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Mutiara Enterprise Statement of Profit or Loss For The Year Ended 31 December 2019

Mutiara Enterprise's statement of profit or loss for 2019 shows that the company earned net sales of RMXXX after accounting for sales returns and discounts. Gross profit was RMXXXX after deducting the cost of goods sold of RMXXX. Net profit was RMXXXX after accounting for other revenue and total expenses of RMXXX. The statement of financial position as of 31 December 2019 lists the company's non-current assets including land and buildings, motor vehicles, and fixtures and fittings valued at RMXXXX. Current assets include inventory, accounts receivable, cash, and prepaid expenses totaling RMXXX. Total assets are RMXXXX. Owner's equity of RMXXXX finances the assets along with non-current liabilities of RM

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60 views

Mutiara Enterprise Statement of Profit or Loss For The Year Ended 31 December 2019

Mutiara Enterprise's statement of profit or loss for 2019 shows that the company earned net sales of RMXXX after accounting for sales returns and discounts. Gross profit was RMXXXX after deducting the cost of goods sold of RMXXX. Net profit was RMXXXX after accounting for other revenue and total expenses of RMXXX. The statement of financial position as of 31 December 2019 lists the company's non-current assets including land and buildings, motor vehicles, and fixtures and fittings valued at RMXXXX. Current assets include inventory, accounts receivable, cash, and prepaid expenses totaling RMXXX. Total assets are RMXXXX. Owner's equity of RMXXXX finances the assets along with non-current liabilities of RM

Uploaded by

Zafran
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Mutiara Enterprise

Statement of Profit or Loss for the year ended 31 December 2019


RM RM RM
Sales XXX
Less sales returns/returns inwards (X)
Less discount allowed (X)
--------
Net sales XXX
Less Cost of Goods Sold
Opening inventory XXX
Add Cost of goods available for sales
Purchases XXXX
- Purchase returns/return outwards (X)
- Discount received (X)
------
Net purchases XX
+ Carriage inwards X
+ Import duties X
------
Costs of goods available for sales XXXX
Less Closing inventory (XXX)
-------
Costs of goods sold (XXX)
-------
Gross profit XXXXX
Add Other Revenue
Interest on fixed deposit XX
Dividend from investment XX
Rent received XX
Commission received XX
Decrease in allowance for doubtful debts XX
-----
Total Revenue XXX
Less Other Expenses
Carriage outwards XX
Sales commission XX
Administrative expenses XX
Advertisement XX
Salaries XX
Stationary XX
Sundry /general expenses XX
Insurance XX
Electricity & water XX
Rent and rates XX
Travelling expenses XX
Motor expenses, repairs and maintenance XX
Depreciation on motor vehicles XX
Depreciation on office equipment XX
Allowance for doubtful debt XX
Interest on loan XX
-----
Total expenses (XXX)
-------
Net Profit XXXX

1
Note: Look at how to get

1) Net sales = sales – sales return/return inwards – discount allowed

(Sales are both cash sales and credit sales)

2) Costs of goods sold = opening inventory + purchases – closing inventory

Same as net sales, we also have to take the net purchases and cost of goods available for sale
because of several reasons

(i) there will be returns by the business to the supplier because of damaged goods
(purchase return/return outwards)
(ii) there will be discount received because business paid early i.e. paid before the
credit term period is over/due for goods purchased on credit
(iii) other costs the business spent in buying the goods such as
- carriage inward – transport to bring in the goods purchased to site
- insurance on purchase
- duty on purchase

3) gross profit = net sales – cost of goods sold

4) net profit = gross profit + revenue – expenses

2
Mutiara Enterprise
Statement of Financial Position as at 31 December 2019
Cost Accumulated Depreciation Carrying Value
(RM) RM RM
Non-current Assets
Land & building XXX XXX
Motor vehicles XXX XXX XXX

Fixtures and Fittings XXX XXX XXX


----- ---- -----
XXX XXX XXXX
=== ===
Long Term Investment XXX
10% Fixed Deposit XXX
Patents XXX
Goodwill XXX
------
Total non-current assets XXXX
Current Assets
Closing Inventory XXX
Accounts Receivable/Debtors XXX
Less Allowance for doubtful debts (XX) XXX
Cash and Bank XXX
Prepaid Expenses XXX
Revenue not yet received/Accrued revenue XXX
Total current assets XXX
Total assets XXXX
=====

Financed by
Owner’s Equity
Opening capital XXXX
Add Net Profit XXX
Less Drawings (XXX)
------
Ending capital XXXX
Non-current Liabilities
Mortgages XX
Long term loan XX

Current Liabilities
Bank overdraft XXX
Accounts Payable/Creditors XXX
Accrued Expenses XXX
Prepaid Revenue XXX XXX
------
Total equities & Liabilities XXXX
=====

(Note: Amount of total assets = amount of total capital & liabilities)

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