Help With Balance Sheet!

Hi,

I really need help with this balance sheet problem. Im pretty new to accounting so don't know much about it.

The question is asking us to write about the balance sheet and write about the conventions :confused:

used in it and to include words like income, expenses and gross and net profit(profit bit seems straight forward).

Any help will be much appreciated! :yes:

PASTED BELOW ¬ ¬ ¬

Profit and loss account for the year ended 31 October 2008
£ £
Sales revenue 232,000
Less Cost of sales 154,000
Gross profit 78,000

Add Interest received from investments 2,000
80,000
Less Salaries and wages 24,500
Rent and rates 14,200
Heat and light 7,500
Telephone and postage 1,200
Insurance 1,000
Motor vehicle running expenses 3,400
Loan interest 1,100
Depreciation – fixtures and fittings 1,000
Depreciation – motor van 600
54,500
Net profit 25,500

balance sheet.doc26.6KB