Topic 4 Format SOPL and SOFP PDF

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Summary

notes...

Description

Year end

VERTICAL FORMAT: STATEMENT OF PROFIT OR LOSS

XYZ Trading Statement of Profit or Loss for the year ended ……………………………….. RM RM Sales Less: Return inwards/Sales returns Discount allowed/Sales discount Net sales Less: Cost of goods sold Opening inventory Purchases Less: Return outwards/purchases return Discount received/purchase discount Net purchases Add: Carriage inwards Duty on purchase Insurance on purchase Cost of goods purchased Cost of goods available for sales Less: Closing inventory Gross Profit (Loss) [(a) – (b)]

Add: Other Income Rent received Commission received Interest received Bad-debt recovered Less: Operating Expenses Salaries and wages Insurance Printing and stationery Rent expense Repairs expense Interest expense Carriage outwards Advertising Electricity General expense Depreciation Commission expense Bad-debts Net Profit/(Loss) [(c) + (d) – (e)]

(a)

RM XXX (XX) (XX) XXX

XXX XXX (XX) (XX) XXX XXX XXX XXX XXX XXX (XXX)

XXX XXX XXX XXX

XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

(b) (c)

(d)

XXX XXX

XXX

Cost of goods sold

Total other income

Total operating expenses

(e)

(XXX) XXX

Year end

VERTICAL FORMAT: STATEMENT OF FINANCIAL POSITION

Tangible

XYZ Trading Statement of Financial Position as at …………………………………………. RM RM RM Non-current Assets Accumulated Carrying Cost depreciation amount Land XXX XXX Building XXX (XX) XXX Office equipment XXX (XX) XXX Machinery XXX (XX) XXX XXX Carrying amount = Cost – Accumulated depreciation Intangible Assets Patent XXX Investment/Fixed Deposit Current Assets Closing inventory Accounts receivable Less: Allowance for doubtful debt Cash at bank Cash in hand Prepaid expenses Accrued revenues

XXX

XXX XXX (XXX)

XXX XXX XXX XXX XXX

Financed by: Owner’s Equity Capital beginning Add/Less: Net Profit/(Loss) Less: Drawings Capital ending

XXX XXXX

XXX XXX (XXX) XXX

Non-current Liabilities Long-term loan Mortgage on premises Bank loan

XXX XXX XXX

Current Liabilities Accounts payable Short-term loan Bank overdraft Accrued expenses Revenues received in advance

XXX XXX XXX XXX XXX

XXX

XXX XXXX

Must equal...