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Prepare Financial Statement For Service and  Merchandising Entities

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7 Statement of  Comprehensive Income & Statement of  Financial Position

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The document is   a  source of business written  as a  proof  for each business transaction that has occurred. F unctions :   	1. F or reference document 	2.   S ource of information  (recorded)

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SALINA*I
INVOIS
No. 1002
Aspirasi Komunikasi Enterprise
m 2-1. Blok B
Wisma Sai Un*aian
88830 Kota Kinabalu, Sabah
Tel : 088-763223 Faks 088-763123
E-mel : aspirasikcyn@sabah.net.ny
Jaja Handphone Shop
No.133. Jalan Bakti 1
Taman Industri Likas 2
88838 Kota Kinabalu, Sabah
NZK snwtphone
NZK mphone e•23x
NZK lite 10
Tolak:
No. Pesau.n : P004S
Tu•ikh 8 ogos 2006
5 unit
4 unit
4 unit
Harga Seurüt
980.00
640.00
760.00
Jumlah Kasu•
Diskmm Niaga 109-6
Bersih
Jtgni:ah
4,900.00
2,560.00
3.040.oo
10.soo.oo
1 ,050.oo
9,450.00
Malaysia : Sanbilan Ribu Fanpat Ratus Lima Puluh Sahaja
Sa•ahan : Ang dib.
Syarat : Diskaun tunai
K & K. dik
s
7 hari
3% 14 hari

Delivered by the seller to the buyer in the event of a credit transaction.  Original invoice - Purchase credit A copy of the invoice - credit sales

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Delivered by the seller to the buyer together with the goods. Buyers can check these items.

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Delivered by the seller to the buyer to inform that his account has been debited (Debt increases)

NOTADEBIT
SYARIKAT INDAH SDN BHD
198,
Putatan Point
88200 Putatan. Sabah
E-mel :
ASAL
Kedai Kasut Aszuan
22, Jalan Pandamaran
42(KÅ) Pelabuhan Klang
Selangor Darul Ehsan
No, Nota Debit : 036/X3
Tarikh: 15 Februari
Akaun tuan didebitkan dengan butir-butir ;
Butir
30 pasang kasut Wira dalam invoisno. 1233 12 Februari
20X3 yang berharga RM 16.(H) sepasang dikenakan bayaran
terkurang RM I .(Å) sepasang.
Jumlah
Tolak
Diskaun Niaga 200/0
RM
30.00
2400
Ringgit Malaysia : puluh empat sahaja
Pengurus

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Delivered by the seller to the buyer to inform the buyer that the account has been credited (reduced debt.)

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Sent by the buyer to the seller that contains information about the goods to be purchased

BOPANG PESANAN
No. 0182
KEDAI KASUT ASZUAN
22. Jalan Pandamaran
42000 Pelabuhan Kiang
Selangor Darul Ehsan.
Tel 03-31655213 Faks : 03-31655901
E-mel :
SYARIKAT INDAH SON BHD
198, Jalan219,
Putatan Point
88200 Putatan, Sabah
Tuan,
Sila bekalkan barang berikut:
No. Rujukan
M30
Serahan : Angkutan dibayar
Syarat ;
Diskaun Tunai 5% 10 hari
2% 30 hari
Pengurus
Tarikh : 3 Februari
Harga Seunit
Butir
Kasut Wira
Kasut Hana
Kuantiti
30 pasang
20 an
16M)
15.00

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Issued by the seller when receipt of payment from the buyer . as an evidence for  Receipts and payments have been made.

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Internal documents provided by the  business owner  to record any kind of payment.

PEMBAYARAN DALAMAN  (Peraturan 57 )  Nama Kesatuan Sekerja ………………………………………………………………………………… ..…… ………………………………………………………………………………… Tarikh : …………………………………… .. …………………………………… No. Baucer: ……………………………… ... ……………………………… ________________________________________________________________ __________________________________________ __________________________________________________________________________________________________________ BUTIR BUTIR PEMBAYARAN BUTIR- Amaun  RM sen  ________________________________________________________________ __________________________________________ __________________________________________________________________________________________________________ Pembayaran diberi kuasa oleh  ……………………………………… .. Presiden ………………………… ... Bendahari ……………………………………….. …………………………...  ……………………………………… .Setiausaha ………………………… ... Tandatangan Penerima ……………………………………….…………………………...  Tarikh : ………………………… ... ………………………… ________________________________________________________________ __________________________________________ __________________________________________________________________________________________________________ Borang baucer ini mesti digunakan bagi pembayaran jenis dalaman di mana resit asalnya tidak dapat diperolehi …… .. ... ...

