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The document shows a statement of profit or loss for a period. It includes sales, cost of goods sold, other income, expenses and net profit figures. Cost of goods sold is calculated as opening inventory plus purchases minus purchase returns, discounts and closing inventory. Net profit is calculated as gross profit plus other income minus expenses.

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237 views

Format Sopl

The document shows a statement of profit or loss for a period. It includes sales, cost of goods sold, other income, expenses and net profit figures. Cost of goods sold is calculated as opening inventory plus purchases minus purchase returns, discounts and closing inventory. Net profit is calculated as gross profit plus other income minus expenses.

Uploaded by

humairayazid12
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
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STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED <DATE>

(RM) (RM) (RM)


SALES XXX
LESS: SALES RETURN (XX)
LESS: SALES DISCOUNT (XX)
NET SALES XXX

LESS: COST OF GOODS SOLD


OPENING INVENTORY XXX
ADD: PURCHASES XXX discount received/ purchase discount is recorded as discount allowed/sales discount
LESS: PURCHASE RETURN (XX)
LESS: PURCHASE DISCOUNT (XX)
NET PURCHASES XXX COGS = OPENING STOCK + COST OF GOODS purchased - CLOSING STOCK
ADD: CARRIAGE INWARDS XXX OS= OS + OS - US
COST OF GOODS PURCHASED XXX XXX
COST OF GOODS AVAILABLE FOR SALES XXX
LESS : CLOSING INVENTORY (XX) (XXX)
GROSS PROFIT XXX
ADD: OTHER INCOME
DIVIDEND RECEIVED XXX
COMMISSION INCOME XXX
RENT REVENUE XXX XXX
XXX
LESS: ADMIN & GENERAL EXPENSES
DEPRECIATION - EQUIPMENT XXX
SUPPLIES EXPENSE XXX
MISCELLANOUES EXPENSE XXX
UTILITIES EXPENSE XXX
SALARIES AND WAGES XXX XXX
LESS: SELLING & DISTRIBUTING EXPENSES
DEPRECIATION - MOTOR VEHICLE XXX
CARRIAGE OUTWARDS XXX
ADVERTISING XXX
INSURANCE ON MOTOR VEHICLES XXX XXX
LESS: FINANCIAL EXPENSES
INTEREST ON LOAN XXX
LEGAL FEES ON LOAN XXX XXX net profit correction to derive corrected net profit reasons
NET PROFIT XXX overstated minus revenue overstated/ expenses understated/COGS understated
understated add revenue understated/ expenses overstated/COGS overstated

error correct
sales 8000 8000 cogs correction to derive corrected net profit
less: cogs -1000 -1000 overstated add opening stock & cost of goods purchased overstated,
add other income 2000 2000 add closing stock understated
less expenses -2000 -1000 understated minus opening stock & cost of goods purchased understated,
net profit 7000 8000 minus closing stock overstated

cogp correction to derive corrected net profit opening stock net purchase closing stock
overstated add overstated overstated understated

understated understated understated overstated

net purchase purchase p. return p. discount


overstated overstated understated understated
understated understated overstated overstated

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