Financial Statements Sample

Excel
Excel Skills
Skills || Financial
Financial Statements
Statements Template
Template
About
About this
this template
template
This
template
This template enables
enables users
users to
to compile
compile comprehensive
comprehensive financial
financial statements
statements based
based on
on International
International Financial
Financial Reportin
Reportin
medium
enterprises
(IFRS
for
SME's)
from
any
trial
balance
regardless
of
the
structure
of
the
accounts
medium enterprises (IFRS for SME's) from any trial balance regardless of the structure of the accounts that
that are
are included
included
financial
statements are
are compiled
compiled by
by linking
linking each
each account
account in
in the
the trial
trial balance
balance to
to aa pre-defined
pre-defined financial
financial statement
statement reportin
reporti
amounts
amounts that
that are
are included
included on
on the
the financial
statements are
are automatically
automatically calculated
calculated based
based on
on the
the linked
linked class
class codes.
codes. The
The te
te
rolled
rolled forward
forward or
or back
back by
by simply
simply changing
changing the
the year
year value
value in
in aa single
single input
input cell.
cell.
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sample of
of the
the financial
statements template.
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sed
sed on
on International
International Financial
Financial Reporting
Reporting Standards
Standards for
for small
small &&
ucture
of
the
accounts
that
are
included
in
the
trial
balance.
ucture of the accounts that are included in the trial balance. The
The
aa pre-defined
financial statement
statement reporting
reporting class
class code
code and
and all
all the
the
based
based on
on the
the linked
linked class
class codes.
codes. The
The template
template can
can also
also easily
easily be
be
are solutions
ware
solutions than
than regular
regular Excel
Excel templates.
templates. Most
Most Excel
Excel templates
templates
ports based
eports
based on
on limited
limited user
user input.
input. You
You also
also don't
don't need
need advanced
advanced
nput
nput and
and include
include comprehensive
comprehensive step
step by
by step
step instructions.
instructions.
e created
created this
this sample
sample to
to enable
enable customers
customers to
to view
view the
the layout
layout and
and
emplate
the
full
version
of
the
template
can
only
be
downloaded
emplate - the full version of the template can only be downloaded
template
k here
Register for a full membership

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Excel Skills | Financial Statements Template

Instructions
www.excel-skills.com
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.
The following sheets are included in the template:
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.
Set-up
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.
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in the
the
full
full version
version of
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template!

Instructions
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.
Trial Balance
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.
New businesses
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.
Existing businesses
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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Instructions
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!
Adding new financial periods
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.
Trial balance check & import
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:
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.
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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Repeat the previous two steps until the TBImport sheet contains no errors.
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 in financial statements
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.
Financial Information
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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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.
Annual Financial Statements
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.
Customizing the standard financial statements
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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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.
AFS Components
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.
Table of contents
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.
Statement of comprehensive income and retained earnings
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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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.
Statement of financial position
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.
Statement of changes in equity
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.
Statement of cash flows
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
amounts are included separately under the cash flow from investing
Depreciation, amortisation and fair value adjustments / impairment losses
in provisions is calculated on the balance sheet. All of these amounts do
are therefore added back in the operating cash flow calculation.
the operating cash flow calculation because the

activities section of the cash flow statement.
are calculated in notes 8 and 9. The movement
not represent actual cash flow movements and
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.
Page 9 of 60
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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.
Notes to the financial statements
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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Instructions
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.
General information and accounting policies
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.
Revenue
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.
Other Income
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.
Finance Costs
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.
Profit before tax
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.
Page 11 of 60
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Income Tax Expense
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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.
Property, Plant & Equipment
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 "FPPEDC1", "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", "FPPEI2" 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.
Page 12 of 60
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Intangible Assets
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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.
Investments
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.
Deferred Tax
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).
Inventories
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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Trade and other receivables
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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.
Cash and cash equivalents
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.
Share Capital
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.
Loans
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 "FLOANST" 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.
Page 14 of 60
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Finance Leases
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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.
Commitments under operating leases
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.
Trade and other payables
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.
Provisions
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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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).
Contingent Liabilities
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.
Events after the end of the reporting period
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.
Related Party Transactions
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.
Troubleshooting
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.
Page 16 of 60
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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.
Help & Customization

