Example Profit and Loss Statement with Problems
The example Profit and Loss statement was constructed without sufficient knowkledge of how a chart of accounts works. As a result there is an overcomplication of how information is reported. In many cases, similar expenditure has been analysed into different accounts.
Click here to see an explanation of some of the major issues
Black Stump
Soccer Club
Profit and Loss Statement
For the six months ended 31 March 2003
|
Income |
|
|
|
Council
Field Maintenance |
|
$ 8,400.00 |
|
Games
Fees |
|
$ 523.64 |
|
Canteen
Income |
|
$ 6,967.87 |
|
Apprenticeship |
|
$ 1,375.00 |
|
Bar
Takings |
|
$
63,786.48 |
|
Membership |
|
$
90,965.45 |
|
Membership
Refunds |
|
-$ 127.27 |
|
4
A Side |
|
$ 5,071.36 |
|
Football
in the Community |
|
$ 825.00 |
|
Gaming
Machine Takings |
|
$
116,076.36 |
|
Bingo Income |
|
|
|
Thursday
Bingo |
$ 1,792.77 |
|
|
Monday
Bingo |
$ 1,966.13 |
|
|
Sunday
Bingo |
$ 1,985.20 |
|
|
Total Bingo Income |
|
$ 5,744.10 |
|
less
GST on Bingo Income |
|
-$ 203.30 |
|
Raffle
Money and Pens |
|
$ 1,367.88 |
|
Sign
on Photo Money |
|
$ 113.64 |
|
Hall
Hire |
|
$ 581.82 |
|
Six
A Side |
|
$ 7,809.08 |
|
Merchandise |
|
$ 6,564.08 |
|
Blue
Telephone |
|
$ 227.71 |
|
Miscellaneous
Income |
|
$ 492.71 |
|
Total Income |
|
$ 316,561.61 |
|
|
|
|
|
Cost of Sales |
|
|
|
Canteen |
$ 5,527.00 |
|
|
Total Canteen |
|
$ 5,527.00 |
|
|
|
|
|
Bar Purchases |
|
|
|
Beer
Purchases |
$
22,284.64 |
|
|
Soft
Drinks |
$ 4,807.15 |
|
|
Gas
for Beer |
$ 542.74 |
|
|
Chips/Nuts |
$ 1,135.12 |
|
|
Sausage
Rolls / Pies |
$ 201.85 |
|
|
Spirits
Purchases |
$ 3,032.61 |
|
|
Wine
Purchases |
$ 626.86 |
|
|
Beer
Freight |
$ 322.06 |
|
|
Licence
Fees |
$ 82.81 |
|
|
Bar
Expenses |
$ 608.77 |
|
|
Ice |
$ 223.47 |
|
|
Total Bar Purchases |
|
$ 33,868.08 |
|
|
|
|
|
Poker Machine Costs |
|
|
|
Poker
Machine Payouts |
$ 1,300.00 |
|
|
Poker
Machine Taxes |
$
14,177.21 |
|
|
Poker
Machine Promotions |
$ 1,225.99 |
|
|
Poker
Machine Stationery |
$ 185.00 |
|
|
Poker
Machine Maintenance |
$ 2,344.97 |
|
|
Poker
Machine Conversions |
$
16,458.97 |
|
|
Poker
Machine Monitoring |
$ 1,617.88 |
|
|
Lease
on Poker Machines |
$ -
|
|
|
Computer
Rental |
$ 2,063.50 |
|
|
Dishonoured
Cheques from Aristocrat |
$ -
|
|
|
Total Poker Machine Costs |
|
$ 39,373.52 |
|
|
|
|
|
Bingo Costs |
|
|
|
Bingo
Tickets |
$ 2,468.27 |
|
|
Tea/Coffee
Bingo |
$ 73.46 |
|
|
Bingo
Jackpots |
$ 3,900.00 |
|
|
Caller |
$ 2,840.00 |
|
|
Bingo
Promoter |
$ 1,310.00 |
|
|
Bingo
Promotions |
$ 188.94 |
|
|
Total Bingo Costs |
|
$ 10,780.67 |
|
|
|
|
|
Bingo
Advertising |
|
$ -
|
|
Pest
Control |
|
$ -
|
|
|
|
|
|
Soccer Account |
|
|
|
Tractor
Maintenance |
|
$ 532.94 |
|
Medical
Expenses |
|
$ 56.09 |
|
Insurance
Seniors |
|
$ 3,850.00 |
|
Senior
Rego |
|
$ 6,327.26 |
|
4
A Side |
|
$ 1,191.41 |
|
Junior
Rego |
|
$ 1,638.18 |
|
Sign
On Photos |
|
$ 25.26 |
|
Club
Photos |
|
$ 5,154.55 |
|
Academy |
|
