CHAPTER 7 (c) Income


General Profit and Loss Account for 31/12/2013 €


Gross Profit Cattle and Milk Gross Profit Sheep


Investment Interest (150,000 @ 6%) Forestry Premium


Expenditure


Light and Heat (2,400 - 250 + 450 - 275 = 2,325 @ 80%)


Repairs (1,200 @ 80%)


Loan Interest (15,000 @ 4% × 6/12 = 300 @ 80%)


Depreciation Machinery (55,000 @ 15% @ 80%)


Net Profit 80% for farm [4]


1,860 [1]


960 [2] 240


[1] 6,600 (9,660) [2] 26,465


Don’t forget to get % of depreciation. Depreciation is a non-cash expense. Investment Interest Always get the % of the Investment – this tells you how much interest you should receive.


Loan Interest Always get the % of the loan and then work out how many months are for this year.


(d) Milk Lamb


Light and Heat Repairs Interest


Depreciation Bank


[1] [1]


Drawings Account [1]


[1] [1] [1] [1]


500 350 465 240 60


1,650


5,000 8,265


Allocation of Expenses 80% farm 20% drawings – goes into the balance sheet


Light and Heat 2,400 paid


– 250 due 01/01 (last year) + 450 fuel 01/01 (you will use this year) – 275 fuel 31/12 (you did not use this, this year) 2,325 @ 80% = 1,860 - % used by the farm 2,325 @ 20% = 465 drawings


[1]


21,055 4,320 9,000


[1] 1,750 36,125 €


General Profit and Loss Account This brings everything together and tells us whether the farm made a profit or a loss. Put in any income or expenditure into the General Profit and Loss that did not fit into cattle, milk or sheep enterprise accounts.


7


87


TIP


TIP


Note


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