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(Solution) Exercise 13 - Financial Statements

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16 views2 pages

(Solution) Exercise 13 - Financial Statements

Uploaded by

ReneeLim
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The following accounts come from the ledger of Satay Delights at 31 January 2018.

RM RM
Cash 25,000 Utilities 300
Miscellaneous expenses 2,000 Sales 120,000
Accounts Payable 3,000 Accounts receivable 400
Equipment 3,500 Premises 215,000
Salary 12,000 Furniture 2,700
Capital ? Long-term bank loan 50,000

Prepare Statement of Profit or Loss for the year ended 31 January 2018 and Statement of
Financial Position as at 31 January 2018.

(Students have completed this in Exercise 13.)


Satay Delights
Trial balance as at 31 January 2018
Account title Debit (RM) Credit (RM)
FP CA Cash 25,000 √
PL EXP Miscellaneous expenses 2,000 √
FP CL Accounts payable 3,000 √
FP NCA Equipment 3,500 √
PL EXP Salary 12,000 √
FP EQ Capital 87,900 √
PL EXP Utilities expenses 300 √
PL INC Sales 120,000 √
FP CA Accounts receivable 400 √
FP NCA Premises 215,000 √
FP NCA Furniture 2,700 √
FP NCL Long-term bank loan 50,000 √
260,900 260,900

Satay Delights
Statement of Profit or Loss for the year ended 31 January 2018
RM RM
Sales 120,000

Less: Expenses
Salary 12,000
Utilities 300
Miscellaneous expenses 2,000 (14,300)
Net profit 105,700
Satay Delights
Statement of Financial Position as at 31 January 2018
RM RM
Assets
Non-current asset
Equipment 3,500
Premises 215,000
Furniture 2,700 221,200

Current asset
Cash 25,000
Accounts receivable 400 25,400
Total Assets 246,600

Liability and Equity


Liability
Current liability
Account payable 3,000

Non-current liability
Long-term bank loan 50,000

Equity
Opening capital 87,900
Add: Net profit 105,700
Total Liability and Equity 246,600

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