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(Solution) Exercise 12 - Prepare Financial Statements

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13 views1 page

(Solution) Exercise 12 - Prepare Financial Statements

Uploaded by

ReneeLim
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SnowGo Company

Statement of Profit or Loss


for the year ended 31 December 2017
RM RM
Revenue
Sales 95,000

Less: Expenses
Wages 42,000
Utilities 3,000 (45,000)
Net profit 50,000

SnowGo Company
Statement of Financial Position
As at 31 December 2017
RM RM
Assets
Non-current asset
Equipment 88,000
Machinery 6,000 94,000

Current asset
Account receivable 4,000
Bank 2,000
Cash 7,000 13,000
Total Assets 107,000

Liability and Equity


Current liabilities
Account payable 22,000

Non-current liabilities
Bank loan 23,000

Equity
Opening capital 20,000
Net profit 50,000
Less: Drawings (8,000)
Total Liability and Equity 107,000

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