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Kedai Emas Berkilau Statement Of Profit Or Loss For The Year Ended 30 April 2024 Sales Revenue Less: Sales Return Sales Discount Net Sales Less: Cost of Sales: Add: Net Purchases: Opening Inventory as at 1 May 2023 Purchases Less: Purchases Return Purchases Discount Cost of Goods Available for Sale Less: Closing Inventory as at 30 April 2024 Gross Profit Add: Other Revenue: Rent Revenue Less: Operating Expenses: Salary Expenses Insurance Expenses Depreciation Expenses Net Profit RM RM RM 340,000 (2,000) (5,000) 333,000 16,000 100,000 (1,200) (1,800) 97,000 113,000 (20,000) (93,000) 240,000 Kedai Emas Berkilau Statement Of Financial Position As At 30 April 2024 1,400 (73,200) (250) (3,583) (77,033) 164,367 Cost RM Accumulated Carrying Depreciation Amount RM RM Non-current Assets: Furniture Vehicle 100,000 250,000 (1,500) 98,500 (27,083) 222,917 321,417 Current Assets: Cash in Hand 248,000 Accounts Receivable 370,000 Less: Allowance for Doubtful Debts (105,000) 265,000 Inventory as at 30 April 2024 20,000 Prepaid Insurance 2,750 Rent Receivable Total Assets 400 536,150 857,567 Current Liabilities: Accounts Payable 380,000 Unearned Sales Revenue 30,000 Salary Payable 1,200 411,200 Owner's Equity: Cik Milah, Capital 290,000 Add: Net Profit 164,367 Less: Cik Milah, Drawings (8,000) 446,367 Total Liabilities and Owner's Equity 857,567 Additional information: All sales transaction was on credit term. Required: A. Compute the following ratio for both businesses: i. Current ratio. ii. Acid test/quick ratio. iii. Inventory turnover ratio. iv. Average collection period. V. Gross profit margin. vi. Net profit margin. (65 marks)

Kedai Emas Berkilau Statement Of Profit Or Loss For The Year Ended 30 April 2024 Sales Revenue Less: Sales Return Sales Discount Net Sales Less: Cost of Sales: Add: Net Purchases: Opening Inventory as at 1 May 2023 Purchases Less: Purchases Return Purchases Discount Cost of Goods Available for Sale Less: Closing Inventory as at 30 April 2024 Gross Profit Add: Other Revenue: Rent Revenue Less: Operating Expenses: Salary Expenses Insurance Expenses Depreciation Expenses Net Profit RM RM RM 340,000 (2,000) (5,000) 333,000 16,000 100,000 (1,200) (1,800) 97,000 113,000 (20,000) (93,000) 240,000 Kedai Emas Berkilau Statement Of Financial Position As At 30 April 2024 1,400 (73,200) (250) (3,583) (77,033) 164,367 Cost RM Accumulated Carrying Depreciation Amount RM RM Non-current Assets: Furniture Vehicle 100,000 250,000 (1,500) 98,500 (27,083) 222,917 321,417 Current Assets: Cash in Hand 248,000 Accounts Receivable 370,000 Less: Allowance for Doubtful Debts (105,000) 265,000 Inventory as at 30 April 2024 20,000 Prepaid Insurance 2,750 Rent Receivable Total Assets 400 536,150 857,567 Current Liabilities: Accounts Payable 380,000 Unearned Sales Revenue 30,000 Salary Payable 1,200 411,200 Owner's Equity: Cik Milah, Capital 290,000 Add: Net Profit 164,367 Less: Cik Milah, Drawings (8,000) 446,367 Total Liabilities and Owner's Equity 857,567 Additional information: All sales transaction was on credit term. Required: A. Compute the following ratio for both businesses: i. Current ratio. ii. Acid test/quick ratio. iii. Inventory turnover ratio. iv. Average collection period. V. Gross profit margin. vi. Net profit margin. (65 marks)