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 support@excel-skills.com 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.
Copyright
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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
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Financial Statements Template

Set-up
Business Name
ABC Trading (Pty) Limited
Registration Number
2011 999999 99
Business Address
10 Berkshire Avenue, Northcliff, Johannesburg
Country
South Africa
Currency Symbol
Year End Period
February
Reporting Year
Reporting Date
2015
On
On this
this sheet:
sheet:
Enter
Enter all
all the
the relevant
relevant business
business details
details on
on this
this sheet
sheet and
and specify
specify the
the
financial
financial year
year end
end month
month and
and the
the current
current financial
financial reporting
reporting period.
period.
The
The reporting
reporting period
period that
that is
is specified
specified determines
determines which
which annual
annual
periods
periods will
will be
be included
included in
in the
the current
current and
and comparative
comparative periods
periods on
on
the
the financial
financial statements.
statements.
28 February 2015
Total Number of Pages
12
January
February
March
April
May
June
July
August
September
October
November
December
Page 18 of 60

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

B-PPEC1
Property, plant & equipment - Cost - Column 1
B-PPEC2
B-PPEC3
B-PPED1
Property, plant & equipment - Accumulated depreciation - Column 1
B-PPED2
B-PPED3
B-IPA1
Intangible assets - Accumulated amortisation - Column 1
B-IPA2
B-IPA3
B-IPC1
Intangible assets - Cost - Column 1
B-IPC2
B-IPC3
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
Page 19 of 60

Trial Balance
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
B-BOVD
BS-305
Bank Overdraft
B-BANK
BS-310
Bank Accounts
B-DEBT
BS-500
Trade Debtors
B-DEBP
BS-510
Prepayments
B-INVRM
BS-600
Raw Materials
B-INVWP
BS-605
Work in progress
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
I-OTIDV
IS-155
Dividends Received
I-OTIPP
IS-160
Profit on Disposal of Assets
I-COS
IS-200
Cost of Sales
I-DIS
IS-305
I-ADV
3,478.00
2,075.00
2,700.00
On
On this
this sheet:
sheet:
-20,435.00
-115,507.00
-83,600.00
A
complete
trial
balance
for
each
annual
period
should
A complete trial balance for each annual period should be
be included
included on
on
33,000.00
47,000.00
this
account
balance
be
this sheet
sheet and
and each
each15,000.00
account in
in the
the trial
trial
balance should
should
be linked
linked to
to the
the
679,044.00
728,381.00
appropriate
statement
class
entering
appropriate financial
financial
statement reporting
reporting
class by
by 728,788.00
entering or
or copying
copying
42,190.00
45,478.00
56,760.00
the
code
A.
that
the appropriate
appropriate class
class
code into
into column
column
A. The
The amounts
amounts
that are
are included
included
32,892.00
36,450.00
42,600.00
on
the
financial
statements
are
automatically
updated
based
on the financial statements are automatically updated
based on
on the
the
1,800.00
900.00
1,140.00
classes
that
are
specified
on
this
sheet.
classes that are specified on this sheet.
-5,000.00
-25,000.00
-
-25,000.00
-
-27,000.00
-61,850.00
3,755,262.00
4,422,575.00
5,178,530.00
Distribution Costs
76,830.00
79,700.00
97,460.00
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
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
3,100.00
Page 20 of 60