$ 7,057.44 |
|
Soccer
Misc |
|
$ 15.45 |
|
Nomination
Fees |
|
$ 1,850.00 |
|
Senior
Expenses |
|
$ 3,839.10 |
|
Refund
of Membership |
|
$ 2,501.81 |
|
Soccer
Stationery |
|
$ 50.00 |
|
Paint
for Field |
|
$ 433.48 |
|
Raffles |
|
$ 30.00 |
|
Referees |
|
$ 2,850.04 |
|
Six
A Side Expenses |
|
$ 2,000.00 |
|
4
A Side |
|
$ 1,235.03 |
|
Trophies |
|
$ 236.18 |
|
Presentation
Expenses |
|
$ 556.95 |
|
Sports
Supply |
|
$ 4,429.80 |
|
|
|
|
|
Soccer Related Expenses |
|
|
|
Uniforms
/ Strips |
$ 49.30 |
|
|
Physio |
$ 485.45 |
|
|
Players
Travelling |
$ 1,047.27 |
|
|
Players
Travel |
$ 5,906.91 |
|
|
4
A Side Expenses |
$ 60.00 |
|
|
Laundry
of Jerseys |
$ 1,360.00 |
|
|
Coaches |
$ 525.00 |
|
|
Misc
Expenses |
$ 49.55 |
|
|
Simply
Soccer |
$ 47.50 |
|
|
RM
Distributors |
$ 694.00 |
|
|
Total Soccer Related Expenses |
|
$ 10,224.98 |
|
Total Soccer Account |
|
$ 56,085.95 |
|
|
|
|
|
Tony's
Expenses |
|
$ 585.00 |
|
Casual
Employees |
|
$ 748.00 |
|
Expenditure
Manager |
|
$ 176.51 |
|
Total Cost of Sales |
|
$ 147,144.73 |
|
|
|
|
|
Gross Profit |
|
$ 169,416.88 |
|
|
|
|
|
Expenses |
|
|
|
Accounting
- Other services |
|
$ 154.55 |
|
Advertising |
|
$ 1,362.37 |
|
Audit Fees |
|
|
|
Audit
Fees - Pokies |
$ 650.00 |
|
|
Audit
Fees - Club |
$ 4,000.00 |
|
|
Audit
Fees - Bingo |
$ -
|
|
|
Total Audit Fees |
|
$ 4,650.00 |
|
|
|
|
|
Bank
Fees |
|
$ 2,140.12 |
|
Reference
Fees |
|
$ 1,680.00 |
|
Cleaning |
|
$ 2,612.45 |
|
Cleaning
Material |
|
$ 1,653.56 |
|
Darts
Supper |
|
$ 208.54 |
|
Club
Maintenance |
|
$ 1,959.96 |
|
Coaches
Expenses |
|
$ 162.50 |
|
Club
Expenses |
|
$ 1,329.42 |
|
Condolences |
|
$ 51.82 |
|
Extention
Exp[enses |
|
$ 509.28 |
|
Computer
Software |
|
$ 504.90 |
|
Dues
and Subscriptions |
|
$ 1,019.96 |
|
Electricity
|
|
$ 7,386.37 |
|
Fuel
and Diesel |
|
$ 831.31 |
|
Gas |
|
$ 281.59 |
|
Insurance |
|
$ 839.35 |
|
Rego
for Car |
|
$ 264.82 |
|
Public
Liability |
|
$ 2,548.44 |
|
Photcopier
Maintenance |
|
$ 532.12 |
|
Postage
and Shipping |
|
$ 1,111.50 |
|
Security |
|
$ 5,982.19 |
|
Stationery |
|
$ 1,256.83 |
|
Soccer
Maintenance |
|
$ 110.70 |
|
Superannuation |
|
$ 8,745.29 |
|
Phones |
|
|
|
Tony
Mobile |
$ 861.50 |
|
|
Mobiles |
$ 531.08 |
|
|
Blue
Phone |
$ -
|
|
|
Other
Phones |
$ 3,758.63 |
|
|
Total Phones |
|
$ 5,151.21 |
|
Travel
& Education |
|
$
236.36 |
|
Wages
Admin |
|
$
101,204.57 |
|
Wages
Players |
|
$ 600.00 |
|
Internet |
|
$ 72.73 |
|
Soccer
Related Expenses |
|
|
|
Car
Maintenance |
|
$ 112.27 |
|
Total Expenses |
|
$ 157,267.08 |
|
|
|
|
|
Operating Profit |
|
$ 12,149.70 |
|
|
|
|
|
Other Income |
|
|
|
Interest
Income |
$ -
|
|
|
Misc
Income Deposits Not Allocated |
$ -
|
|
|
Total Other Income |
|
$ -
|
|
|
|
|
|
Other Expense |
|
|
|
Interest
Expense |
$ 1,311.60 |
|
|
Interest
- Instalment Loan |
$ 187.05 |
|
|
Interest
- Loan for Extension |
$ 518.80 |
|
|
Total Other Expenses |
|
$ 2,017.45 |
|
|
|
|
|
Net Surplus / (Deficit) |
|
$ 10,132.25 |