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Business
Accounting
Debit (RM) Credit (RM) 48,400 Particulars Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TОTAL 200 300 700 2,400 950 350 10,000 3,000 20,000 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.

Debit (RM) Credit (RM) 48,400 Particulars Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TОTAL 200 300 700 2,400 950 350 10,000 3,000 20,000 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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based on that solution just want to ask how find gross profit and net profit？
半夜12:30 O all ll 10 Pront or Loss and Comprenensive income is a statement prepared in a format of ledger account shows gross profit and net profit amounts.The first part calculated the gross profit/loss resulting from purchases and sale(core activity) of business while the second part calculates the net profit/loss resulting from operating activities such as administrative expenses and general expenses,interest incomes,maintenance and repairs,selling and distributions ,provisions etc. Solution for requirement (a). Statement of Profit and Loss and Comprehensive Income For year ended 31 August 2019 Particulars Opening Inventory Purchases (-) Purchase Returns (-)Goods Withdrawn Wages & Salaries Gross Profit c/d Total Amount (RM) Amount (RM) Particulars Amount (RM) Amount (RM) 2,400 Sales (-) Sales Returns Closing Inventory 30,650 40,400 31.000 300 40,100 250 3,300 100 5,600 4,750 43,400 Total 120 Gross Profit b/d 700 Discount Received 950 Provision for doubtful debt 43,400 Discount Insurance Utilities 4, 750 200 Rates Bad Debts Net Profit c/f Total 350 Old 300 200 New 212 2,842 5,162 Total 5,162 We can conclude that the business has gross profit of 4,750 RM and Net Profit of 2,842 RM. Step2 b) Statement of Financial Position Balance Sheet is a statement of financial
Transcribed Image Text:半夜12:30 O all ll 10 Pront or Loss and Comprenensive income is a statement prepared in a format of ledger account shows gross profit and net profit amounts.The first part calculated the gross profit/loss resulting from purchases and sale(core activity) of business while the second part calculates the net profit/loss resulting from operating activities such as administrative expenses and general expenses,interest incomes,maintenance and repairs,selling and distributions ,provisions etc. Solution for requirement (a). Statement of Profit and Loss and Comprehensive Income For year ended 31 August 2019 Particulars Opening Inventory Purchases (-) Purchase Returns (-)Goods Withdrawn Wages & Salaries Gross Profit c/d Total Amount (RM) Amount (RM) Particulars Amount (RM) Amount (RM) 2,400 Sales (-) Sales Returns Closing Inventory 30,650 40,400 31.000 300 40,100 250 3,300 100 5,600 4,750 43,400 Total 120 Gross Profit b/d 700 Discount Received 950 Provision for doubtful debt 43,400 Discount Insurance Utilities 4, 750 200 Rates Bad Debts Net Profit c/f Total 350 Old 300 200 New 212 2,842 5,162 Total 5,162 We can conclude that the business has gross profit of 4,750 RM and Net Profit of 2,842 RM. Step2 b) Statement of Financial Position Balance Sheet is a statement of financial
OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019. РОСО SHOT ON POCO F2 PRO
Transcribed Image Text:OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019. РОСО SHOT ON POCO F2 PRO
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