses - Reversals -1,500.00 -2,400.00 -1,900.00 -

F-REMUN Total remuneration of directors & management 284,300.00 311,700.00 362,900.00 -

On this sheet:

This sheet contains financial statement information that is incorporated into the financial statements but not derived from the trial balance. Users are therefore required to enter the appropriate values for each annual period that is included in the template. The values that are specified on this sheet are automatically included on the financial statements based on the pre-defined code that is included in column A.

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ABC Trading (Pty) Limited(Registration Number: 2011 999999 99)


Financial statements for the year ended 28 February 2015

Table of contents Page

Statement of comprehensive income and retained earnings 2

Statement of financial position 3

Statement of changes in equity 4

Statement of cash flows 5

Accounting policies and explanatory notes to the financial statements 6 - 12

Approval of financial statements

These financial statements were approved by the board of directors and authorised for issue on 20 March 2015.

On this sheet:

This sheet includes a complete set of financial statements that is

automatically compiled based on the current reporting period that is

selected on the Set-up sheet, the account balances that are included on

the TB sheet and the financial information that is included on the FinInfo

sheet. No user input is required on this sheet but users can customize

the standard financial statements based on their own requirements if

necessary.

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ABC Trading (Pty) Limited

Statement of comprehensive income and retained earnings for the year ended 28 February 2015

Notes 2015 2014R R

Revenue 3 6,863,544 5,808,650

Cost of sales (5,178,530) (4,422,575)

Gross profit 1,685,014 1,386,075

Other income 4 88,850 25,000

Distribution costs (97,460) (79,700)

Advertising & marketing costs (78,090) (77,100)

Administrative expenses (810,230) (660,389)

Other expenses (106,760) (100,030)

Finance costs 5 (26,366) (36,712)

Profit / (Loss) before tax 6 654,958 457,144

Income tax expense 7 (278,868) (189,559)

Profit / (Loss) for the year 376,090 267,585

Retained earnings at start of year 2,171,350 2,003,765

Dividends (150,000) (100,000)

Retained earnings at end of year 2,397,440 2,171,350

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Statement of financial position at 28 February 2015

Notes 2015 2014R R

ASSETS

Non-current assetsProperty, plant & equipment 8 2,749,945 2,521,455

Intangible assets 9 32,900 59,550

Investments 10 142,500 132,500

Deferred tax asset 11 0 2,912

2,925,345 2,716,417

Current assetsInventories 12 57,380 47,920

Trade and other receivables 13 785,548 773,859

Cash and cash equivalents 14 49,700 35,075

892,628 856,854

Total assets 3,817,973 3,573,271

EQUITY & LIABILITIES

EquityShare capital 15 45,000 40,000

Retained earnings 2,397,440 2,171,350

2,442,440 2,211,350

Non-current liabilitiesLong term loans 16 240,000 160,000

Finance leases 17 23,163 44,624

Deferred tax liability 11 4,309 0

267,472 204,624

Current liabilitiesShort term loans 16 10,000 100,000

Current portion of finance leases 17 21,461 19,884

Bank overdraft 14 83,600 115,507

Trade payables 19 354,530 415,520

Provisions 20 214,823 214,870

Interest payable 2,000 1,200

Dividends payable 150,000 100,000

Current tax liability 271,647 190,316

1,108,061 1,157,297

Total liabilities 1,375,533 1,361,921

Total equity & liabilities 3,817,973 3,573,271

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Statement of changes in equity for the year ended 28 February 2015

Share Capital TotalR R R

At 01 March 2013 30,000 2,003,765 2,033,765

Profit / (Loss) for the year 0 267,585 267,585

Dividends 0 (100,000) (100,000)

Shares issued 10,000 0 10,000

At 28 February 2014 40,000 2,171,350 2,211,350

Profit / (Loss) for the year 0 376,090 376,090

Dividends 0 (150,000) (150,000)

Shares issued 5,000 0 5,000

At 28 February 2015 45,000 2,397,440 2,442,440

Retained Earnings

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Statement of cash flows for the year ended 28 February 2015