Financial Statement Information
Class
Description
F-APPDATE
Approval date of financial statements
F-LEASENEW New finance leases
2013
2014
2015
2016
3/15/2013
3/18/2014
3/20/2015
30,000.00
20,000.00
45,000.00
3/20/2016
-
3,000.00
4,200.00
5,100.00
50,000.00
40,000.00
20,000.00
2.0%
2.0%
2.0%
2.0%
F-INTREC
Interest received
F-LOANNEW
Proceeds from new loans
F-DEPR1
Depreciation rate - Buildings
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
F-PPEDC1
Land & Buildings - Disposals - Cost
F-PPEDC2
Plant & Equipment - Disposals - Cost
F-PPEDC3
Furniture & Fittings - Disposals - Cost
F-PPEI1
Land & Buildings - Impairment
F-PPEI2
Fixtures & Equipment - Impairment
F-PPEI3
Furniture & Fittings - Impairment
F-PPEDD1
Land & Buildings - Disposals - Accum Depr
F-PPEDD2
Plant & Equipment - Disposals - Accum Depr
F-PPEDD3
Furniture & Fittings - Disposals - Accum Depr
F-PPELA
Carrying amount of leased assets
F-IPI1
Goodwill - Impairment
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
F-OLEASEAP
Operating lease average period
F-OLEASEXP
-88,000.00
-50,000.00
28.00
-
-241,000.00
-6,000.00
-On this sheet:

10,000.00
On this sheet:
30,000.00 that is incorporated

This
financial
information
into
This sheet
sheet contains
contains
financial statement
statement
information
that is incorporated
into
3,000.00
the
but
the
the financial
statements
but not
not- derived
derived from
from
the trial
trial balance.
balance.- Users
Users are
are
- to enter the appropriate
therefore
values
therefore required
required
to enter the appropriate
values- for
for each
each annual
annual- period
period that
that
-62,000.00
-40,000.00
-204,850.00
- sheet are
is
in
The
is included
included
in the
the template.
template.
The values
values that
that are
are specified
specified on
on this
this
sheet are
-5,000.00 based on the -pre-defined
automatically
on
statements
automatically included
included
on the
the financial
financial
statements
based on the pre-defined
80,000.00
60,000.00
40,000.00
code
included
A.
code that
that is
is
included in
in column
column
A.
25,000.00
18,423.00
19,884.00
21,461.00
3.00
3.00
3.00
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
Page 21 of 60

(Registration Number: 2011 999999 99)
Financial statements for the year ended 28 February 2015
Table of contents
On
Onthis
thissheet:
sheet:
Statement of comprehensive income and retained earnings

Statement of financial position
Statement of changes in equity
Statement of cash flows
This
This sheet
sheet includes
includes aa complete
complete set
set of
of financi
financi
automatically
compiled
based
on
the
current
automatically compiled based on the current re
r
selected
selected on
on the
the Set-up
Set-up sheet,
sheet, the
the account
account balanc
balanc
the
the TB
TB sheet
sheet and
and the
the financial
financial information
information that
that is
is
sheet.
No
user
input
is
required
on
this
sheet
sheet. No user input is required on this sheet bu
b
the
standard
financial
statements
based
on
the
the standard financial statements based on the
necessary.
necessary.
Accounting policies and explanatory notes to the financial statements
Approval of financial statements

These financial statements were approved by the board of directors and authorised for issue on 20 March 2015.
Page 22 of 60

Statement of comprehensive income and retained earnings for the year ended 28 February 2015
Notes
2015
R
Revenue
Cost of sales
Gross profit
Other income
Distribution costs
Advertising & marketing costs
Administrative expenses
Other expenses
Finance costs
Profit / (Loss) before tax
Income tax expense
Profit / (Loss) for the year
Retained earnings at start of year
Dividends
5
6
7
Retained earnings at end of year
6,863,544
(5,178,530)
1,685,014
88,850
(97,460)
(78,090)
(810,230)
(106,760)
(26,366)
654,958
(278,868)
376,090
2,171,350
(150,000)
2,397,440
Page 23 of 60

Statement of financial position at 28 February 2015
Notes
2015
R
ASSETS
Non-current assets
Property, plant & equipment
Intangible assets
Investments
Deferred tax asset
8
9
10
11
2,749,945
32,900
142,500
0
2,925,345
12
13
14
57,380
785,548
49,700
892,628
Current assets
Inventories
Cash and cash equivalents
Total assets
3,817,973
EQUITY & LIABILITIES

