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Kznabihah Boutique Income Statement For The Year Ended 30 June 2014

Kznabihah Boutique generated net sales of RM249,500 for the year ended 30 June 2014. After accounting for costs of goods sold of RM181,780 and expenses of RM68,950, the boutique reported a net profit of RM7,029. As of 30 June 2014, the boutique had non-current assets of RM73,000 consisting of premises, fixtures and fittings. Current assets totaled RM47,179 including inventory, receivables, and cash. Current liabilities were RM77,500. Owner's equity was RM106,429 consisting of initial capital, retained earnings, and a loan from Maybank of RM50,000.

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Priyashini Rajasegaran
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61 views4 pages

Kznabihah Boutique Income Statement For The Year Ended 30 June 2014

Kznabihah Boutique generated net sales of RM249,500 for the year ended 30 June 2014. After accounting for costs of goods sold of RM181,780 and expenses of RM68,950, the boutique reported a net profit of RM7,029. As of 30 June 2014, the boutique had non-current assets of RM73,000 consisting of premises, fixtures and fittings. Current assets totaled RM47,179 including inventory, receivables, and cash. Current liabilities were RM77,500. Owner's equity was RM106,429 consisting of initial capital, retained earnings, and a loan from Maybank of RM50,000.

Uploaded by

Priyashini Rajasegaran
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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3.

a)
Kznabihah Boutique
Income Statement for the year ended 30 June 2014
RM

RM

Sales
(-) Return inwards
Net Sales
Less:Cost of good sold
Opening stock
Purchases
(+)Carriage inwards
(-)Return outwards
Goods available for sale
(-)Closing stock
Gross profit
Add: Other income
Rent received
Provision for doubtful debt
Discount received
Less: Expenses
Interest on loan
Depreciation of fixture & fittings
Bad debts
Carriage outwards
Electricity and water
General expenses
Printing & stationery
Salary & wages
Travelling expenses
Bank charges
Discount allowed
Net Profit

45,000
152,980
600
800

152,780
197,780
16,000

7,280
179
800

2,500
8,250
800
500
330
100
230
55,400
400
40
400

RM
250,000
500
249,500

181,780
67,720

8,259
75,979

68,950
7,029

3. b)
Kznabihah Boutique
Balance Sheet as at 30 June 2014
RM
Non - current assets
Freehold premises
Fixtures & fittings
(-)Provision for fixtures & fittings (10,000+8,250)

55,000
18,250

Current assets
Closing inventory
Accrued rent recceived
Prepayment electricity & water
Cash(5,000-200)
Debtors(26,600-550)
(-)Provision for doubtful debts

26,050
521

Current liabilities
Creditors
Accrued interest loan

75,000
2,500

Financed by:
Owner's equity
Capital
(+)Net profit
(-)Drawings(400+200)
Non - current liabilities
(+)Loan from Maybank

RM

16,000
680
170
4,800
25,529
47,179

77,500

RM
150,000
36,750
186,750

30,321
156,429

100,000
7,029
600
106,429
50,000
156,429

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