Notes 2015 2014R R

Cash flows from operating activitiesProfit / (Loss) for the year 376,090 267,585

- Finance costs 26,366 36,712

- Income taxes 278,868 189,559

- Dividends received (27,000) (25,000)

Adjustments for non-cash income and expenses:

- Depreciation 262,360 131,915

- Amortisation 13,650 12,200

- (Fair value gains) / Impairment losses 68,000 0

- Increase / (Decrease) in provisions (47) 3,233

Cash flow included in investing activities:

- (Gains) / Losses on sale of equipment (56,590) 7,340

Changes in operating assets and liabilities:

- Decrease / (Increase) in trade and other receivables (11,689) (52,625)

- Decrease / (Increase) in inventories (9,460) (2,870)

- Increase / (Decrease) in trade and other payables (60,990) 25,330

Cash generated from operations 859,558 593,379

Interest paid (30,666) (39,712)

Income tax paid (190,316) (173,211)

Net cash from operating activities 638,576 380,456

Cash flows from investing activitiesProceeds from sale of property, plant & equipment 93,740 2,660

Purchases of property, plant & equipment (526,000) (357,368)

Purchases of intangible assets (12,000) (10,000)

Purchases of investments (10,000) (25,000)

Interest received 5,100 4,200

Dividends received 27,000 25,000

Net cash used in investing activities (422,160) (360,508)

Cash flows from financing activitiesProceeds from issuance of shares 5,000 10,000

Proceeds from loans 20,000 40,000

Repayment of loans (30,000) (30,000)

Repayment of finance leases (64,884) (38,423)

Dividends paid (100,000) (80,000)

Net cash used in financing activities (169,884) (98,423)

Net increase / (decrease) in cash and cash equivalents 46,532 (78,475)

Cash and cash equivalents at beginning of year (80,432) (1,957)

Cash and cash equivalents at end of year 14 (33,900) (80,432)

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Accounting policies and explanatory notes to the financial statements for the year ended 28 February 2015

1. General information

ABC Trading (Pty) Limited is a limited company incorporated in South Africa. Their principal business activities are the

manufacture and sale of frozen foods. The address of its registered office and principal place of business is:

10 Berkshire Avenue, Northcliff, Johannesburg.

2. Basis of preparation and accounting policies

These financial statements have been prepared in accordance with the International Financial Reporting Standard for Small

and Medium-sized Entities issued by the International Accounting Standards Board. They are presented in the currency units

of South Africa.

Revenue recognition

Revenue from sales of goods is recognised when the goods are delivered and title has passed. Revenue is measured at the

fair value of the consideration received or receivable, net of discounts and sales-related taxes collected on behalf of the

government of South Africa.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Income tax

The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based

on the taxable profit for the year.

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements

and their corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised for all temporary

differences that are expected to increase taxable profit in the future. Deferred tax assets are recognised for all temporary

differences that are expected to reduce taxable profit in the future, and any unused tax losses or unused tax credits. Deferred

tax assets are measured at the highest amount that, on the basis of current or estimated future taxable profit, is more likely

than not to be recovered. The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to

reflect the current assessment of future taxable profits. Any adjustments are recognised in profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which it

expects the deferred tax asset to be realised or the deferred tax liability to be settled, on the basis of tax rates that have been

enacted or substantively enacted by the end of the reporting period.

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated

impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual values over their estimated

useful lives, using the straight-line method. The following rates are used for the depreciation of property, plant and equipment:

Buildings 2%

Plant & equipment 20%

Furniture & fixtures 16.7%

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of an asset,

the depreciation of that asset is revised accordingly to reflect the new expectations.

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Accounting policies and explanatory notes to the financial statements for the year ended 28 February 2015 (continued)

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised

over its estimated life of five years using the straight-line method. If there is an indication that there has been a significant

change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised accordingly to

reflect the new expectations.

Impairment of assets

At each reporting date, property, plant and equipment and intangible assets are reviewed to determine whether there is any

indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable

amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. If the

estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an

impairment loss is recognised immediately in profit or loss.