Equity
Share capital
Retained earnings
15
45,000
2,397,440
2,442,440
16
17
11
240,000
23,163
4,309
267,472
16
17
14
19
20
10,000
21,461
83,600
354,530
214,823
2,000
150,000
271,647
1,108,061
1,375,533
Non-current liabilities
Long term loans
Finance leases
Deferred tax liability
Current liabilities
Short term loans
Current portion of finance leases
Bank overdraft
Trade payables
Provisions
Interest payable
Dividends payable
Current tax liability
Total liabilities
Total equity & liabilities
3,817,973
Page 24 of 60

Statement of changes in equity for the year ended 28 February 2015
Share Capital
Retained
Earnings
At 01 March 2013
30,000
2,003,765
267,585
Dividends
(100,000)
10,000
40,000
2,171,350
376,090
Dividends
(150,000)
5,000
45,000
2,397,440
Shares issued
At 28 February 2014
Shares issued
At 28 February 2015
Page 25 of 60

Statement of cash flows for the year ended 28 February 2015
Notes
2015
R
Cash flows from operating activities

- Finance costs
- Income taxes
- Dividends received
Adjustments for non-cash income and expenses:
- Depreciation
- Amortisation
- (Fair value gains) / Impairment losses
- Increase / (Decrease) in provisions
Cash flow included in investing activities:
- (Gains) / Losses on sale of equipment
Changes in operating assets and liabilities:
- Decrease / (Increase) in trade and other receivables
- Decrease / (Increase) in inventories
- Increase / (Decrease) in trade and other payables
Cash generated from operations
Interest paid
Income tax paid
Net cash from operating activities
376,090
26,366
278,868
(27,000)
262,360
13,650
68,000
(47)
(56,590)
(11,689)
(9,460)
(60,990)
859,558
(30,666)
(190,316)
638,576
Cash flows from investing activities

Proceeds from sale of property, plant & equipment
Purchases of property, plant & equipment
Purchases of intangible assets
Purchases of investments
Interest received
Dividends received
Net cash used in investing activities
93,740
(526,000)
(12,000)
(10,000)
5,100
27,000
(422,160)
Cash flows from financing activities

Proceeds from issuance of shares
Proceeds from loans
Repayment of loans
Repayment of finance leases
Dividends paid
Net cash used in financing activities
5,000
20,000
(30,000)
(64,884)
(100,000)
(169,884)
Net increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
46,532
(80,432)
14
Page 26 of 60
(33,900)

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:
Page 27 of 60
Buildings
Plant & equipment
Furniture & fixtures
2%
20%
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.
Page 28 of 60

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.
Page 29 of 60

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.
Page 30 of 60

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. Revenue
2015
R
Sale of goods
Other revenue
6,743,544
120,000
6,863,544
4. Other income
2015
R
Dividends received
Gain on disposal of property, plant & equipment
Miscellaneous income
27,000
61,850
0
88,850
5. Finance costs
2015
R
Interest on loans and overdraft

Interest on finance leases
(21,250)
(5,116)
(26,366)
6. Profit before tax

The following items have been recognised as expenses (income) in determining profit before tax:
2015
R
Cost of inventories recognised as expense

Foreign exchange (gains) / losses
Loss on disposal of property, plant & equipment
5,178,530
(1,000)
(5,260)
7. Income tax expense

2015
Page 31 of 60
Current taxation
Deferred taxation (refer to note 11)
(271,647)
(7,221)
(278,868)
Income tax is calculated at 28.0 per cent (2014: 28.0 per cent) of the estimated assessable profit for the year.
Page 32 of 60

