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TMS Boutique

Statement of Profit or Loss for the year ended 30 June 2020

RM RM RM
Sales 11 925
Less: Sales Return (50)
Less: Discount Allowed (310)
Net Sales 11 565

Less: Cost of Goods Sold


Purchases 31 580
Less: Purchase Return (150)
Less: Discount Received (211)
Cost of Goods Available for Sales 31 219
Less: Closing Inventory (28 523) (2 696)
Gross Profit 8 868

Other Income
Commission Received 950
Rent Revenue 400 1 350

Less: Expenses
Utility Bill 150
Telephone Bill 50
Salary 3 600
Rental Expense 11 000
Total Expense (14 800)
Net Loss (4 581)
TMS Boutique

Statement of Financial Position as at 30 June 2020

RM RM RM
ASSETS
Non-current assets
Office Equipment 10 000
Motor Vehicle 48 000
Furniture 5 000
Equipment 2 300
65 300
Current assets
Bank 99 431
Cash 1 340
Account Receivable 3 425
Inventories 28 523 132 719
Total assets 198 019

Owner’s Equity
Capital 140 000
Less: Loss (4 581)
Less: Drawings (400) 135 019

Non-current liabilities
Loan 38 000

Current liabilities
Account payable 25 000
Total owner’s equity and liabilities 198 019

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