Transactions
RM
RM
600
iii) Drawings
Purchases
550
600
550
6,000
6,000
75
400
350
75
400
350
Sinar Enterprise
Income Statement
For The Year Ended 30th June 2008
RM
Sales
Less: Sales Return
Net Sales
Opening stock
Purchases (21,600-550)
Less: Purchases returns
Discount received
Add: Duty on purchases
Carriage inwards (1,150+600)
Cost of goods available for sale
Less: Closing stock
Cost of Goods Sold (COGS)
Gross Profit
Add: Other revenues
Commission revenue (1,800-400)
Bad debt over provision
Less: Expenses
Repair and maintenance
Carriage outwards
Rent (4,550-350)
Bad debts
Depreciation of vehicles
Net Profit
RM
45,300
(300)
RM
45,000
16,750
21,050
(1,050)
(280)
19,720
2,160
1,750
23,630
40,380
(18,000)
(22,380)
22,620
1,400
75
680
540
4200
300
6,000
1,475
24,095
11,720
12,375
Sinar Enterprise
Balance Sheet
As at 30th June 2008
RM
Fixed assets
Motor vehicles
Less: Accumulated depreciation (9,000+6,000)
Office equipment
Current assets
Stock
Debtors
Less: Allowance for doubtful debts
Prepaid rent
Bank
Total assets
Current liabilities
Creditors
Accrued carriage inwards
Prepaid commissions revenue
Owners equity
Capital
Add: Net profit
Less: Drawings (1,000+550)
Total liabilities and owners equity
30,000
15,000
RM
RM
15,000
7,500
22,500
18,000
4,500
(225)
4,275
350
6,750
5,050
600
400
35,000
12,375
(1,550)
29,375
51,875
6,050
45,825
51,875
Transactions
RM
RM
2,000
1,500
1,620
2,000
1,500
1,620
3,160
3,160
2,000
1,000
1,251
2,000
1,000
1,251
160
160
Sejahtera Co.
Income Statement
For The Year Ended 31st October 2008
RM
RM
Sales
Opening stock
Purchases (21,600-550)
Cost of goods available for sale
Less: Closing stock
Cost of Goods Sold (COGS)
Gross Profit
26,800
98,700
125,500
(35,600)
(89,900)
106,800
1,000
160
Less: Expenses
Insurance expense
Supplies expense
Interest expense
Salaries and wages expense
Advertising expense
Utilities expense
Repair expense
Miscellaneous expense
Depreciation building
- Equipment
2,000
1,500
1,251
62,200
18,500
15,100
9,300
3,050
1,620
3,160
Net Loss
RM
196,700
1,160
107,960
117,681
9,721
Sejahtera Co.
Balance Sheet
As at 31st October 2008
RM
Fixed assets
Land
Building
Less: Accumulated depreciation (81700+1620)
Office equipment
Less: Accumulated depreciation
Current assets
Cash
Debtors
Less: Allowance for doubtful debts
Prepaid insurance
Supplies
Stock
Total assets
RM
70,000
100,500
83,320
72,400
66,960
Owners equity
Capital
Less: Net loss
Less: Drawings
Total liabilities and owners equity
17,180
5,440
92,620
5,500
17,000
340
16,660
1,000
450
35,600
Long-Term Liability
Loan
Current liabilities
Creditors
Accrued salaries and wages
Accrued interest
Prepaid rent revenue
RM
59,210
151,830
100,000
4,100
2,000
1,251
500
57,700
(9,721)
(4,000)
7,851
43,979
151,830