8. Property, plant & equipment
Land &
Buildings
Plant &
Equipment
Furniture &
Fittings
At 01 March 2014
Additions
Disposals
1,900,000
50,000
0
1,102,045
485,000
(241,000)
180,000
36,000
(6,000)
At 28 February 2015
1,950,000
1,346,045
210,000
390,000
20,000
228,590
224,360
42,000
18,000
10,000
0
30,000
(204,850)
3,000
(5,000)
420,000
278,100
58,000
1,530,000
1,067,945
152,000
Cost
Accumulated depreciation
At 01 March 2014
Depreciation for the year
Impairment
Disposals
At 28 February 2015
Carrying amount
At 28 February 2015
The carrying amount of the companys property, plant & equipment includes an amount of R40,000 (2014: R60,000) in
respect of assets held under finance leases.
9. Intangible assets
Goodwill
Trademarks
Software
Cost
At 01 March 2014
Additions
50,000
0
27,500
12,000
18,500
0
At 28 February 2015
50,000
39,500
18,500
At 01 March 2014
Amortisation for the year
Impairment
20,000
5,000
25,000
7,500
3,950
0
8,950
4,700
0
At 28 February 2015
50,000
11,450
13,650
28,050
4,850
Accumulated amortization
Carrying amount
At 28 February 2015
10. Investments
2015
Page 33 of 60
Cost of investment - XYZ Company
142,500
Dividends received
27,000
Page 34 of 60

11. Deferred tax
The following are the deferred tax liabilities (assets) recognised by the company:
Trademarks
Software
Foreign
Exchange Loss
At 01 March 2014
Charge (credit) for the year
3,700
(600)
1,020
(680)
(7,632)
8,501
At 28 February 2015
3,100
340
869
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. Inventories
2015
R
Raw materials
Work in progress
Finished goods
42,600
1,140
13,640
57,380
13. Trade and other receivables

2015
R
Trade debtors
Amounts due by related parties
Prepayments
720,788
8,000
56,760
785,548
14. Cash and cash equivalents

2015
R
Cash on hand
Cash at bank
2,700
47,000
49,700
(83,600)
Bank overdraft
(33,900)
The bank overdraft is secured by a floating lien over land & buildings owned by the company with a carrying amount of
Page 35 of 60
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.
Page 36 of 60

15. Share capital
At 01 March 2014
Shares issued during the year
At 28 February 2015
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. Loans
2015
R
Non-current
Long term loans
240,000
Current
Short term loans
10,000
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
R
Within one year

Later than one year but within five years
Later than five years
25,000
25,000
0
50,000
The obligation is classified as:
2015
R
Current liability
Non-current liability
21,461
23,163
44,624
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.
Page 37 of 60
2015
R
Operating lease payments recognised as an expense during the year
Page 38 of 60
11,850

At year-end, the company has outstanding commitments under non-cancellable operating leases that fall due as follows:
2015
R
Within one year

Later than one year but within five years
Later than five years
12,000
24,000
0
36,000
19. Trade and other payables

2015
R
Trade payables
263,030
Amounts due to related parties

Accrued expenses
12,000
79,500
354,530
20. Provisions
At 01 March 2014
Charged/(credited) to profit or loss:
- Additions during the year
- Charges during the year
- Reversed during the year
At 28 February 2015
Claims
Leave
Bonuses
54,300
61,500
99,070
61,000
(45,700)
(7,800)
81,010
(6,260)
(53,600)
70,373
(97,170)
(1,900)
61,800
82,650
70,373
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 companys 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 transactions

