FORMAT OF FINANCIAL STATEMENT

a) STATEMENT OF COMPREHENSIVE INCOME

Business Name
Statement of Comprehensive Income for the year ended 31/12/XXXX

RM RM RM
Sales XX
(- ) Return Inwards XX
Discount Allowed XX
Net Sales 2X

Less: Cost of goods sold

Opening inventory XX
Purchases XX
(- ) Return outwards XX
Discount received XX
Net Purchases 3X
Wages Buying XX
Carriage inwards expenses XX 4X
Cost of goods available for sale 5X
(- ) Closing inventory XX
Cost of Sales 6X

Gross Profit 7X

Add: Revenues
Commission received XX
Rent received XX 8X
9X

Less: Operating Expenses

Rent XX
Salaries XX 10X
Net Profit 11X
b) STATEMENT OF FINANCIAL POSITION

Business Name
Statement of Financial Position as at 31/12/XXXX

RM RM RM
Non-Current Asset
Land XX
Premises XX
Total Non-Current Asset 11X

Current Asset
Closing Inventory XX
Cash XX
Account Receivable XX
Total Current Asset 12X

Total of Assets 13X

Owner’s Equity
Capital XX
Add Net Profit XX
XX
Less drawings XX
Total Equity 14X

Non Current Liabilities

Loan XX
Debentures XX
15X
Current Liabilities
Account payable XX
Bank overdraft XX
Total Liabilities 16X

Total Equity and Liabilities 13X

 EXERCISE : FINANCIAL STATEMENT

1. The following figures are extracted from a firm's Trial Balance at 31 December 2015 :

Purchases RM 7,900
Sales RM10,000
Return inwards RM 150
Return outwards RM 110
Inventory 1.1.2015 RM 560
Duty on purchases RM 50
Carriage inward RM 40

The inventory in hand on 31.12.2015 was valued at RM 450:

You are required to calculate:
a) Net sales
b) Net Purchases
c) Purchase Cost
d) Cost Of Goods Available for Sale
e) The cost of goods sold.
f) The gross profit

2. Based on the question 1, calculate the net profit value.

Travelling expenses RM 240

Water & electricity RM 130
Rent paid RM 35
Rent received RM 45
Postage RM 15
Commission received RM 330

3. The following balances are taken from the books of Yang Ying on 31 December 2014:

RM RM
Capital 12 000 Wages & salaries 1 900
Stock 1.1.2014 3 084 Commission received 703
Stock 21.12.2014 2 071 Insurance 540
Drawings 115 Equipment 3 256
Sales 19 500 Acc receivable 3 044
Purchases 15 450 Acc payable 4 102
Return inwards 440 Furniture 2 100
Return outwards 299 Building 10 200
Duty on purchases 245 Loan 5500
Carriage inwards 810 Cash 325
Carriage outwards 304 Interest paid 291

Prepare:
a) Trial Balance as at 31 December 2014
b) Calculate the gross profit and the net profit
c) The statement of Financial Position
4. From the following Trial Balance, you are required to calculate the gross profit, the net
profit and the balance sheet.
Dr(RM) Cr(RM)
Capital 30 000
Cash 17 000
Shop fittings 4 200
Acc receivable 850
Acc payable 2 100
Sales 10 500
Purchases 19 000
Inventory 1.1.2016 450
Return inwards 150
Return outwards 100
Import duty on purchases 110
Office expenses 410
Rent paid 200
Insurance 150
Interest received 20
Drawing 200
42 720 42 720

Inventory at 31.12.2016 valued at RM10 180

a) Net sales
b) Net Purchases
c) Purchase Cost
d) Cost Of Goods Available For Sale
e) The cost of goods sold
f) The gross profit

5. Prepare the statement of Financial Position (Balance Sheet) of Achen from the
following balances extracted from the books of 30 June 2016:
RM
Capital 10 000
Acc payable: Aini 2 500
Alice 3 500
Acc receivable: Ajai 1 560
Binbi 1 800
Motor vehicles 3 500
Premises 8 200
Stock 30.6.2016 648
Drawings 300
Cash 240
Net profit for the year 248