Similarly, at each reporting date, inventories are assessed for impairment by comparing the carrying amount of each item of

inventory (or group of similar items) with its selling price less costs to complete and sell. If an item of inventory (or group of

similar items) is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment

loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased to the

revised estimate of its recoverable amount (selling price less costs to complete and sell, in the case of inventories), but not

in excess of the amount that would have been determined had no impairment loss been recognised for the asset (or group of

related assets) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of

ownership of the leased asset to the company. All other leases are classified as operating leases.

Rights to assets held under finance leases are recognised as assets of the company at the fair value of the leased property

(or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the

lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned

between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining

balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are

included in property, plant and equipment, and depreciated and assessed for impairment losses in the same way as

owned assets.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the lease.

Inventories

Inventories are stated at the lower of cost and selling price less costs to complete and sell. Cost is calculated using the

first-in, first-out (FIFO) method.

Trade and other receivables

Most sales are made on the basis of normal credit terms, and the receivables do not bear interest. Where credit is extended

beyond normal credit terms, receivables are measured at amortised cost using the effective interest method. At the end of

each reporting period, the carrying amounts of trade and other receivables are reviewed to determine whether there is any

objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in profit or loss.

of 35



Trade payables

Trade payables are obligations on the basis of normal credit terms and do not bear interest.

Bank loans and overdrafts

Interest expenses are recognised on the basis of the effective interest method and are included in finance costs.

3. Revenue2015 2014

R R

Sale of goods 6,743,544 5,688,650

Other revenue 120,000 120,000

6,863,544 5,808,650

4. Other income2015 2014

R R


Gain on disposal of property, plant & equipment 61,850 0

Miscellaneous income 0 0

88,850 25,000

5. Finance costs2015 2014

R R

Interest on loans and overdraft (21,250) (30,135)

Interest on finance leases (5,116) (6,577)

(26,366) (36,712)

6. Profit before tax

The following items have been recognised as expenses (income) in determining profit before tax:

2015 2014R R

Cost of inventories recognised as expense 5,178,530 4,422,575

Foreign exchange (gains) / losses (1,000) 0

Loss on disposal of property, plant & equipment (5,260) (7,340)

7. Income tax expense2015 2014

R R

Current taxation (271,647) (190,316)

Deferred taxation (refer to note 11) (7,221) 757

(278,868) (189,559)

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Income tax is calculated at 28.0 per cent (2014: 28.0 per cent) of the estimated assessable profit for the year.

of 35



8. Property, plant & equipment

TotalR R R R

CostAt 01 March 2014 1,900,000 1,102,045 180,000 3,182,045

Additions 50,000 485,000 36,000 571,000

Disposals 0 (241,000) (6,000) (247,000)

At 28 February 2015 1,950,000 1,346,045 210,000 3,506,045

Accumulated depreciationAt 01 March 2014 390,000 228,590 42,000 660,590

Depreciation for the year 20,000 224,360 18,000 262,360

Impairment 10,000 30,000 3,000 43,000

Disposals 0 (204,850) (5,000) (209,850)

At 28 February 2015 420,000 278,100 58,000 756,100

Carrying amount

At 28 February 2015 1,530,000 1,067,945 152,000 2,749,945

The carrying amount of the company’s property, plant & equipment includes an amount of R40,000 (2014: R60,000) in

respect of assets held under finance leases.

9. Intangible assetsGoodwill Trademarks Software Total

R R R R

CostAt 01 March 2014 50,000 27,500 18,500 96,000

Additions 0 12,000 0 12,000

At 28 February 2015 50,000 39,500 18,500 108,000

Accumulated amortizationAt 01 March 2014 20,000 7,500 8,950 36,450

Amortisation for the year 5,000 3,950 4,700 13,650

Impairment 25,000 0 0 25,000

At 28 February 2015 50,000 11,450 13,650 75,100

Carrying amount

At 28 February 2015 0 28,050 4,850 32,900

10. Investments2015 2014

R R

Cost of investment - XYZ Company 142,500 132,500


Land & Buildings

Plant & Equipment

Furniture & Fittings

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11. Deferred tax

The following are the deferred tax liabilities (assets) recognised by the company:

Trademarks Software TotalR R R R

At 01 March 2014 3,700 1,020 (7,632) (2,912)

Charge (credit) for the year (600) (680) 8,501 7,221

At 28 February 2015 3,100 340 869 4,309

The company has not recognised a valuation allowance against the deferred tax assets because, on the basis of past

years and future expectations, management considers it probable that taxable profits will be available against which the

future income tax deductions can be utilised.