2015
R
Page 39 of 60
Amounts owed by related parties and included in trade receivables

Amounts owed to related parties and included in trade payables
8,000
(12,000)
The total remuneration of directors and other members of key management in 2015 (including salaries and benefits) was
R362,900 (2014: R311,700).
Page 40 of 60
15
Page
On
Onthis
thissheet:
sheet:
omplete set
complete
set of
of2 financial
statements that
that is
is
based
on
the
current
reporting
period
that
is
based on the current reporting period that is
heet,
balances
heet, the
the account
account
balances that
that are
are included
included on
on
3
ncial
ncial information
information that
that is
is included
included on
on the
the FinInfo
FinInfo
equired
on
this
sheet
but
users
can
customize
equired on this 4sheet but users can customize
atements
tatements based
based on
on their
their own
own requirements
requirements ifif
5
6 - 12
March 2015.
Page 41 of 60
bruary 2015
2014
R
5,808,650
(4,422,575)
1,386,075
25,000
(79,700)
(77,100)
(660,389)
(100,030)
(36,712)
457,144
(189,559)
267,585
2,003,765
(100,000)
2,171,350
Page 42 of 60
2014
R
2,521,455
59,550
132,500
2,912
2,716,417
47,920
773,859
35,075
856,854
3,573,271
40,000
2,171,350
2,211,350
160,000
44,624
0
204,624
100,000
19,884
115,507
415,520
214,870
1,200
100,000
190,316
1,157,297
1,361,921
3,573,271
Page 43 of 60
Total
R
2,033,765
267,585
(100,000)
10,000
2,211,350
376,090
(150,000)
5,000
2,442,440
Page 44 of 60
2014
R
267,585
36,712
189,559
(25,000)
131,915
12,200
0
3,233
7,340
(52,625)
(2,870)
25,330
593,379
(39,712)
(173,211)
380,456
2,660
(357,368)
(10,000)
(25,000)
4,200
25,000
(360,508)
10,000
40,000
(30,000)
(38,423)
(80,000)
(98,423)
(78,475)
(1,957)
(80,432)
Page 45 of 60
ss activities are the

siness is:
orting Standard for Small

ented in the currency units
venue is measured at the

cted on behalf of the
currently payable is based
he financial statements
ognised for all temporary
nised for all temporary
nused tax credits. Deferred
able profit, is more likely
ing date and is adjusted to
of the periods in which it

of tax rates that have been
y accumulated
alues over their estimated
perty, plant and equipment:
Page 46 of 60
esidual value of an asset,
Page 47 of 60
nt losses. It is amortised
has been a significant
evised accordingly to
ine whether there is any

mpairment, the recoverable
ng amount. If the
amount, and an
g amount of each item of

of inventory (or group of
sell, and an impairment
assets) is increased to the

e of inventories), but not
d for the asset (or group of
e risks and rewards of
ue of the leased property

sponding liability to the
nts are apportioned
nterest on the remaining
finance leases are
he same way as
e term of the lease.
calculated using the
Page 48 of 60
Where credit is extended

t method. At the end of
ne whether there is any
mediately in profit or loss.
Page 49 of 60
inance costs.
2014
R
5,688,650
120,000
5,808,650
2014
R
25,000
0
0
25,000
2014
R
(30,135)
(6,577)
(36,712)
2014
R
4,422,575
0
(7,340)
2014
Page 50 of 60
(190,316)
757
(189,559)
r the year.
Page 51 of 60
Total
R
3,182,045
571,000
(247,000)
3,506,045
660,590
262,360
43,000
(209,850)
756,100
2,749,945
(2014: R60,000) in
Total
R
96,000
12,000
108,000
36,450
13,650
25,000
75,100
32,900
2014
Page 52 of 60
132,500
25,000
Page 53 of 60
Total
R
(2,912)
7,221
4,309
n the basis of past

ble against which the
2014
R
36,450
900
10,570
47,920
2014
R
723,381
5,000
45,478
773,859
2014
R
2,075
33,000
35,075
(115,507)
(80,432)
carrying amount of
Page 54 of 60
k overdraft at 1 point
Page 55 of 60
40,000
5,000
45,000
with a par value of
2014
R
160,000
100,000
h a carrying amount of
ar bank loan at a
2014
R
25,000
50,000
0
75,000
2014
R
19,884
44,624
64,508
ears, with fixed rentals
Page 56 of 60
2014
R
13,400
Page 57 of 60
at fall due as follows:
2014
R
12,000
30,000
0
42,000
2014
R
340,520
8,000
67,000
415,520
Total
R
214,870
212,383
(149,130)
(63,300)
214,823
er asserts that
l counsel do not
statements.
l) payable on 15 April
he reporting period,
2014
R
Page 58 of 60
5,000
(8,000)
ries and benefits) was
Page 59 of 60

