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1) The company reported net sales of RM305,000 for the year ended December 31, 2010 with a gross profit of RM152,300 and net profit of RM135,650. 2) As of December 31, 2010, the company had total assets of RM808,500 including non-current assets of RM453,000 and current assets of RM355,500. 3) The company's equity was RM623,500 with owner's equity of RM624,700 reduced by drawings of RM1,200, and liabilities included long-term bank loans of RM150,000 and current liabilities of RM35,000.

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ckyn greenleaf
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268 views

Format IS and BS

1) The company reported net sales of RM305,000 for the year ended December 31, 2010 with a gross profit of RM152,300 and net profit of RM135,650. 2) As of December 31, 2010, the company had total assets of RM808,500 including non-current assets of RM453,000 and current assets of RM355,500. 3) The company's equity was RM623,500 with owner's equity of RM624,700 reduced by drawings of RM1,200, and liabilities included long-term bank loans of RM150,000 and current liabilities of RM35,000.

Uploaded by

ckyn greenleaf
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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FORMAT OF INCOME STATEMENT AND BALANCE SHEET

Company's Name
Income Statement for the year ended 31 December 2010
RM RM RM
Sales 320,000
(-) Return Inwards (15,000)
Net Sales 305,000

Stock as at 1 January 2010 25,000


Purchases 142,000
(-) Return Outwards (5,600)
136,400
(+) Carriage Inwards 3,200
Insurance on purchase 300
Import Duties 500 140,200
165,200
(-)Stock as at 31 December 2010 (12,500)
Cost of Goods Sold 152,700
GROSS PROFIT 152,300

(+) Other Income :


Commission received 400
Rental received 3,000
Discount received 500
Dividend received 1,200 5,100
157,400

(-)Operating Expenses:
Rental 3,000
Salaries 12,000
Electricity 450
Depreciation 200
Telephone 400
Utilities 1000
General Expenses 200
Discount Allowable 200
Carriage Outwards 500
Commission 200
Repairs and maintenance 600
Petrol/Toll Expenses 3000 21,750
NET PROFIT 135,650
Company's Name
Balance Sheet as at 31 December 2010
RM RM RM
Non Current Assets Cost Acc Dep NBV
Building 300,000 25,000 275,000
Motor Vehicles 70,000 12,000 58,000
333,000
Long Term Investments 120,000
453,000

Current Assets
Stock 31/12/2010 12,500
Debtor 23,000
(-) Allowance Doubtful Debt 2,000
(-) Allowance Discount Allowed 1,000 20,000
Bank 320,000
Cash in hand 3,000 355,500
808,500

Owner's Equity
Capital 489,050
(+) Net profit 135,650
624,700
(-) Drawing 1,200
623,500

Long Term Liabilities


Loan from bank 150,000

(-)Current Liabilities
Creditor 35,000
808,500

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