Scribd
Upload
448 views4 pages

Qaseh Enterprise Financial Report

Qaseh Enterprise reported net sales of RM108,450 for the year ended 31 December 2018. Gross profit was RM92,280. Other income contributed an additional RM2,100. Operating expenses totaled RM36,967, resulting in a net profit of RM57,413. As of 31 December 2018, Qaseh Enterprise had total assets of RM310,043 including non-current assets valued at RM146,550 and current assets of RM149,593. Total equity was RM265,663 with current liabilities amounting to RM24,380 and non-current liabilities of RM20,000.

Uploaded by

Nur Amira Nadia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
448 views4 pages

Qaseh Enterprise Financial Report

Qaseh Enterprise reported net sales of RM108,450 for the year ended 31 December 2018. Gross profit was RM92,280. Other income contributed an additional RM2,100. Operating expenses totaled RM36,967, resulting in a net profit of RM57,413. As of 31 December 2018, Qaseh Enterprise had total assets of RM310,043 including non-current assets valued at RM146,550 and current assets of RM149,593. Total equity was RM265,663 with current liabilities amounting to RM24,380 and non-current liabilities of RM20,000.

Uploaded by

Nur Amira Nadia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

DECEMBER 2018

a) Qaseh Enterprise
Statement of Profit or Loss for the year ended 31 December 2018
RM RM RM
Sales 110,000
(-) Sales return / Return inwards (750)
(-) Discount allowed (800)
Net sales 108,450

(-) Cost of sales


Opening inventory 25,000
Purchases (34,000 – 800) 33,200
(-) Purchase return / Return outwards (500)
(-) Discount received (1,200)
31,500
Carriage inwards (1/4 x 5,400) 1,350
Duty on purchase 320
Cost of goods available for sale 58,170
(-) Closing inventory (42,000)
(16,170)
Gross Profit 92,280

(+) Other income


Rental received (1,800 – 400) 1,400
Interest on fixed deposit 700
2,100
(-) Operating expenses
Salaries and wages (3,250 + 1,500) 4,750
Electricity and water (1,800 + 380) 2,180
Printing and stationery (500 – 110) 390
Carriage outwards (3/4 x 5,400) 4,050
General expense (680 – 220) 460
Rental expense (1,400 + 700) 2,100
Insurance expense 5,000

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F


Advertising 2,250
AFDD 1,837
Interest on loan 400
Depreciation on Motor vehicle 9,600
Depreciation on Fixtures and fittings 3,950
(36,967)
Net Profit (Loss) 57,413

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F


b) Qaseh Enterprise
Statement of Financial Position as at 31 December 2018
Cost Accumulated Carrying
(RM) depreciation amount
(RM) (RM)
Non-current Assets
Motor vehicle 60,000 21,600 38,400
Fixtures and fittings 46,000 10,450 35,550
Freehold premises 72,500 0 72,500

10% fixed deposit 14,000

Current Assets
Closing inventory 42,000
Accounts receivable (32,000 – 550) 31,450
(-) Allowance for doubtful debt (1,887)
29,563
Cash at bank 25,000
Cash in hand 52,000
Prepaid general expense 220
Prepaid printing and stationery 110
Accrued interest on fixed deposit 700
149,593
310,043
Financed by:
Owner’s Equity
Capital 212,250
(+) Net profit (Loss) 57,413
(-) Drawings (3,200 + 800) (4,000)
265,663

Non-current Liabilities
8% loan from DBS Bank 20,000

Current Liabilities

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F


Account payable 21,000
Accrued interest on loan 400
Accrued salaries and wages 1,500
Accrued electricity and water 380
Accrued rental expense 700
Prepaid rental received 400
24,380
310,043

NUR AMIRA NADIA BINTI AZIZI 2018404898 BA1185F

You might also like