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    ACC106-FORMAT OF FINAL ACCOUNTS-amended

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    haziqkings20
    This document outlines the vertical format for final accounts of a business. It includes a statement of profit or loss for the year ended December 31, 2015 showing revenues, costs of goods sold, expenses and net profit. It also includes a statement of financial position as of December 31, 2015 listing non-current assets, current assets, owner's equity, non-current liabilities and current liabilities. The document provides the standard structure and line items for the key financial statements of a business.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    ACC106-FORMAT OF FINAL ACCOUNTS-amended

    Uploaded by

    haziqkings20
    411 views2 pages
    This document outlines the vertical format for final accounts of a business. It includes a statement of profit or loss for the year ended December 31, 2015 showing revenues, costs of goods sold, expenses and net profit. It also includes a statement of financial position as of December 31, 2015 listing non-current assets, current assets, owner's equity, non-current liabilities and current liabilities. The document provides the standard structure and line items for the key financial statements of a business.

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    This document outlines the vertical format for final accounts of a business. It includes a statement of profit or loss for the year ended December 31, 2015 showing revenues, costs of goods sold, expenses and net profit. It also includes a statement of financial position as of December 31, 2015 listing non-current assets, current assets, owner's equity, non-current liabilities and current liabilities. The document provides the standard structure and line items for the key financial statements of a business.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    411 views2 pages

    ACC106-FORMAT OF FINAL ACCOUNTS-amended

    Uploaded by

    haziqkings20
    This document outlines the vertical format for final accounts of a business. It includes a statement of profit or loss for the year ended December 31, 2015 showing revenues, costs of goods sold, expenses and net profit. It also includes a statement of financial position as of December 31, 2015 listing non-current assets, current assets, owner's equity, non-current liabilities and current liabilities. The document provides the standard structure and line items for the key financial statements of a business.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    VERTICAL FORMAT OF FINAL ACCOUNTS

    Name of Business
    Statement of Profit or Loss for the year ended …………………………………………( eg 31 December 2015)
    RM RM RM
    Sales XX
    Less: Sales returns/Return inwards (XX)
    Sales discount/Discount allowed (XX)
    Net Sales XXX

    Less: Cost of Goods Sold


    Opening inventory XX
    Purchases XX
    Less: Purchase returns/ Return outwards (XX)
    Purchase discounts/Discount received (XX)
    Net Purchases XXX Any expenses related to
    Add: Expenses on purchases purchases activity ONLY!
    Carriage inwards XX Usually comes with the
    Duty on purchases XX word ‘Purchases’
    Insurance on purchases XX

    Cost of goods purchased XX


    Cost of goods available for sale XX
    Less: Closing inventory (XX)
    Cost of goods sold (XXX)
    Gross Profit or (Gross Loss) XXX

    Add: Revenues
    Decrease in AFDD XX
    Bad debts recovered XX
    Rent received XX
    Commission received XX
    Interest received XX
    XXX
    Less: Expenses
    Salary and wages XX
    Insurance XX
    Rent expenses XX
    Utilities XX
    Stationeries XX
    Interest expenses XX
    Carriage outwards XX
    Depreciation of fixed assets XX
    Increase in AFDD XX
    (XXX)
    NET PROFIT OR (NET LOSS) XXX

    NurSyafiqah.UiTMRaub
    Name of Business
    Statement of Financial Position as at ……………………………………….. (eg 31 December 2015)
    RM RM RM
    Accumulated Carrying
    NON-CURRENT ASSETS Cost
    depreciation value
    Land and Building XX (XX) XX
    Motor Vehicles XX (XX) XX
    Office Equipment XX (XX) XX
    Machinery XX (XX) XX
    Fixtures and Fittings XX (XX) XX
    XXX
    Intangible Assets
    Goodwill / Patent / Trademark XX
    Investment / Fixed deposit XX
    XXX
    CURRENT ASSETS
    Closing inventory XX
    Accounts Receivable / Debtors XX
    Less: Allowance for doubtful debt (AFDD) (XX)
    XX
    Cash at Bank / Bank XX
    Formula:
    Cash in Hand / Cash AFDD as per TB - BD written off XX
    Prepaid expenses +/(-) Increase/(Decrease) AFDD in CY XX
    Accrued revenues = AFDD as per SOFP XX
    XXX

    XXXX
    OWNER’S EQUITY
    Capital beginning/Capital as at………….. (eg 1 January 2015) XX
    Add: Net Profit (Loss) XX
    Less: Drawings (XX)
    Capital ending/Capital as at ………… (eg 31 December 2015) XX

    NON CURRENT LIABILITIES


    Long Term Loan XX
    Mortgage on Premises XX
    XX
    CURRENT LIABILITIES
    Bank overdraft / Short term loan XX
    Accounts Payable / Creditors XX
    Accrued expenses XX
    Prepaid revenues XX
    XX

    XXXX

    NurSyafiqah.UiTMRaub

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