Statement of Comprehensive Income

RM RM
Sales XX
Less: Discount xx
Return xx (XX)
Net Sales XX

Less: Cost of Sales

Opening inventory xx
Purchase xx
Less: Discount (xx)
Return (xx)
Less: Closing inventory xx
Cost of Good Sold (XX)

Gross Profit XX

Add: Income XX

Less: Expense (XX)

Net Profit XX

COGS Opening inventory + Purchase - Closing inventory

Gross Profit Net Sales-COGS
Net Profit Gross profit + Income - Expense
 Statement of Financial Position
RM RM
Non Current Assets xx

Current Assets xx

Total Assets XX

Non Current Liabilities xx

Current Liabilities xx

Owner Equities xx

Total Liabilities and Owner Equities XX

Asset = Liability + Owner Equity

Asset
Liability
Owner equity
Income
Expense

DEBIT CREDIT
ASSET X
EXPENSE X
INCOME X
LIABILITY X
EQUITY X
 The following is the trial balance of Tyra Enterprise on 30 June 2016.
Debit Credit
RM RM
Accumulated depreciation (fitting) 11500
Advertising 750
Allowance for doubtful debt 2550
Bank 5810
Capital 20000
Carriage fee 1245
Cash 2550
Creditor 26620
Debtor 38325
Discount 245 125
Drawing 1800
Fitting 24000
Inventories 25000
Maintenance 6500
Miscellaneous expenses 7510
Purchase 359110
Rental 18000
Return 8900 4230
Salary 36800
Sales 459900
530735 530735

Additional information:

1.    Inventory as at 30 June 2016 is RM28 520.

closing

2.    Owner bought fitting by using own money worth RM6

750 and not yet recorded.
add capital (additional), add fitting

3.    Fitting are depreciated at 10% straight line method.

(24000+6750)*0.1

4.    Rejected cheque been recorded but cancellation of

discount given worth RM35 are not yet recorded.
245-35

5.    Allowance for doubtful debt is 5% on account receivable.

1918

6.    Owner has taken RM120 of stationery and been

recorded as miscellaneous expenses.
add 120 on
7.    Invoice RM1800 for rental is for 3 months up to 31st
August 2016. 1/3*1800
8.    Monthly advertising cost is RM450. Last invoice received
is on April 2016. 450*2
9.    Sales including RM2 400 work to be done in September
2016. sales - 2400
 Tyra Enterprise
Statement of Comprehensive Income for the year ended 30 June 2016
RM RM
add 900 Sales (459900-2400) 457500
Less: sales return 8900
Discount given (245-35) 210
add capital 6750 Net sales 448390

Less: cost of sales

Opening inventories 25000
add 35 Purchase 359110
less 35 Less: purchase return 4230
add 120 Discount received 125
add 6750 Cost of goods available for sales 379755
opening Less: closing inventories 28520
Cost of good sold 351235
less 120 Gross profit 97155

less 1200 Add: income

Decreasing in afdd (2550-1918) 632
97787
less 2400 Less: expenses
Misc expenses (7510-120) 7390
Rental (18000-1200) 16800
Maintenance 6500
Salary 36800

Carriage fee 1245

Advertising (750+900) 1650

al (additional), add fitting
Depreciation (24000+6750)*0.1 3075
(24000+6750)*0.1 3075

Total expenses 73460

210
Net profit 24327
0.05*(38325+35)

less 120 on misc

 600

900

sales - 2400
 Tyra enterprise
Statement of Financial Position as at 30 June 2016
RM RM ASSET
Non current assets EXPENSE
Fitting (24000+6750) 30750 INCOME
Less: depreciation (11500+3075) 14575 LIABILITY
16175 EQUITY
Current assets
Inventories (closing) 28520
Debtors (38325 + 35) 38360
Less: afdd (5%*38360) 1918
Cash 2550
Prepaid rent 1200
68712
Total assets 84887

Current liabilities
Creditors 26620
Prepaid income 2400
Accrued advertising (450*2) 900
Bank overdraft 5810
35730
Owner equity
Capital 20000
Additional capital 6750
Net profit 24327
Less: drawing (1800+120) 1920

49157

84887

5%x(38325+35)
DEBIT CREDIT
X
X
X
X
X

1918
jan 10000
april 50000
december 20000

selling price 2000 sales purchase price

discount 200 discount
return 500 return
1300 net sales

new afdd 1918

old afdd 2550

632 income
 asset = liability + equity

6750 =

fitting 6750 = 0+ 0
cash -6750
0

sales 500
1000 purchase discount 35 debtor
150 paid 465
100
750 net purchase

balance sheet
drawing 120
misc -120