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

    Uploaded by

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

    Uploaded by

    Zafran
    48 views3 pages
    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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    Original Title

    Financial_Statement_Format

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    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

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    48 views3 pages

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

    Uploaded by

    Zafran
    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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    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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