Help needed on incomplete accounting records question

Alidee

Incomplete records that requires Trading/P&L a/c and Bal Sheet extracted...

FitzBiz purchased the premises valued at 2 million in Jan 09. Fixtures and fittings cost 130,000, and a suitable level of depreciation in similar organisations is 10% straight line method.
Customers are given credit, and the business is owed 200,000.
The business owes 250,000, and the bank overdraft is 85,000. Closing stock is 135,000
Turnover for the year is 1.75 million, all sales are on credit. Gross profit is 350,000, and other expenses including depreciation is 225.000
How do I work this all out??? Is there enough information given to complete the Trading and P&L account and Balance sheet, or what do I need to presume. Assistance and advice appreciated, please.

ari101

Well...
Did the company only start trading in the financial year in question?
If so the only real question is what was the form of finance, e.g. capital introduced vs. a bank loan? I suppose you could work slightly backwards and assume the missing figure on the bottom of your balance sheet is capital therefore "capital=total net assets-net profit" but it is an assumption...

Other that that you have enough figures to do a trading and p&l just not in very much detail, e.g. one or two lines for expenses depending on whether you bother to split depreciation out, and opening stock will need to be assumed zero even if the company existed pre the financial year in question without more info being given.

Draw up basic statements plug in what you have and work back for the rest.

Alan Shore

Start with what you know:

T P&L
Turnover

Purchases
Stock

Gross Profit

Expenses

Net Profit

Balance Sheet
Premises
Fixtures & Fittings

Stock
Debtors

Bank
Creditors

Now whats missing?