12. Inventories2015 2014

R R

Raw materials 42,600 36,450

Work in progress 1,140 900

Finished goods 13,640 10,570

57,380 47,920

13. Trade and other receivables2015 2014

R R

Trade debtors 720,788 723,381

Amounts due by related parties 8,000 5,000

Prepayments 56,760 45,478

785,548 773,859

14. Cash and cash equivalents2015 2014

R R

Cash on hand 2,700 2,075

Cash at bank 47,000 33,000

49,700 35,075

Bank overdraft (83,600) (115,507)

(33,900) (80,432)

The bank overdraft is secured by a floating lien over land & buildings owned by the company with a carrying amount of

R1,530,000 at 28 February 2015 (R1,510,000 at 28 February 2014). Interest is payable on the bank overdraft at 1 point

above the prime interest rate.

Foreign Exchange Loss

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15. Share capital

At 01 March 2014 40,000

Shares issued during the year 5,000

At 28 February 2015 45,000

The share capital balance as at 28 February 2015 comprise 45,000 ordinary shares (2014: 40,000) with a par value of

R1.00 fully paid, issued and outstanding. An additional 55,000 shares (2014: 60,000) are legally authorised

but unissued.

16. Loans2015 2014

R R

Non-currentLong term loans 240,000 160,000

CurrentShort term loans 10,000 100,000

The long term loans are secured by a floating lien over land & buildings owned by the company with a carrying amount of

R1,530,000 at 28 February 2015 (R1,510,000 at 28 February 2014). Interest is payable on the 5-year bank loan at a

fixed rate of 9 per cent of the principal amount.

17. Finance leases

The future minimum lease payments are as follows:

2015 2014R R

Within one year 25,000 25,000

Later than one year but within five years 25,000 50,000

Later than five years 0 0

50,000 75,000

The obligation is classified as:

2015 2014R R

Current liability 21,461 19,884

Non-current liability 23,163 44,624

44,624 64,508

18. Commitments under operating leases

The company rents equipment under operating leases. The leases are for an average period of 3 years, with fixed rentals

over the same period.

2015 2014R R

Operating lease payments recognised as an expense during the year 11,850 13,400

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At year-end, the company has outstanding commitments under non-cancellable operating leases that fall due as follows:

2015 2014R R

Within one year 12,000 12,000

Later than one year but within five years 24,000 30,000

Later than five years 0 0

36,000 42,000

19. Trade and other payables2015 2014

R R

Trade payables 263,030 340,520

Amounts due to related parties 12,000 8,000

Accrued expenses 79,500 67,000

354,530 415,520

20. ProvisionsClaims Leave Bonuses Total

R R R R

At 01 March 2014 54,300 61,500 99,070 214,870

Charged/(credited) to profit or loss:

- Additions during the year 61,000 81,010 70,373 212,383

- Charges during the year (45,700) (6,260) (97,170) (149,130)

- Reversed during the year (7,800) (53,600) (1,900) (63,300)

At 28 February 2015 61,800 82,650 70,373 214,823

21. Contingent liabilities

During 20?? a customer initiated proceedings against the company for faulty products. The customer asserts that

its total losses are CU?50,000 and has initiated litigation claiming this amount. The company’s legal counsel do not

consider that the claim has merit and no provision has therefore been recognised in these financial statements.

22. Events after the end of the reporting period

On 14 March 20?? the directors voted to declare a dividend of CU?1.00 per share (CU?30,000 total) payable on 15 April

20?? to shareholders registered on 31 March 20??. Because the obligation arose after the end of the reporting period,

a liability is not shown in the statement of financial position at 28 February 20??.

