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Exercise Financial Statements Without Adjustments

The document contains the statement of profit or loss and statement of financial position for Hermas Trading for the year ended 31 December 2020. The statement of profit or loss shows a net profit of RM13,750 and the statement of financial position shows total assets of RM350,250 financed by total owner's equity of RM277,250 and liabilities of RM73,000.

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Shahrill
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2K views

Exercise Financial Statements Without Adjustments

The document contains the statement of profit or loss and statement of financial position for Hermas Trading for the year ended 31 December 2020. The statement of profit or loss shows a net profit of RM13,750 and the statement of financial position shows total assets of RM350,250 financed by total owner's equity of RM277,250 and liabilities of RM73,000.

Uploaded by

Shahrill
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Question 3 (20 marks)

Required:
a. The Statement of Profit or Loss for the year ended 31 December 2020.
b. The Statement of Financial Position as at 31 December 2020.
Solution question 3:
Hermas Trading
Statement of Profit or Loss for the year ended 31 December 2020
RM RM RM
Sales 298000
Less : Return Inwards (11000)
: Discounts allowed (4550)
Net Sales 282450
Less: Cost of Goods Sold
Opening inventory 36000
Purchases 250000
Less: Return outwards (16500)
: Discount Received (2500)
Net purchases 231000
Custom duty on purchase 3000
Cost of goods available for sale 269300
-) Closing Inventory (22000)
Cost of goods sold (247300)
Gross Profit/Loss 35150

Add: Other income


Rental Received 3000
Commission Received 4000
7000

Less: Operating expenses


Carriage Expenses 9000
Salary Expenses 20500
Advertisement Expenses 5600
General Expenses 1000
Stationary 300
Utilities Expenses 11700
Interest on Loan 800
Insurance Expenses 2500
Repair & maintenance 4500 (55900)
Net profit (13750)

Asset, Liabilities & Capital = FP


Expenses & Purchases = PL
Hermas Trading
Statement of Financial Position as at 31 December 2020
RM RM RM
Non-Current Assets Cost Accumulated Carrying
Depreciation amount
Furniture & Fitting 60000 - 60000
Motor Vehicle 95000 -22500 72500
Machinery 60000 -12000 48000

Fixed deposit / Investment 83000 83000


Patents 12600 12600
Total Non-current assets 276100
Current Assets
Closing inventory 22000
Account Receivable 22500
Less : Allowance for DD (1500) 21000
Cash in hand 10950
Cash at Bank 20200

Total current assets 74150


Total Assets 350250
Financed by:
Owner’s Equity
Capital 296000
Add Net profit/Loss (13750)
Less Drawings (5000)
Total Owner’s Equity 277250

Non-Current Liability
3% Loan From Bank Rahmat 50000

Current Liability
Accounts payable 23000

Total Equity and Liabilities 350250

Closing Inventory masuk PL & FP.

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