WUBISHET SHIFERAW WHOLESALE TRADE IN FOOD PRODUCTS
INCOME STATEMENT
REVENUE For the Year July 07- 2023 July 07- 2024 APRIL 07- 2025
Sales Income from food products 131,816,145.38 209,972,865.36 224,035,304.60
TOTAL REVENUE 131,816,145.38 209,972,865.36 224,035,304.60
COST OF GOOD SOLD
Beginning inventory 2,075,600.00 14,087,000.00 15,988,550.00
Add: Purchase 128,520,741.75 195,274,764.78 197,157,789.11
Cost of goods sold available for sale 130,596,341.75 209,361,764.78 213,146,339.11
Less: ending inventory 14,087,000.00 15,988,550.00 2,080,200.00
Cost of goods sold 116,509,341.75 193,373,214.78 211,066,139.11
GROSS PROFIT (LOSS) 15,306,803.63 16,599,650.58 12,969,165.49
Less: OPERATING EXPENSES
Accountant fee 12,000.00 12,000.00 12,000.00
Transportation expense 8,260,500.00 8,705,600.00 5,349,200.00
Loading & unloading expense 2,220,320.00 2,309,132.80 1,078,500.00
Salary & wage Expense 296,000.00 296,000.00 245,000.00
Utility Expense 15,620.00 17,963.00 18,861.15
Depreciation expense 880,720.00 874,576.00 650,458.63
Bank Interest Expense - 154,000.00 79,603.86
TOTAL OPERATING EXPENSE 11,685,160.00 12,369,271.80 7,433,623.64
PROFIT BEFORE TAX 3,621,643.63 4,230,378.78 5,535,541.86
PROFIT TAX (PBT*35% - 18,000) 1,249,575.27 1,462,632.57 1,919,439.65
PROFIT AFTER TAX 2,372,068.36 2,767,746.20 3,616,102.21
WUBISHET SHIFERAW WHOLESALE TRADE IN FOOD PRODUCTS
INCOME STATEMENT
REVENUE For the Year July 07- 2023 July 07- 2024 APRIL 07- 2025
Other Income 59,090,682.82 81,108,096.15 104,892,811.62
TOTAL REVENUE 59,090,682.82 81,108,096.15 104,892,811.62
COST OF GOOD SOLD
Beginning inventory 2,075,600.00 288,550.00
287,000.00
Add: Purchase 53,477,067.95 76,306,496.86 99,753,063.85
Cost of goods sold available for sale 55,552,667.95 76,593,496.86 100,041,613.85
Less: ending inventory 287,000.00 288,550.00 260,200.00
Cost of goods sold 55,265,667.95 76,304,946.86 99,781,413.85
GROSS PROFIT (LOSS) 3,825,014.87 4,803,149.29 5,111,397.77
Less: OPERATING EXPENSES
Accountant fee 12,000.00 12,000.00 12,000.00
Transportation expense 1,925,600.00 2,659,600.00 2,795,803.86
Loading & unloading expense 720,320.00 856,200.00 908,500.00
Miscellaneous Expense 15,620.00 17,963.00 18,861.15
TOTAL OPERATING EXPENSE 2,673,540.00 3,545,763.00 3,735,165.01
PROFIT BEFORE TAX 1,151,474.87 1,257,386.29 1,376,232.76
PROFIT TAX (PBT*35% - 18,000) 385,016.20 422,085.20 463,681.47
PROFIT AFTER TAX 766,458.66 835,301.09 912,551.29
WUBISHET SHIFERAW WHOLESALE TRADE IN FOOD PRODUCTS
BALANCE SHEET
July 07- 2023 July 07- 2024 APRIL 07- 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalent 2,373,069.91 770,088.90 655,114.71
Stock 14,374,000.00 16,277,100.00 2,340,400.00
TOTAL CURRENT ASSETS 16,747,069.91 17,047,188.90 2,995,514.71
NON CURRENT ASSETS
Warehouse 10,000,000.00 10,000,000.00 10,000,000.00
Commercial house 7,000,000.00 7,000,000.00 7,000,000.00
Weight scale 240,000.00 240,000.00 240,000.00
Cash safe 60,000.00 60,000.00 60,000.00
(Accum. Deprn – warehouse) (2,000,000.00) (2,500,000.00) (2,873,972.60)
(Accum. Deprn – Building) (1,400,000.00) (1,750,000.00) (2,011,780.82)
(Accum. Deprn – Weight) (141,696.00) (161,356.80) (173,120.96)
(Accum. Deprn – cash safe) (35,424.00) (40,339.20) (43,280.24)
TOTAL NON CURRENT ASSETS 13,722,880.00 12,848,304.00 12,197,845.37
TOTAL ASSETS 30,469,949.91 29,895,492.90 15,193,360.08
LIABILITY & EQUITY
CURRENT LIABILITY
Profit tax payable 1,634,591.48 1,884,717.77 2,383,121.12
Short term loan Payable 2,433,603.86 1,216,801.93 -
TOTAL CURRENT LIABILITY 4,068,195.34 3,101,519.70 2,383,121.12
NON CURRENT LIABILITY
Long term loan payable - - -
TOTAL NON CURRENT LIABILITY - - -
TOTAL LIABILITY 4,068,195.34 3,101,519.70 2,383,121.12
EQUITY
Beginning capital 5,000.00 5,000.00 5,000.00
Owners Account 23,258,227.55 23,185,925.90 8,276,585.47
Add: Net Income 3,138,527.03 3,603,047.29 4,528,653.50
TOTAL EQUITY 26,401,754.57 26,793,973.20 12,810,238.97
TOTAL LIABILITY & EQUITY 30,469,949.91 29,895,492.90 15,193,360.08
Annotation: The above balance sheet statement is done by the principle of FRS 102
‘’consolidated balance sheet procedures.” Hence in the above consolidated balance sheet both
Assets and Liabilities is shown by amalgamation on line-by-line basis of consolidation methods.