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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Kedai Emas Berkilau Statement Of Profit Or Loss For The Year Ended 30 April 2024 Sales Revenue Less: Sales Return Sales Discount Net Sales Less: Cost of Sales: Add: Net Purchases: Opening Inventory as at 1 May 2023 Purchases Less: Purchases Return Purchases Discount Cost of Goods Available for Sale Less: Closing Inventory as at 30 April 2024 Gross Profit Add: Other Revenue: Rent Revenue Less: Operating Expenses: Salary Expenses Insurance Expenses Depreciation Expenses Net Profit RM RM RM 340,000 (2,000) (5,000) 333,000 16,000 100,000 (1,200) (1,800) 97,000 113,000 (20,000) (93,000) 240,000 Kedai Emas Berkilau Statement Of Financial Position As At 30 April 2024 1,400 (73,200) (250) (3,583) (77,033) 164,367 Cost RM Accumulated Carrying Depreciation Amount RM RM Non-current Assets: Furniture Vehicle 100,000 250,000 (1,500) 98,500 (27,083) 222,917 321,417 Current Assets: Cash in Hand 248,000 Accounts Receivable 370,000 Less: Allowance for Doubtful Debts (105,000) 265,000 Inventory as at 30 April 2024 20,000 Prepaid Insurance 2,750 Rent Receivable Total Assets 400 536,150 857,567 Current Liabilities: Accounts Payable 380,000 Unearned Sales Revenue 30,000 Salary Payable 1,200 411,200 Owner's Equity: Cik Milah, Capital 290,000 Add: Net Profit 164,367 Less: Cik Milah, Drawings (8,000) 446,367 Total Liabilities and Owner's Equity 857,567 Additional information: All sales transaction was on credit term. Required: A. Compute the following ratio for both businesses: i. Current ratio. ii. Acid test/quick ratio. iii. Inventory turnover ratio. iv. Average collection period. V. Gross profit margin. vi. Net profit margin. (65 marks)
Transcribed Image Text:Kedai Emas Berkilau Statement Of Profit Or Loss For The Year Ended 30 April 2024 Sales Revenue Less: Sales Return Sales Discount Net Sales Less: Cost of Sales: Add: Net Purchases: Opening Inventory as at 1 May 2023 Purchases Less: Purchases Return Purchases Discount Cost of Goods Available for Sale Less: Closing Inventory as at 30 April 2024 Gross Profit Add: Other Revenue: Rent Revenue Less: Operating Expenses: Salary Expenses Insurance Expenses Depreciation Expenses Net Profit RM RM RM 340,000 (2,000) (5,000) 333,000 16,000 100,000 (1,200) (1,800) 97,000 113,000 (20,000) (93,000) 240,000 Kedai Emas Berkilau Statement Of Financial Position As At 30 April 2024 1,400 (73,200) (250) (3,583) (77,033) 164,367 Cost RM Accumulated Carrying Depreciation Amount RM RM Non-current Assets: Furniture Vehicle 100,000 250,000 (1,500) 98,500 (27,083) 222,917 321,417 Current Assets: Cash in Hand 248,000 Accounts Receivable 370,000 Less: Allowance for Doubtful Debts (105,000) 265,000 Inventory as at 30 April 2024 20,000 Prepaid Insurance 2,750 Rent Receivable Total Assets 400 536,150 857,567 Current Liabilities: Accounts Payable 380,000 Unearned Sales Revenue 30,000 Salary Payable 1,200 411,200 Owner's Equity: Cik Milah, Capital 290,000 Add: Net Profit 164,367 Less: Cik Milah, Drawings (8,000) 446,367 Total Liabilities and Owner's Equity 857,567 Additional information: All sales transaction was on credit term. Required: A. Compute the following ratio for both businesses: i. Current ratio. ii. Acid test/quick ratio. iii. Inventory turnover ratio. iv. Average collection period. V. Gross profit margin. vi. Net profit margin. (65 marks)
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