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Business
Accounting
Profit and Loss

Profit and Loss

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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Prepare the statement of Profit and Loss for the month ended 29 February 2020.

Nour Ceramics is a sole proprietorship business. The business purchase and sell high quality tiles for luxury homes. The inspiration of the tiles' collections is between contemporary and natural design. The beginning balance and business transactions relate to the business in the month of February 2020. Beginning balance (1 February 2020): Fixture and Fittings Bank RM 20,000 (dt) RM 53,000 (dt) RM 21,000 (dt) RM 12,500 (dt) Accounts Payable (Golden Horse) RM 17,000 (ct) RM 89,500 (ct) Inventories Accounts Receivable (ICEA) Capital February 2020 1 Received RM7,500 cheque from Accounts Receivable ICEA. 3 Paid to Accounts Payable Golden Horse RM 7,000 by cheque. 7 Sold tiles amounted to RM5,300 to ICEA, on credit. The cost of the tiles, RM4,077. 12 Purchased tiles amounted to RM 4,000 from Golden Horse, on credit. 13 Returned tiles amounted to RM 700 to Golden Horse due to wrong specification. 15 Sold tiles amounted to RM7,000 on credit to Tropical Garden with the term 2/10, n/30. The cost of the tiles, RM5,385 20 Received payment from Tropical Garden by cheque. Credit terms applied. Ending inventory amount was RM14,838
Transcribed Image Text:Nour Ceramics is a sole proprietorship business. The business purchase and sell high quality tiles for luxury homes. The inspiration of the tiles' collections is between contemporary and natural design. The beginning balance and business transactions relate to the business in the month of February 2020. Beginning balance (1 February 2020): Fixture and Fittings Bank RM 20,000 (dt) RM 53,000 (dt) RM 21,000 (dt) RM 12,500 (dt) Accounts Payable (Golden Horse) RM 17,000 (ct) RM 89,500 (ct) Inventories Accounts Receivable (ICEA) Capital February 2020 1 Received RM7,500 cheque from Accounts Receivable ICEA. 3 Paid to Accounts Payable Golden Horse RM 7,000 by cheque. 7 Sold tiles amounted to RM5,300 to ICEA, on credit. The cost of the tiles, RM4,077. 12 Purchased tiles amounted to RM 4,000 from Golden Horse, on credit. 13 Returned tiles amounted to RM 700 to Golden Horse due to wrong specification. 15 Sold tiles amounted to RM7,000 on credit to Tropical Garden with the term 2/10, n/30. The cost of the tiles, RM5,385 20 Received payment from Tropical Garden by cheque. Credit terms applied. Ending inventory amount was RM14,838
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