23. Related party transactions2015 2014

R R

Amounts owed by related parties and included in trade receivables 8,000 5,000

Amounts owed to related parties and included in trade payables (12,000) (8,000)

The total remuneration of directors and other members of key management in 2015 (including salaries and benefits) was

R362,900 (2014: R311,700).

Financial Statements TemplateTrial Balance Import Control

© www.excel-skills.com - ok

Acc No Account Description Amount Check Amount

BS-100 Land & Buildings - Cost 1,950,000.00 ok 1,950,000.00

BS-105 Plant & Equipment - Cost 1,346,045.00 ok 1,346,045.00

BS-110 Furniture & Fittings - Cost 210,000.00 ok 210,000.00

BS-150 Land & Buildings - Accum Depreciation -420,000.00 ok -420,000.00

BS-155 Plant & Equipment - Accum Depreciation -278,100.00 ok -278,100.00

BS-160 Furniture & Fittings - Accum Depreciation -58,000.00 ok -58,000.00

BS-200 Goodwill - Cost 50,000.00 ok 50,000.00

BS-205 Trademarks - Cost 39,500.00 ok 39,500.00

BS-210 Software - Cost 18,500.00 ok 18,500.00

BS-250 Goodwill - Accum Amortization -50,000.00 ok -50,000.00

BS-255 Trademarks - Accum Amortization -11,450.00 ok -11,450.00

BS-260 Software - Accum Amortization -13,650.00 ok -13,650.00

BS-270 Investments 142,500.00 ok 142,500.00

BS-300 Petty Cash 2,700.00 ok 2,700.00

BS-305 Bank Overdraft -83,600.00 ok -83,600.00

BS-310 Bank Accounts 47,000.00 ok 47,000.00

BS-500 Trade Debtors 728,788.00 ok 728,788.00

BS-510 Prepayments 56,760.00 ok 56,760.00

BS-600 Raw Materials 42,600.00 ok 42,600.00

BS-605 Work in progress 1,140.00 ok 1,140.00

BS-610 Finished goods 13,640.00 ok 13,640.00

BS-700 Trade Creditors -275,030.00 ok -275,030.00

BS-705 Accruals -79,500.00 ok -79,500.00

BS-710 Interest Payable -2,000.00 ok -2,000.00

BS-715 Taxation Provision -271,647.00 ok -271,647.00

BS-720 Dividends Payable -150,000.00 ok -150,000.00

BS-730 Provision for Bonuses -214,823.00 ok -214,823.00

BS-800 Long Term Liabilities -250,000.00 ok -250,000.00

BS-810 Finance Leases -44,624.00 ok -44,624.00

BS-900 Deferred Tax -4,309.00 ok -4,309.00

BS-950 Share Capital -45,000.00 ok -45,000.00

BS-990 Retained Earnings - Opening Balance -2,171,350.00 ok -2,171,350.00

IS-100 Sales -6,743,544.00 ok -6,743,544.00

IS-105 Royalties -120,000.00 ok -120,000.00

IS-150 Other Income - ok -

IS-155 Dividends Received -27,000.00 ok -27,000.00

IS-160 Profit on Disposal of Assets -61,850.00 ok -61,850.00

IS-200 Cost of Sales 5,178,530.00 ok 5,178,530.00

IS-305 Distribution Costs 97,460.00 ok 97,460.00

IS-310 Advertising & Marketing 78,090.00 ok 78,090.00

IS-315 Administration Expenses 810,230.00 ok 810,230.00

IS-600 Interest Paid 26,366.00 ok 26,366.00

IS-650 Taxation Paid 278,868.00 ok 278,868.00

IS-700 Other Expenses 100,500.00 ok 100,500.00

IS-705 Foreign Exchange Loss 1,000.00 ok 1,000.00

IS-710 Loss on Disposal of Assets 5,260.00 ok 5,260.00

IS-900 Dividends Paid 150,000.00 ok 150,000.00

On this sheet:

The calculations on this sheet enables users to review the sequence of trial balance accounts before copying the account balances to the TB sheet. The sequence of accounts can be amended until no errors are reflected and the calculations in column E round all trial balance amounts to the nearest integer value thereby ensuring that all the totals on the financial statements are accurate.

financial statements sample

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