PRINCIPLES OF ACCOUNTING

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS  RM RM

XXXXXX XX XXXXXXXX XX XXXXXXXX XX XXXXXXXX XX XX  XX XX

PREPARED BY

KANNADHASSVIKNESWARA

NKALAIVANINAGAJOTHIHANISAH

RM RM RMSales 130870Less: Cost of Goods sold

Opening Stock 12290(+)Purchases 80300(+)Carriage Inwards 1 1121Cost of sales 93711(-)Closing Stock -15350Cost of goods sold 78361Gross Profit 52509Less: Other Expenses Rent, Rates and Insurance 2 1956Postage and Stationery 1003Advertising 330Salary & Wages 24602Bad Debts 787Increases in doubtful debt 3 29Depreciation - fixtures & fittings 4 1800Carriage 1 4019 -34526Net Profit 17983

Mrs SalsabilaINCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2007

1.Carriage

Trial balance 5140v. Carriage inwards 1121Carriage outwards 4019

Carriage inwards 1121 >>in trading

Carriage outwards 4019>> in income

2. Rent , Rates and Insurance

Trial balance 2662ii. Prepaid rates ( 808) iii. Rent accruals 102 Expense 4 d year 1956

In income stat >> 1956Balance sheet >>

assets >>808(prepaid rates) liability >> 102(rent accruals)

3. Doubtful Debt

Trial balance 301 vi. Increase to 330Expense 4 d year 29

In income stat >> 29 as expensesIn balance sheet>> 330 as provision

4.Depreaciation

Cost fixtures 18000Depct 10% = 1800

This year depreciation >>> 1800Last year >>>2050So In income stat >> 1800In balance sheet >>3850

Fixed Assets Cost Depcr NBVFixtures & fittings 4 18000 -3850 14150

Current Assets :Trade Debtors 11102(-)Provision for doubtful debt 3 -330 10772Bank 1000Cash 77Stock 15350Prepaid rates 2 808

28007Less: Current Liabilities :

Trade Creditors 7460Rent accrual 2 102 -7562WORKING CAPITAL 20445

34595Financed by ;-

Capital 25312Net profit 5 17983

43295(-)drawings -8700

34595

Mrs SalsabilaBALANCE SHEET AS AT 30 JUNE 2007

THANK YOU