MARCH 2016

a) Empire Enterprise
Statement of Profit or Loss for the year ended 31 December 2015
RM RM RM
Sales 378,000
(-) Sales return / Return inwards (19,500)
(-) Discount allowed (900)
Net sales 357,600

(-) Cost of sales

Opening inventory 50,000
Purchases (232,000 – 2,000) 230,000
(-) Purchase return / Return outwards (14,000)
(-) Discount received (1,500)
214,500
Carriage inwards (4,000 - 1950) 2,050
Cost of goods available for sale 266,550
(-) Closing inventory (63,000)
(203,550)
Gross Profit 154,050

(+) Other income

Rental received (14,000 + 2000) 16,000
Dividend on investment 5,100
21,100
(-) Operating expenses
Insurance 3,000
General expense 3,000
Electricity and water (2,400 - 400) 2,000
Carriage outwards 1,950
Salaries and wages (15,000 – 1,200) 13,800
Printing and stationery (1,000 + 500) 1,500
Repairs and maintenance (3,000 + 700) 3,700
AFDD 4,505

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F

 Interest on loan 4,800
Depreciation on Office equipment 900
Depreciation on Motor vehicles 10,240
(49,395)
Net Profit (Loss) 125,755

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F

b) Empire Enterprise
Statement of Financial Position as at 31 December 2015
Cost Accumulated Carrying
(RM) depreciation amount
(RM) (RM)
Non-current Assets
Motor vehicle 80,000 39,040 40,960
Office equipment 9,000 2,700 6,300
Freehold premises 300,000 0 300,000

Investment 20,000

Current Assets
Closing inventory 63,000
Accounts receivable (81,600 – 1,500) 80,100
(-) Allowance for doubtful debt (4,005)
76,095
Cash at bank 22,600
Prepaid electricity and water 400
Prepaid salaries and wages 1,200
Accrued rental received 2,000
165,295
532,555
Financed by:
Owner’s Equity
Capital 175,000
(+) Net profit (Loss) 125,755
(-) Drawings (200 + 2,000) (2,200)
298,555

Non-current Liabilities
8% loan from AMB Bank 120,000

Current Liabilities
Account payable 108,000

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F

 Accrued interest on loan 4,800
Accrued printing and stationery 500
Accrued repair and maintenance 700
114,000
532,555

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F