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OCTOBER 2016: Nur Amira Nadia Binti Azizi 2018404898 BA1185F

Bidor Enterprise reported net profit of RM5,510 for the year ended 30 June 2016. Key figures from the income statement include net sales of RM141,500 and gross profit of RM67,550. The statement of financial position shows total assets of RM173,000, consisting of non-current assets such as vehicles and equipment worth RM78,700 and current assets including inventory and receivables of RM74,300. Owner's equity was RM94,500 and liabilities such as loans and payables totaled RM78,500.

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89 views

OCTOBER 2016: Nur Amira Nadia Binti Azizi 2018404898 BA1185F

Bidor Enterprise reported net profit of RM5,510 for the year ended 30 June 2016. Key figures from the income statement include net sales of RM141,500 and gross profit of RM67,550. The statement of financial position shows total assets of RM173,000, consisting of non-current assets such as vehicles and equipment worth RM78,700 and current assets including inventory and receivables of RM74,300. Owner's equity was RM94,500 and liabilities such as loans and payables totaled RM78,500.

Uploaded by

Nur Amira Nadia
Copyright
© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
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OCTOBER 2016

a) Bidor Enterprise
Statement of Profit or Loss for the year ended 30 June 2016
RM RM RM
Sales 150,000
(-) Sales return / Return inwards (2,500)
(-) Discount allowed (6,000)
Net sales 141,500

(-) Cost of sales


Opening inventory 15,000
Purchases (75,600 – 450) 75,150
(-) Purchase return / Return outwards (3,000)
(-) Discount received (8,000)
64,150
Carriage inwards 4,500
Duty on purchase 2,300
Cost of goods available for sale 85,950
(-) Closing inventory (12,000)
(73,950)
Gross Profit 67,550

(+) Other income


Commission received (2,500 - 500) 2,000
Interest on investment 1,200
3,200
(-) Operating expenses
Insurance (4,800 – 800) 4,000
Salaries and wages (23,000 + 900) 23,900
Rental expense (11,000 + 1,000) 12,000
Carriage outwards 1,200
Petrol expenses 1,200
Utilities (3,850 + 350) 4,200
AFDD 1,440

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F


Interest on loan 750
Depreciation on Office equipment 1,800
Depreciation on Motor vehicles 14,000
Depreciation on Fixtures and fittings 750
(65,240)
Net Profit 5,510

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F


b) Bidor Enterprise
Statement of Financial Position as at 30 June 2016
Cost Accumulated Carrying
(RM) depreciation amount
(RM) (RM)
Non-current Assets
Motor vehicle 70,000 21,000 49,000
Office equipment 20,000 3,800 16,200
Fixtures and fittings 15,000 1,500 13,500

Investment 20,000

Current Assets
Closing inventory 12,000
Accounts receivable (30,000 – 1,200) 28,800
(-) Allowance for doubtful debt (1,440)
27,360
Cash in hand 17,740
Bank 15,200
Prepaid insurance 800
Accrued interest on investment 1,200
74,300
173,000
Financed by:
Owner’s Equity
Capital 90,000
(+) Net profit 5.510
(-) Drawings (560 + 450) (1,010)
94,500

Non-current Liabilities
5% Bank loan 60,000

Current Liabilities
Account payable 15,000

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F


Accrued interest on loan 750
Accrued utilities 350
Accrued salaries and wages 900
Accrued rental expense 1,000
Prepaid commission received 500
18.500
173,000

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F

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