Statement of Profit or Loss for the year ended 31 December 2020

RM RM
Sales
(-) Return inwards
(-) Discount allowed
Net sales

Less: Cost of goods sold

Opening stock 36,000
Purchases 250,000
Drawings -700
(-) Return outwards -16,500
(-) Discount Received -2,500
Custom duty 2,300
Net purchases 232,600
(-) Closing stock -22,000

Gross Profit

Add: Revenue
Rental received 3,000
Commission received (4000-2000) 2,000
Decrease in doubtful 266

Total Revenue

Less: Operating Expenses

Carriage expenses 9,000
Salary expenses (20500-6500) 14,000
Advertisement expenses 5,600
General expenses 1,000
Stationary 300
Utilities expenses (11,700+150) 11,950
Depreciations of motor vehicle (95000 x 20%) 19,000
Depreciations of furniture and fittings (60,000 x 15%) 9,000
Depreciations of machinery (60,000-12000) x 10% 4,800
Interest on loan (800+ (50000x3%)700 1,500
Insurance Expenses 2,500
Repairs and maintenance 4,500

Net Profit
 Statement of Financial Position as at 31 December 2020
RM Non Current Assets Cost Acc depreciation
298,000 Motor Vehicles 60,000 -41500
-11,000 Machinery 95,000 -16800
-4,550 Furniture and Fittings 60,000 -9000
282,450
investment
investment ABS

Patents
Current Assets
Prepayment Salary Expenses 6,500
Closing inventories 22,000
Acc receivable (22,500-800) 21,700
(-) Allowance for doubtful debt -434 21,266
Bank 20,200
-246,600 Cash 10,950
35,850

Financed by:
Owner equity
Beginning Capital
(-) Net loss
5,266 (-) Drawings (5,000+700)
41,116 Ending capital

Long term financing

3% Loan from Bank Rahmat

Current liability
Account payable
Accrued interest
Prepayment commision
Total OE and Liabilities

-83,150
-42,034
Carrying Value
51,000
53,000
43,200
147,700

83,000

12,600

80,916
324, 216

29,600
-42,034
-5,700
248,266

50,000

23,000
250
700
2,000
324,216