Trial Balance Import Control
Acc No
Account Description
Amount
Check
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
BS-160
Furniture & Fittings - Accum Depreciation
-58,000.00
ok
BS-200
Goodwill - Cost
50,000.00
ok
BS-205
Trademarks - Cost
39,500.00
ok
BS-210
Software - Cost
18,500.00
ok
BS-250
Goodwill - Accum Amortization
-50,000.00
ok
BS-255
Trademarks - Accum Amortization
-11,450.00
ok
BS-260
Software - Accum Amortization
-13,650.00
ok
BS-270
Investments
142,500.00
ok
BS-300
Petty Cash
BS-305
Bank Overdraft
BS-310
BS-500
-278,100.00
-13,650.00
142,500.00
2,700.00
ok
2,700.00
ok
-83,600.00
Bank Accounts
47,000.00
ok
47,000.00
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
IS-155
Dividends Received
IS-160
Profit on Disposal of Assets
IS-200
Cost of Sales
IS-305
IS-310
ok
-27,000.00
ok
On
On this
this sheet:
sheet:
The
calculations
The-58,000.00
calculations on
on this
this sheet
sheet enables
enables users
users to
to review
review the
the sequence
sequence of
of
trial
balance
trial 50,000.00
balance accounts
accounts before
before copying
copying the
the account
account balances
balances to
to the
the TB
TB
39,500.00
sheet.
The
sheet.
The sequence
sequence of
of accounts
accounts can
can be
be amended
amended until
until no
no errors
errors are
are
18,500.00
reflected
and
reflected
and the
the calculations
calculations in
in column
column EE round
round all
all trial
trial balance
balance
-50,000.00
amounts
amounts to
to the
the nearest
nearest integer
integer value
value thereby
thereby ensuring
ensuring that
that all
all the
the totals
totals
-11,450.00
on
financial
on the
the
statements are
are accurate.
accurate.
-83,600.00
ok
Amount
-27,000.00
-61,850.00
ok
-61,850.00
5,178,530.00
ok
5,178,530.00
Distribution Costs
97,460.00
ok
97,460.00
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

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Financial Statements Template

ABC Trading (Pty) Limited

10 Berkshire Avenue, Northcliff, Johannesburg

Year End Period

Total Number of Pages

Financial Statements Template

Gain on disposal of property, plant & equipment

Advertising & marketing costs

Loss on disposal of property, plant & equipment

Foreign exchange (gains) / losses

Income tax expense

Balance Sheet - Assets

Property, plant & equipment - Cost - Column 1

Property, plant & equipment - Cost - Column 2

Property, plant & equipment - Cost - Column 3

Property, plant & equipment - Accumulated depreciation - Column 1

Property, plant & equipment - Accumulated depreciation - Column 2

Property, plant & equipment - Accumulated depreciation - Column 3

Intangible assets - Accumulated amortisation - Column 1

Intangible assets - Accumulated amortisation - Column 2

Intangible assets - Accumulated amortisation - Column 3

Intangible assets - Cost - Column 1

Intangible assets - Cost - Column 2

Intangible assets - Cost - Column 3

Balance Sheet - Equity

Retained earnings at start of year

Balance Sheet - Liabilities

Long term loans

Current tax liability

Financial Statements Template

Land & Buildings - Cost

Plant & Equipment - Cost

Furniture & Fittings - Cost

Land & Buildings - Accum Depreciation

Plant & Equipment - Accum Depreciation

Furniture & Fittings - Accum Depreciation

Goodwill - Accum Amortization

Trademarks - Accum Amortization

Software - Accum Amortization

Provision for Bonuses

Long Term Liabilities

Retained Earnings - Opening Balance

Profit on Disposal of Assets

Advertising & Marketing