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We all know how this story ended…….but what happened next???
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• Mr. Wolf wanted revenge.• He decided to invent a special machine• The machine was a wind machine, which
could blow hurricane speed winds….which could easily knock down a small brick house
• News of his invention spread to other wolves in the area. What do you think happened next?
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• He set up a business, making and selling these machines!
• It has been running successfully for the last few years, but he is not sure if he made a profit or a loss last year.
• He needs your help now to put together his Trading Account for 2011.
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Mr. Wolf Ltd
In 2011, Mr Wolf sold 100 machines. Each machine was sold for €200.What is Mr. Wolf’s sales figure for 2011?
Sales€20,000
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
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Mr. Wolf Ltd
5 machines were returned to Mr. Wolf in 2011.What is Mr. Wolf’s Returns In figure for 2011(Each was sold for €100)?
Returns In€500
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
Returns In (500) 19,500
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Mr. Wolf Ltd
• At the beginning of the year, Mr. Wolf had 20 machines in stock. These had cost him €70 each to make.
• How much is his opening stock worth?
Opening Stock €1,400
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
Returns In (500) 19,500
Cost of Sales
Opening Stock 1,400
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Mr. Wolf Ltd
• During 2011, Mr Wolf purchased parts used for making the machines. The total amount he paid was €11,500.
Purchases €11,500
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
Returns In (500) 19,500
Cost of Sales
Opening Stock 1,400
Purchases 11,500
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Mr. Wolf Ltd
• During 2011, Mr Wolf returned parts which had cost him €250.
Returns Out€250
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
Returns In (500) 19,500
Cost of Sales
Opening Stock 1,400
Purchases 11,500
Returns Out (250) 11,250
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Mr. Wolf Ltd
• The cost of bringing the materials to the factory was €3,450
• What is this called?
Carriage in €3,450
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
Returns In (500) 19,500
Cost of Sales
Opening Stock 1,400
Purchases 11,500
Returns Out (250) 11,250
Carriage In 3,450
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Mr. Wolf Ltd
• Mr. Wolf also had to pay €1,150 Import Duty on his purchases. He had no other Costs of Sales.
Import Duty€1,150
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
Returns In (500) 19,500
Cost of SalesOpening Stock 1,400Purchases 11,500Returns Out (250) 11,250Carriage In 3,450Import Duty 1,150Cost of Goods Available
17,250
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Mr. Wolf Ltd
• On the last day of 2011, when Mr. Wolf closed up his factory, he had 50 wind machines left unsold. The total cost of making these goods was €3,500.
Closing Stock€3,500
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Cost of SalesOpening Stock 1,400Purchases 11,500
Returns Out (250) 11,250Carriage In 3,450Import Duty 1,150Cost of Goods Available
17,250
Closing Stock (3,500)Cost of Sales (13,750)
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Trading, Profit & Loss Account for Mr. Wolf Ltd for year ended 31/12/2011
€ € €
Sales 20,000
Returns In (500) 19,500
Cost of Sales
Opening Stock 1,400
Purchases 11,500
Returns In (250) 11,250
Carriage In 3,450
Import Duty 1,150
Cost of goods available 17,250
Closing Stock (3,500)
Cost of Sales (13,750)
Gross Profit 5,750
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Mr. Wolf Ltd
• Mr Wolf also had the following business expenses: € Telephone 30Advertising 140Light & heat 60Carriage Out 90General expenses 150
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Trading, Profit & Loss Account for Mr. Wolf Ltd for the year ended 31/12/2011
Gross Profit 5,750
Less expenses:
Telephone 30
Advertising 140
Light & heat 60
Carriage Out 90
General Expenses 150 (470)
Net Profit 5,280
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The Good News…..• Mr. Wolf made enough money from his
business to buy food and he decided to leave the pigs alone.
• And they all lived…………..