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Cheque butt  used as a reference and resource records.

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Form issued by the bank for the transaction record store or withdraw money from customers .

Maybank
PLEASE USE SEPARATESIIP
FOR EACH CATEGORY OF
RELEVANT BOX
HOVE CHEQUE
SIMPANAN
ruchieorwhenittusanwuisonatreofautøåsedoffcial, DEPOSIT
THIS (YPOSITISSUBJECTTOMNKSTERUS&
ONDITONS.
Chevs n
RM SEN
CASH
ACCOUNTNO
ONLY
SON. 3HD,
564
300517
1 2-377 883
YOUR MOBILE NUMBER
Posted By:
Reference No.

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Issued by the bank to the account holder at the end of the month.

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In the trading firm, General  Journal is used to record items that can not be recorded in a special journal : Asset investment in business   ( except cash )  M erchandise  drawings Sales of fixed assets on credit Purchase of Asset on credit   return on sales  / return outwards P urchase return  / return inwards A djustment  entries Closing   entriess

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Consist of: Sales Journal   -  to record all sales of merchandise on credit. Purchases Journal -  t o record all purchases of merchandise on credit. Cash receipts journal -to record all cash receipts and che que s. Cash payments journal -  to record all payments  made by  cash  or cheques.

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Cash discount obtained after payment made within Discounts  period  and will be  recorded in  the  account

The discounts   calculation starts from the date of invoice

The last payment is due ( credit maturity period )

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Example: Buying goods on credit amounting to RM1,500 credit terms 2/10, n / 30. Payment will be due within 10 days as follows:    Invoi ce 	RM1,500 Less discount   2%	30     Net total 	RM1,470

If paid within 10 days from date of invoice

Full payment must be made within 30 days of the invoice date.

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When price changes are made due to the quality / quantity goods  as wrong size,   defective part.

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Purchase Agreement state whether Seller or buyer pays freight costs

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Goods placed free on board the carrier   by seller

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Goods placed free on board at buyer ’ s business

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Cost of goods sold is determined each time a sale transaction occurred

Cost of goods sold is determined only at the end of the accounting period .

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General Journal Date Account title and  explainantions Debit (RM) C redit (RM) Example Jan 1 Furniture                      Owner’s Capital (to record furniture ) 10,000 10,000

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SALES JOURNALS Date Accounts Debited Terms A ccounts   Receivable – Dr              Sales –  Cr RM Jan 3 Kedai  Nana 2/15,n/30 16,800 31 Total 16 800

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PURCHASES JOURNAL Date Accounts Credited Terms Acc  Purchases   - Dr       Acc   Payable  – C r Jan 8 Jaya Enterprise 2/15,n/30 15 000 31 Total 15 000

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CASH RECEIPTS JOURNAL Date Accounts Credited Cash Dr Bank Dr Sales Discounts Dr Jan 1 Capital 100,000 31 Total 100,000

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Cash Payments Journal Date  Accounts Debited Cash cr Bank cr Purchases  Discountscr Jan 3 Purchases 30,000 31 Total 30 000

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records all transactions in respect of  DEBTORS  with the balance.

record all transactions in respect of  CREDITORS  and with the  balance.

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Kedai  Nana Date Particulars Ref Debit C redit Balance (Dr) Jan 3 Sales SJ 16,800 16,800

POST SALES JOURNAL INFORMATION  ( S J)  TO SUBSIDIARY LEDGER OF  ACCOUNTS RECEIVABLE  OF COLUMNS  AND T   ACCOUNTS   FORM .

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TO  POS T    PURCHASE JOURNAL (PJ) INFORMATION TO SUBSIDIARY LEDGER OF PAYABLE ACCOUNTS  ( COLUMNS AND T   ACCOUNTS  FORM )

Jaya Enterprise Date Particulars Ref Debit Credit Balance( Cr ) Jan 8 Purchases PJ 15,000 15,000

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Kedai  Nana Date Particulars Ref Debit Credit Balance(Dr) Jan 3 sales SJ 16,800 16,800 10 Returns GJ 200 16 600 23 Cash CRJ 8 150 8 450 Discounts CRJ 150 8 300

Example : Subsidiary  Account - Receivable

Jan 3  Sales   16,800          Jan 10   Returns      200

16 800                               16  800

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Jaya Enterprise Date Particulars Ref Debit Credit Balance( C t) Jan 8 Purchases PJ 15 200 15 200 18 Returns 200 15 000 20 Bank 14 900 100 Discounts 100 0

15 200                                       15 200

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 Posting  is the process of  transfering  records from the journal into  the appropriate ledger.

