Scribd Logo
Upload

Welcome to Scribd!

  • 9 views

    Name of Business: Format of Final Accounts (Vertical Format)

    Uploaded by

    adamyasmin825
    The document provides sample formats for the final accounts of a business, including a statement of profit or loss and a statement of financial position. The statement of profit or loss summarizes the business's sales, costs of goods sold, other income, expenses, and net profit over the accounting period. The statement of financial position presents the business's assets, liabilities, and owner's equity at a point in time, dividing assets into current and non-current categories and liabilities into current and non-current. Taken together, the final accounts provide an overview of the business's financial performance and position at the end of the accounting period.

    Copyright:

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

    Name of Business: Format of Final Accounts (Vertical Format)

    Uploaded by

    adamyasmin825
    9 views2 pages
    The document provides sample formats for the final accounts of a business, including a statement of profit or loss and a statement of financial position. The statement of profit or loss summarizes the business's sales, costs of goods sold, other income, expenses, and net profit over the accounting period. The statement of financial position presents the business's assets, liabilities, and owner's equity at a point in time, dividing assets into current and non-current categories and liabilities into current and non-current. Taken together, the final accounts provide an overview of the business's financial performance and position at the end of the accounting period.

    Original Description:

    c

    Original Title

    document

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document provides sample formats for the final accounts of a business, including a statement of profit or loss and a statement of financial position. The statement of profit or loss summarizes the business's sales, costs of goods sold, other income, expenses, and net profit over the accounting period. The statement of financial position presents the business's assets, liabilities, and owner's equity at a point in time, dividing assets into current and non-current categories and liabilities into current and non-current. Taken together, the final accounts provide an overview of the business's financial performance and position at the end of the accounting period.

    Copyright:

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

    Name of Business: Format of Final Accounts (Vertical Format)

    Uploaded by

    adamyasmin825
    The document provides sample formats for the final accounts of a business, including a statement of profit or loss and a statement of financial position. The statement of profit or loss summarizes the business's sales, costs of goods sold, other income, expenses, and net profit over the accounting period. The statement of financial position presents the business's assets, liabilities, and owner's equity at a point in time, dividing assets into current and non-current categories and liabilities into current and non-current. Taken together, the final accounts provide an overview of the business's financial performance and position at the end of the accounting period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 2

    FORMAT OF FINAL ACCOUNTS (VERTICAL FORMAT)

    Name of Business
    Statement of Profit or Loss for the year ended …………………………………………( eg 31 December 2022)
    RM RM RM
    Sales XX
    Less: Sales returns/Return inwards (XX)
    Sales discount/Discount allowed (XX)
    Net Sales XXX A

    Less: Cost of Goods Sold (COGS)


    Opening inventories XX Z
    Purchases {*purchases less drawings of goods) XX
    Less: Purchase returns/ Return outwards (XX)
    Purchase discounts/Discount received (XX)
    Net Purchases XXX
    Add: Expenses on purchases
    Carriage inwards/freight inwards XX
    Duty on purchases/Import duty XX
    Insurance on purchase XX
    Cost of goods purchased XX T
    Cost of goods available for sale XX Z+T
    Less: Closing inventories (XX) N
    Cost of goods sold/Cost of sales (XXX) B = Z+T-N
    Gross Profit or (Loss) XXX C = A-B

    Add: Other income


    Rent received XX
    Income from investments XX
    Commission received XX
    Interest received XX
    XXX D
    Less: Expenses
    Salary and wages XX
    Insurance XX
    Depreciation expenses XX
    Interest on loan XX
    Utility expenses/Electricity & water/Telephone charges XX
    Rent expenses XX
    Interest expenses XX
    Carriage outwards/Transportation exp/Delivery exp XX
    (XXX)E
    Net Profit or (Loss) XXX = C+D-E

    1
    Name of Business
    Statement of Financial Position as at ……………………………………….. (eg 31 December 2022)
    RM RM RM
    Non-Current Assets Cost Accumulated Carrying
    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 XX
    Patent XX
    Trademark XX
    Franchise XX

    Investments
    Long-term Investment XX
    Fixed deposit XX
    XXX
    Current Assets
    Inventories (closing) XX
    Accounts receivable XX
    Cash at Bank / Bank account XX
    Cash in Hand / Cash account XX
    Prepaid expenses XX
    Accrued revenues XX
    XXX
    XXXX (A)
    Owner’s Equity
    Capital beginning/Capital as at………….. (eg 1 January XX
    2022)
    Add: Net Profit or (Less: Net Loss) XX
    Less: Drawings {drawings of cash + goods) (XX)
    Capital ending/Capital as at ………… (eg 31 December XX
    2022)

    Non-Current Liabilities
    Long Term Loan XX
    Mortgage on Premises XX
    XX
    Current Liabilities
    Bank overdraft XX
    Accounts Payable XX
    Accrued expenses XX
    Prepaid revenues/Unearned revenue XX
    XX
    XXXX (OEL)
    Note: Amount (A) and (EL) must tally (same amount)

    You might also like