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Lala Trading DEC2018 - SOPL & SOFP DEC2018 AFTER ADJUSTMENT

Lala Trading reported net profit of RM1,126 for the year ended 31 December 2018. Net sales were RM102,500. Gross profit was RM30,180. Other revenue included commission of RM1,500 and rental income of RM4,000. Expenses included salaries of RM5,050, advertisement of RM8,900, and depreciation expenses totaling RM5,397. As of 31 December 2018, Lala Trading had total assets of RM168,906 including cash of RM31,200 and inventory of RM15,000. Liabilities included a bank loan of RM50,000 and accounts payable of RM26,500.

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150 views3 pages

Lala Trading DEC2018 - SOPL & SOFP DEC2018 AFTER ADJUSTMENT

Lala Trading reported net profit of RM1,126 for the year ended 31 December 2018. Net sales were RM102,500. Gross profit was RM30,180. Other revenue included commission of RM1,500 and rental income of RM4,000. Expenses included salaries of RM5,050, advertisement of RM8,900, and depreciation expenses totaling RM5,397. As of 31 December 2018, Lala Trading had total assets of RM168,906 including cash of RM31,200 and inventory of RM15,000. Liabilities included a bank loan of RM50,000 and accounts payable of RM26,500.

Uploaded by

AFIQ RAFIQIN RAHMAD
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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

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