Lala Trading (DEC2018)

Statement of Profit or Loss for the year ended 31 December 2018

RM RM RM
Sales 104,100
Less: discount allowed (500)
Less: return inwards (1,100)
Net Sales 102,500
Less: Cost of sales
Opening inventory 20,570
Purchases (68,700 – 1,200) 67,500
Less: discount received (400)
Less: return outwards (950)
Net Purchases 66,150
Add:
Carriage inwards 600
COST OF GOODS AVAILABLE FOR 87,320
SALES
Less: closing inventories (15,000) (72,320)
GROSS PROFIT 30,180

Add: other revenue

Commission received 1,500
Rental income 4,000 5,500

Less: other expenses

Salaries 5,050
Electricity & water expenses
(1,770 + 500) 2,270
Advertisement 8,900
Rental expense (3,000 – 2,000) 1,000
Petrol expenses 750
Insurance expense 2,000
Carriage outwards 750
Depn – Furniture & Fitting 2,250
Depn – Office Equipment 1,050
Depn – Motor Vehicle [10%- (23,300 - 2,330) 2,097
Increase in AFDD 5,937
Interest on loan 2,500 (34,554)
NET PROFIT 1,126

Lala Trading (DEC2018)

Statement of Financial Position as at 31 December 2018
RM RM RM
Non-current asset Cost Acc Depn NBV
Furniture & Fittings 15,000 (11,250) 3,750
Office equipment 10,500 (5,250) 5,250
Motor vehicle 23,300 (4,427) 18,873
Fixed deposit 25,000

Current asset
Account receivable (75,370 – 1,000) 74,370
Less: Allowance for doubtful debt (7,437) 66,933
Cash in hand (5,700 – 800) 4,900
Cash at bank 27,200
Closing inventories 15,000
Prepaid rent 2,000 116,033
TOTAL ASSETS 168,906

Financed by:
Capital 92,380
Net profit 1,126

Less: drawings (2,100 + 800 + 1,200) (4,100)

89,406
Non-current liability
MYB bank loan 50,000
Current liability
Account payable 26,500
Accrued water & electricity 500
Accrued interest on loan 2,500 29,500
TOTAL OE & LIABILITIES 168,906