FORMAT OF FINAL ACCOUNTS (VERTICAL FORMAT)

Name of Business
Statement of Profit or Loss for the year ended ……………
RM RM
Sales XX
(-) Return inwards (XX)
(-) Discount allowed (XX)
Net Sales XXX

(-) Cost of Goods Sold

Opening inventory XX

(+) Purchases XX
(-) Return outwards (XX)
(-) Discount received (XX)
(+) Carriage inwards/Duty on purchases/ Insurance on purchase XX

(-) Closing inventory (XX)

(XXX)
GROSS PROFIT XXX

(+) Other Income

Rent received XX
Commission received XX
Interest received XX
XXX
(-) Expenses
Salary and wages XX
Insurance XX
Rent expenses XX
Interest expenses XX
Carriage outwards XX
(XXX)
NET PROFIT XXX

1
 Name of Business
Statement of Financial Position as at ………………
RM RM RM
Non-Current Assets Cost Accumulated Carrying
depreciation value
Land and Building XX (XX) XX
Motor Vehicles XX (XX) XX
Office Equipment XX (XX) XX
Machinery XX (XX) XX
Fixtures and Fittings XX (XX) XX
XXX
Intangible Assets (Copyright/Patent/Trademark) XX
Investment (Fixed deposit/ASB/TH) XX
XXX
Current Assets
Closing inventory XX
Accounts Receivable / Debtors XX
(-) Allowance for Doubtful Debt (XX)
Cash at Bank / Bank XX
Cash in Hand / Cash XX
Prepaid expenses XX
Accrued revenues XX
XXX
XXXX (*)
Owner’s Equity
Capital XX
Add: Net Profit /(Loss) XX
Less: Drawings (XX)
XX

Non-Current Liabilities
Long Term Loan XX
Mortgage on Premises XX
XX
Current Liabilities
Bank overdraft XX
Accounts Payable / Creditors XX
Accrued expenses XX
Prepaid revenues XX
XX
XXXX (*)
Note: (*) Must be the same