STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED <DATE>
(RM) (RM) (RM)
Sales XXX
Less: return inwards/sales returns (XX)
Less: discount allowed/ sales discount (XX)
Net sales XXX
Less : cost of goods sold
Opening stock XXX
Add : purchases XXX
Less: return outward/purchase (XX)
return
Less: discount received/purchase (XX)
discount
Add : carriage inwards XX
Cost of purchases XXX XXX
Less: closing stock (XXX) (XXX)
GROSS PROFIT XXX
Add : other income XX
Less: General & admin expenses (XX)
Selling & distribution expenses (XX)
Financial expenses (XX) (XXX)
NET PROFIT XXX
NOTES FOR EXPENSES:General & administrative expenses are expenses incurred to run the
[Link]: salaries & wages, electricity, utilities, depreciation of non-current assets (excluding
depreciation on motor vehicles for delivery)
2. Selling & distributive expenses are expenses incurred to make sales.
examples: advertisement, carriage outwards, sales commission, depreciation on motor vehicles for
delivery.
3. Financial expenses are expenses incurred in order to finance the business operation.
examples: interest on loan.
STATEMENT OF FINANCIAL POSITION AS AT <DATE>
NON-CURRENT ASSETS COST (RM)
Land & premise XXX
Machineries XXX
Motor vehicles XXX
Equipments XXX
Fixture & fittings XXXX
XXXX
INVESTMENTS
Fixed deposits XXX
CURRENT ASSETS
Inventories XXX
Account receivables XXX
Bank XXX
Cash XXX XXXX
XXXX
FINANCED BY:
OWNER’S EQUITY
Opening capital XXX
Add: net profit/(loss) XXX
less: drawings (XXX)
Closing capital XXXX
NON-CURRENT LIABILITIES
Long term loan XXX
Hire purchase XXX
Mortgage XXX XXXX
CURRENT LIABILITIES
Account payable XXX
Bank overdraft XXX XXXX
XXXX