General ledger Definition   : The whole group of accounts controlled by                             a business. It consists of all assets, liabilities                             the owner's equity.

EXAMPLE Sales Journal 		 Sales, Account Receivable Purchases Journal 	 Purchases ,  Accounts Payable Cash Receipts Journal 	 Cash, ,  Sales Discounts,                                                  Capital, Sales, Account Receivable. Cash Payments Journal     Cash , Bank ,  Purchase Discounts ,                                                  Capital, Purchase , Accounts Payable.  			Salary expenses  General Journal 		 Vehicle, Notes Payable, Sales returns  			Purchase returns,  Acc Receivable,

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3.4  POSTING TO GENERAL  LEDGER (example)

Cash  Date Particulars Ref Debit Credit Balance(Dr) 31/3 M ultiple accounts CRJ 150 360 150 360

31/3  M ultiple accounts   150 360 31/3  Balance c/f 150 360 150 360 150 360 1/4 balance b/f 150 360

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Trial Balance  -  list of   all the general ledger account balances. The  TOTAL  on the debit side of the trial balance must be equal to the  TOTAL  of credit   side   . Trial Balance  is prepared   to confirm /verified    the balance of total debits and the total  credits  at the end of an accounting period. In conclusion, the Trial Balance is a summary of account balances of the ledger.

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Perniagaan  Raya Enterprise Trial Balance As at  31 Dec 2017 Accounts Debit (RM) C redit (RM) Capital Bank Cash Sales Sales discounts Purchases Purchase discounts Payable notes Salary expense Vehicle Allowances and Sale Returns Allowances and Purchase Returns  Accounts Receivable Accounts Payable 2 748 150 360 320 124 225 15,900 50,000 800 10 200 100,000 161,680 1,048 50,000 200 41 625 354 553 354 553

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3.6  Preparation of Financial Statements for Business Merchandising

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3.6  Preparation of Financial Statements for Business Services

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DEFINITIONS  OF MERCHANDISING  &   SERVICES   BUSINESS

MERCHANDISING BUSINESS  sell goods trade the  revenue  is SALES with cost of goods sold income statement   with  ‘multiple step’  form

SERVICES   BUSINESS sell services revenue is SERVICE REVENUE   no cost of goods sold income statement with  ‘single step’  form

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Comparative     Statement  of  Comprehensive   Income    between  Merchandising Business /entities   and  Services   Business /entities

Syarikat  Pengiklanan   Kemboja Comprehensive Income   Statement  for the year ended   31 st   D ece mber  2017 	                                                         RM Revenue 		               100000 Less :    Operational expense                         (50 000)    Non-Operational expense                ( 10 000)                                                       Net Profit 	                                            40 000 		                  ======

Kedai   Runcit  Amanda  Comprehensive    Income   Statement   for the year ended   31 st   D ece mber  2017                                  RM            Sales                                                  100000 Less  :  COGS                                     50 000 Gross Profit                                  50 000 less  : Operational expense                     (10 000) Non Operational expense           ( 2 000 )        Net Profit                                             38 000    			             =====

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Perniagaan   Contoh   Comprehensive   Income Statement For The Year ended  31 st  Ma rch  2018  (RM)  (RM) Sales -  Discounts Allowed - Allowances and Sales returns Net sales Less   :  Cost Of Goods Sold Beginning Inventory +  Purchases                                                                          124,225  -  Discounts Received                                                          (1,048) - Allowances and Purchases returns                                               (200) Net Purchase + freight + purchase  duty Cost of Goods Available For Sale Ending Inventory    Cost of goods sold Gross Profit +  others revenue      Rental received Less  :  Operational Expenses Salary  enpenses 167,280 (540) (600) 0 122,977 500 200 123,677 ( 20,000) 166,140 (103,677) 62,463 1 000 63 463   (15,900) Net Profit 47,563

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Perniagaan  Contoh Owner Equity Statement  as at    31st March  2018  (RM)  (RM) Beginning Capital +  Additional Capitals +  Net Profit Drawings 100,000   10 000 46,763 156 763 (     2 000) Ending Capital 154 763

Chapter 3: The Accounting Cycle

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