EMPIRE ENTERPRISE

STATAMENT OF ACCOUNT FOR PROFIT AND LOSS AS AT 31 DECEMBER 2015

RM RM RM
Sales 378,000
(-) Sales Return (19,500)
Discount allowed (900)
NET SALES 357,600

(-) Cost of goods sold

Opening inventory 50,000
Purchase 232,000
(-) Return outward (14,000)
(2,000)
Discount received (1,500)
NET PURCHASE 214,500

(+) Expenses on purchase

Carriage expenses 4,000
Insurance 3,000
Cost of good purchase 221,500
Cost of good available for sales 271,500
(-) Closing Inventory (63,000)
Cost of good sold (208,500)
Gross Profit 149,100

(+) Revenue
Rental Received 14,000
Dividend on investment 5,100
19,100

(-) Expenses
Carriage outward 1,950
Electricity & Water 2,400
General Expenses 3,000
Salaries & Wages 15,000
Prinitng & Stationeries 1,000
Repair & Maintenance 3,000
Allowance for Doubfull Debt 2,000
(28,350)
NET PROFIT 139,850
 EMPIRE ENTERPRISE
STATAMENT OF ACCOUNT FOR FINANCIAL POSITION AS AT 31 DECEMBER 2015

RM RM

COST DEPRECIATION

Non Current Asset

Freehold premises at cost 300,000
Office Equipment 9,000 (1,800+900)
Motor Vehicle 80,000 (28,800+10,240)

Investment

Current Asset
Closing Inventory 63,000
Account Received (81,600-4005) 77,595
Cash at Bank 22,600
Accrual Rental Received 2,000
Prepayment Electricity & Water 400
Prepayment Salaries & Wages 1,200

Owner Equity
Capital
(+) Net Profit
(-) Drawing
Capital as at 31 December 2015

Non-current liabilities
8% Loan from AMB Bank 120,000

Current Liabilities
Account Payable 108,000
Accrual Printing & Stationeries 500
Accrual Repair & Maintenance 700
AT 31 DECEMBER 2015

RM

NET BOOK
VALUE

300,000
6,300
40,960
347,260

20,000
367,260

166,795
534,055

175,000
139,850
(2,200)
312,650

120,000

109,200
541,850